Attention FAE Customers:
Please be aware that NASBA credits are awarded based on whether the events are webcast or in-person, as well as on the number of CPE credits.
Please check the event registration page to see if NASBA credits are being awarded for the programs you select.

Latest Articles

  • Cash Method? Avoid The Tax Shelter Trap

    By:
    Robert S. Barnett, JD, MS (Taxation), CPA
    |
    Aug 1, 2021
    Many taxpayers will need to consider the recent small business taxpayer regulations. On January 5, 2021, the IRS released final regulations[1] that provide guidance on the implementation of several provisions of the Tax Cuts and Jobs Act (TCJA).[2] The final regulations address several important tax provisions including the following: limitation on use of the cash method of accounting, exemption from inventory methods required under IRC § 471, uniform capitalization requirements under § 263A, and the percentage of completion method for certain long-term construction contracts under § 460A.
  • Supreme Court Rejects Challenge to the Affordable Care Act

    By:
    David Silverstein, CPA
    |
    Aug 1, 2021

    In a June 17, 2021 decision, the Affordable Care Act (ACA, “Obamacare”) survived its third and presumably final challenge as the Supreme Court rejected the challenge in a 7-2 decision. This margin of victory was wider than the 5-4 and 6-3 decisions from the prior two Supreme Court cases applicable to the ACA (in 2012 and 2015, respectively). 

  • The Deemed Realization Proposal in the Biden Administration’s “Green Book”

    By:
    Kevin Matz, Esq., CPA, LL.M. (Taxation)
    |
    Jul 1, 2021
    On May 28, 2021, the U.S. Treasury Department released its General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals (which is popularly called the “Green Book”). Significantly, the Green Book does not propose any changes to federal estate and gift taxes—in stark contrast to the previous Green Book that the Obama administration had released back in 2016, which had proposed vast changes to the estate and gift tax system.
  • New Power of Attorney Law

    By:
    Pauline Yeung-Ha, Esq.
    |
    Jul 1, 2021

    For over a decade, New Yorkers have been using the New York State Statutory Short Form Power of Attorney (“2010 POA”) which also contained the Statutory Gifts Rider. The implementation and execution of the 2010 POA have been confusing and complex for most New Yorkers. 

  • New York Cybersecurity Laws and Regulations

    By:
    Andrew M. Garlick
    |
    Jul 1, 2021

    The first computer virus appeared shortly after Apple introduced its first computer in the 1970s. In the early 1980s after the PC was introduced, viruses immediately followed. Some of the early malware did no real damage–they were created just to prove it could be done. Yet some did real damage, and the history of malware began.

  • Buy-Sell Agreements: The Accountant’s Holistic Primer Part 2

    By:
    Joshua P. Friedlander, Matthew E. Rappaport, Esq., LLM and Daniel J. Gershman, JD
    |
    Jun 1, 2021

    For companies where ownership is vested exclusively in one individual, there is often a need to address continuity of the company in the event of the sole owner’s death or incapacity. The surviving spouse of an owner may not want to be encumbered with a business foreign to him, and an unclear line of succession could lead to in-fighting or panicking among employees at all levels of the business; in this way, an asset that has produced income for loved ones in the past now becomes a potential liability. 

  • Section 958(b)(4) Repeal and the Proliferation of the Constructive CFC

    By:
    Summer A. LePree, Esq., JD, LLM (taxation) and Jeffrey L. Rubinger, Esq., JD, LLM (taxation), CPA (inactive)
    |
    Jun 1, 2021
    The impact of the Tax Cuts and Jobs Act (TCJA) was particularly significant in the cross-border context, where taxpayers and practitioners saw drastic changes come into effect almost overnight. One of the most disruptive and wide-reaching changes was the repeal of Section 958(b)(4), which historically had prevented the downward attribution of stock from foreign persons to U.S. entities in the context of the U.S. controlled foreign corporation (CFC) provisions.
  • "The IRS Decries No More Chances: Removal of the Delinquent Information Submission Procedure"

    By:
    Alicea Castellanos, CPA
    |
    Jun 1, 2021
    In a recent article, there was a discussion of the IRS offshore voluntary disclosure program (OVPD). In a metaphorical comparison, the IRS Wealth Squad was likened to the famed Mod Squad of the popular ‘70s television series. Both squads had a mission to accomplish, with the IRS mission to bring taxpayers into compliance with their reporting requirements for foreign income, accounts, and assets. 
  • Retirement Plan Distributions – New Guidance From The Department of Labor

    By:
    David A. Guadagnoli, Esq., JD, LLM (taxation)
    |
    Jun 1, 2021
    Whether you audit retirement plans, assist employers or individual clients with retirement benefits or are responsible as a fiduciary for your own retirement plan, you know that the proper distribution of benefits is at the very heart of tax-favored retirement plans, which broadly encompass Section 401(k) and 403(b) plans, profit sharing plans, employee stock ownership plans (ESOPs), defined benefit plans, and various other forms of plans, programs, and arrangements.
  • Buy-Sell Agreements: The Accountant’s Holistic Primer, Part 1

    By:
    Joshua P. Friedlander, Matthew E. Rappaport, Esq., LLM, and Daniel J. Gershman, JD
    |
    May 1, 2021
    This is the first of a two-part article on buy-sell agreements. The second part will be featured in the June TaxStringer.

    Most accountants are familiar with the concept of Buy-Sell Agreements, and after practicing long enough, most accountants are involved in planning several Buy-Sell Agreements and administering at least a few of them. Buy-Sell Agreements create the mechanism for an entity and its owners to experience an orderly transition of equity ownership and governance upon a wide range of events that might include death, disability, retirement, voluntary withdrawal, or an impasse among the owners.
Tax Quote
  

"The best things in life are free, but sooner or later the government will find a way to tax them."

 –  Anonymous

*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.

 

 

Interested in writing for the TaxStringer? Click here for Submission Guidelines and contact TaxStringer@nysscpa.org.


 
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.