Latest Articles

  • The Effect of the Tax Cuts and Jobs Act of 2017 on Expatriation

    By:
    Shannon P. McNulty, Esq., LLM (Taxation), CFP
    |
    Feb 1, 2018

    Affluent U.S. citizens and long-term legal permanent residents (i.e., green card holders) looking to expatriate from the United States can face a daunting financial obstacle in the form of the exit tax regime imposed by IRC section 877A. While the recently enacted tax law leaves IRC section 877A unchanged, it effects other changes to the IRC that can make it easier for those seeking to expatriate to get out from under IRC section 877A penalties.

  • Comparing the New York City Unincorporated Business Tax and General Corporation Tax

    By:
    Robert Thee, CPA, PC
    |
    Feb 1, 2018
    Most businesses operating in New York City in the form of pass-through entities for federal tax purposes—such as partnerships, limited liability companies, S corporations, and sole proprietorships—will be subject to an entity-level tax: either the Unincorporated Business Tax (UBT) or the General Corporation Tax (GCT). 
  • Are New York’s PNOLC Draft Regulations Too Restrictive?

    By:
    R. Gregory Roberts, Esq., Jennifer S. White, Esq., and Jeremy P. Gove, Esq.
    |
    Jan 1, 2018
    On May 5, 2017, the New York State Department of Taxation and Finance (the “Department”) released its long-awaited draft regulations (the “Draft Regulations”) regarding the computation of the prior net operating loss conversion (“PNOLC”) subtraction. Initial comments to the Draft Regulations were due Aug. 3, 2017; however, the Department continues to review comments.
  • Employee Stock Ownership Plans: Exploring Opportunities for Business Owners

    By:
    Kevin Jennings, ABV, CVA and Carla Klinger
    |
    Jan 1, 2018
    An employee stock ownership plan (ESOP) is a qualified retirement plan under IRC section 401(a) that is nondiscriminatory and provides transition opportunities for a company’s owners. But an ESOP is not for everyone—the company must be robust and produce sufficient cash flow to cover the expenditures associated with an ESOP.  
  • Choice of Entity

    By:
    Dean L. Surkin, JD, LLM
    |
    Jan 1, 2018
    When entering a new business transaction (or significantly changing an existing one), clients should consider their choices of entity and business structure. They must consider the requirements of the business, the extent or liability protection, and the tax effects, and we, as their principal tax advisors, should work closely with their attorneys in making informed choices.
  • Accounting Methods for Construction Contracts

    By:
    Joseph Molloy, CPA
    |
    Jan 1, 2018
    New York City is in the middle of its biggest office construction building boom in three decades, and residential spending—which includes spending on new construction as well as alterations and renovations—is projected to reach $11.6 billion in 2018, according to a New York Building Congress analysis of multiple data sources.
  • The Tax Cuts and Jobs Act: What Practitioners Need to Know

    By:
    Ben Lederman, CPA
    |
    Dec 1, 2017
    Coming into its first year, the Trump administration set two major goals—one, to repeal or replace the Affordable Care Act (ACA), also known as Obamacare, and two, to reform the tax code, primarily through tax cuts. After failing to pass ACA repeal several times, Congress and the Trump administration have moved on to tax reform. 

  • How Will the Trump Administration Impact Estate Taxes and Medicaid Benefits for Long-Term Care?

    By:
    Anthony J. Enea, Esq.
    |
    Dec 1, 2017
    While it still remains to be seen which specific legislative policies the Trump administration will enact, a repeal of the federal estate tax may be very likely if Congress passes tax reform or tax cuts.  
  • With Tax Reform Uncertainty, Roth Conversions Need a Tremendous Amount of Confidence

    By:
    David M. Barral, CPA/PFS, CFP
    |
    Dec 1, 2017
    Tax reform has been on every tax professional’s mind—even more so as we approach year-end. Without any certainty of where we’re heading and when any changes will take effect, tax planning for clients has become increasingly difficult. It is a particularly difficult decision for those contemplating a Roth conversion, which can carry with it a hefty tax bill. 
  • Divorce and Taxes

    By:
    Stewart Berger, CPA
    |
    Dec 1, 2017

    In the United States, there is a divorce every 36 seconds—or about 876,000 per year. The average marriage lasts approximately eight years before a couple gets divorced. Most people who get divorced, however, do not know the tax consequences or ramifications.

Tax Quote
 
"A fine is a tax for doing something wrong. A tax is a fine for doing something right”

– Unknown

*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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