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New CFC Rules for 2026: Section 958(b)(4) Restoration and the Foreign Controlled Corporation Provisions
The One Big Beautiful Bill Act: Tax Provisions
Proposed CAMT Guidance May Have Significant Impact on Asset Management

Coast-to-Coast Tax Residency: Comparing New York and California Residency Rules
Beneficial Owner Disclosure Under the New York LLC Transparency Act

Latest Articles

  • Three Common Problems in Handling a New York Residency Audit

    By:
    Mark Klein, JD
    |
    Oct 1, 2014
    New York’s nonresident audit program continues to snag thousands of taxpayers who might—or might not—owe additional tax dollars to the state. Residency audits have reportedly generated more than $1 billion dollars for New York’s coffers, and hundreds of millions of dollars of new revenue is budgeted for the next year.

  • Transparency Top 12: Managing Risk and Disclosure Issues for Charitable Organizations

    By:
    Luana K. Lewis
    |
    Oct 1, 2014
    Since the 1920s, the Better Business Bureau (BBB) has developed charity reports that seek to help both public and business donors make more informed giving decisions. This service flows out of the BBB's mission to promote trustworthy business practices, especially in solicitations of any kind.

  • New York State Corporation Tax Reform: Prepare Now for Changes in 2015

    By:
    Brian Gordon, CPA
    |
    Oct 1, 2014
    There are sweeping changes coming to New York State corporation tax laws, effective for tax years beginning on or after Jan. 1, 2015, for reasons that include reducing complexity and removing uncertainty.

  • Revised Nonresident Audit Guidelines

    By:
    Barry Horowitz, CPA, MST, and Alex Fishbane, JD, LLM
    |
    Oct 1, 2014
    New York State has once again revised its nonresident audit guidelines and released several cases that clarified previously murky areas of New York’s residency rules. The new guidelines reflect these changes.

  • IRS Guidance on the Two Percent of AGI Floor for Trusts and Estates

    By:
    Kevin Matz, JD, LLM, CPA
    |
    Sep 1, 2014
    On May 9, 2014, the IRS issued final regulations under Treasury Regulations section 1.67-4 that provide guidance on which costs incurred by estates or trusts, other than grantor trusts (nongrantor trusts), are subject to the two percent of adjusted gross income (AGI) floor for miscellaneous itemized deductions under Internal Revenue Code (IRC) section 67(e).

  • The Lapsing Policy Crisis: An Intervention Plan Is Needed

    By:
    E. Randolph Whitelaw, AEP, and Henry Montag, CFP, CLTC
    |
    Sep 1, 2014
    For the past 35 years, flexible premium nonguaranteed death benefit policies—adjustable life, universal life, variable universal life, and equity indexed universal life—have been the life insurance products of choice; however, only a few of these policies will achieve their originally illustrated values.

  • New York’s 2014 Trust Income Tax Changes

    By:
    Jonathan J. Rikoon
    |
    Sep 1, 2014
    The estate tax law changes that New York enacted earlier this year were accompanied by new rules intended to close two perceived loopholes in New York’s taxation of trust income. Although the original version of the proposals would have been far-reaching, the final changes that went into effect on Apr. 1, 2014, are somewhat more modest.

  • New York State Tax Benefits for Seniors

    By:
    Joseph Rosoff, CPA
    |
    Sep 1, 2014
    Senior citizens or retired individuals filing a New York state income tax return may qualify for special income tax benefits and breaks that can reduce tax liability, including subtraction modifications and credits. Some examples of income exempt from New York state taxation include Social Security benefits, New York state pensions, pensions from local and federal governments, and the pension and annuity income exclusion.

  • The June 2014 Revised Offshore Voluntary Disclosure Program and Streamlined Programs

    By:
    Melissa Gillespie, JD, CPA, MST
    |
    Aug 1, 2014
    It has been interesting to watch the IRS mold and remodel its original 2009 Offshore Voluntary Disclosure Program (OVDP). Since then, updates have included the 2011 Offshore Voluntary Disclosure Initiative (OVDI), which closed in September 2011; the December 2011 new compliance procedures for nonresident U.S. taxpayers, with a promise of “more to follow”; the 2012 OVDP program, which replaced the 2011 OVDI; and the announcement in June 2012 of new streamlined filing compliance procedures for U.S. citizens or dual citizens residing outside the United States. On Jun. 18, 2014, it was announced that the IRS has once again revised its OVDP.

  • Fraud Case Study: Travel and Expense Fraud

    By:
    David Zweighaft, CPA/CFE, CPE
    |
    Aug 1, 2014
    Certain situations increase the likelihood of fraud, such as when a trusted employee is under financial pressure, feels he deserves greater recognition or more pay, and has the ability to prepare and obtain approval for reimbursement of any travel and expense submissions.
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Tax Jokes
  

What does an accountant say when getting on a train? Mind the GAAP.
 
https://parade.com/1317763/jessicasager/accounting-jokes/

One Big Beautiful Bill Act: Tax Deductions for Woking Americans and Seniors, Internal Revenue Service

IRS Staff Cuts Could Put Burden on Practitioners to Explain OBBBA, Association of International Certified Professional Accountants

Long's IRS Era: Implementing the 'Big Beautiful Bill' and Agency's Culture Shift, The Trusted Professional

Expert: OBBBA Does Not End Tax Credits Right Away, The Trusted Professional

Congress Passes Act Allowing Tax Relief When a State Declares Disaster, Association of International Certified Professional Accountants

National Taxpayer Advocate Issues Mid-Year Report to Congress, Internal Revenue Service

TIGTA: IRS Reduces Workforce by 25 Percent, Jeopardizing Upcoming Filing Season,The Trusted Professional

IRS Withdraws Proposed Regulation on Built-In Gains and Losses Under Section 382,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.