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2024 New York Tax Update – Year in Review

Our Recommended Reading List on Tax Policy

State Tax Considerations When Selling a Partnership Interest

Can a Home Subject to a Mortgage Be Transferred to a Trust?
SCOTUS Exposes All Regulations to Court Scrutiny in Loper Bright

Latest Articles

  • Navigating the Perilous Waters of Trusteeship: The Issue of Control

    By:
    Shahnaz Mahmud
    |
    Jul 1, 2014
    Whom do you trust? This is a sensitive question for almost everyone. But in the family office world, it's even more important. Author George MacDonald summed it best: “To be trusted is a greater compliment than being loved.”The NYSSCPA Family Office Committee’s fourth annual conference in February 2014 addressed the topic of trust—specifically, a trustee’s obligations and pitfalls that such a trustee might face.

  • A New Trend in New York State Residency Cases

    By:
    Brian Gordon, CPA
    |
    Jul 1, 2014
    For former New Yorkers, convincing New York state that a change of domicile occurred is still very difficult. Several recent residency cases have resulted in a loss for taxpayers and a win for New York state.

  • Tax Incentives for Film Production in New York State

    By:
    Zev Landau, CPA, MBA
    |
    Jul 1, 2014
    Because New York state is a financial powerhouse (just consider Wall Street), it has an important edge in securing financing for film productions. New York’s government and its wealthy entities can provide financing through government grants, tax incentives, and tax credits.

  • Fraud Risks and Prevention Techniques for Exempt Organizations

    By:
    David Zweighaft, CPA/CFE, CPE
    |
    Jun 10, 2014
    Reliance on documents is often the basis for initiating, recording, or approving accounting transactions—and, in a perfect world, that would be reasonable and acceptable. Unfortunately, there is always the risk of fraud in clients’ organizations.

  • Pressure Builds on U.S. Taxpayers with Foreign Accounts

    By:
    Robert Barnett, CPA, JD, MS (taxation) and Renato Matos, JD, LLM (taxation)
    |
    Jun 1, 2014
    The Foreign Account Tax Compliance Act of 2010 (FATCA) has manifested outside the United States in recent months, as a result of an agreement announced on Aug. 29, 2013, between the U.S. Department of Justice and the Swiss Federal Department of Finance.

  • Estate Tax Changes under the 2014/2015 Executive Budget

    By:
    Jonathan Rikoon
    |
    Jun 1, 2014
    Governor Andrew M. Cuomo announced in January that he would introduce legislation intended to reduce the estate tax provisions that may provide an incentive for New Yorkers to move out of the state shortly before death. But even though the new law, signed on Apr. 1, 2014, provides some tax relief for moderately well-off taxpayers, the wealthiest New Yorkers will see little—if any—change. In some cases, they will actually experience an increase in estate and income tax.

  • New York’s Film Tax Credit Program Bolsters Its Success in the Film Industry

    By:
    Zev Landau, CPA, MBA
    |
    Jun 1, 2014
    New York state recently enacted a bill that will extend tax credits for film production and postproduction, based on qualified costs. Find out how your clients or company can take advantage of this state's Film Tax Credit in this first of a two-part series by CPA and MBA Zev Landau.

  • To Live and Die in New York: Recent Tax Changes Affecting Estates and Trusts - Tax Stringer May 2014

    By:
    Kevin Matz, JD, LLM, CPA
    |
    May 1, 2014
    On Apr. 1, 2014, Governor Andrew M. Cuomo signed into law, as part of the New York State Executive Budget, what might appear to be sweeping changes affecting estate planning and trusts. But the new law falls short of achieving the laudable objective that Governor Cuomo had specified in his State of the State address: keeping wealthy New Yorkers in the Empire State during their golden years.

  • New York State Nursing Home Assessment Credit

    By:
    Laura LaForgia, CPA, MST
    |
    May 1, 2014
    One commonly overlooked New York state income tax credit that could provide some real money to those who need it is the nursing home assessment credit. For tax years beginning on or after Jan. 1, 2005, this credit refunds the portion of an assessment imposed by the Commissioner of Taxation and Finance on a New York nursing home that is passed through on the nursing home resident's bill.

  • Guaranteed 10-Pay Whole Life Insurance Contracts

    By:
    G. Dean Goodwin, CLUT, AEPT
    |
    May 1, 2014
    Most advisors and clients utilize the benefits of life insurance for the traditional purposes of replacing income or providing liquidity to pay estate taxes through the income tax-free death benefit; however, permanent insurance is often perceived as being expensive and not providing a competitive rate of return compared to other asset classes. In order to provide policyholders with a sense of certainty, a number of mutual insurance companies have introduced guaranteed 10-pay whole life contracts that are contractually paid-up with 10 years of premium payments, regardless of dividend performance.
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Tax Jokes
  

If I needed to hire an accountant in Transylvania, who would you recommend? Count Dracula, of course.
 
https://parade.com/1317763/jessicasager/accounting-jokes/

Tax News

 

2025 Tax Filing Season Starts as IRS Begins Accepting Tax Returns Today; Taxpayers Have Many Options for Help, Internal Revenue Service

IRS, CASST Announce 2025 Filing Season Changes Aimed at Preventing Spread of Scams, Schemes; New Fuel Tax Credit Statement and Increased Review of “Other Withholding” Claims Among Highlights, Internal Revenue Service

Governor Hochul's Tax Plans Aim to Ease Costs for New Yorkers in 2025, The Trusted Professional


SALT Talks Gain Steam with Trump's blessing on Tax Break, Arizent


Will the New Partnership Related Party Basis-Shifting Rules Survive?, Thomson Reuters/Tax & Accounting


IRS Faces Hiring Freeze and Revoked Job Offers as Tax Season Begins, The Trusted Professional

Treasury, IRS Issue Proposed Regulations on New Automatic Enrollment Requirement for 401(K) and 403(B) Plans, Internal Revenue Service

Treasury Official on Int’l Tax ‘Simplification’ Efforts, Thomson Reuters/Tax & Accounting


Conference Speakers Discuss How to Navigate the Changing Landscape of Exempt Organizations Taxation, The Trusted Professional


IRS Targets Tax Loopholes in Partnership Transactions with New Rules, The Trusted Professional

Taxpayer Advocate Gives IRS a Mixed Review in 2024 Annual Report, The Trusted Professional

*Outside the Box is a new addition to the TaxStringer featuring important articles on financial and investment management topics by top authors who have expertise both inside and outside the realm of taxation.

 

 

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Views expressed in articles published in Tax Stringer are the authors' only and are not to be attributed to the publication, its editors, the NYSSCPA or FAE, or their directors, officers, or employees, unless expressly so stated. Articles contain information believed by the authors to be accurate, but the publisher, editors and authors are not engaged in redering legal, accounting or other professional services. If specific professional advice or assistance is required, the services of a competent professional should be sought.