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Tax Compass

  • Calls For U.S. Wealth Tax Again Grow Louder – But Are They Any More Effective?

    By:
    Alicea Castellanos, CPA
    |
    Sep 1, 2023

    After years of debate, discussion and indecision over income gaps, some states have proposed laws to tax the uber-rich even as President Biden calls for the same. Is America ready to cross this threshold of taxation? And what’s really behind the threats and the promises?

  • "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. 

  • The IRS Has Announced Open Season Against Those Covered By FIRPTA!

    By:
    Alicea Castellanos, CPA
    |
    May 1, 2021
    If you were raised on American TV and are now approaching middle age, you may recall watching the Warner Brothers cartoons featuring characters like Bugs Bunny, Daffy Duck, and Elmer J. Fudd. An oft-featured plot line involved Fudd hunting down rabbits or ducks. He would speak to the audience while on the hunt stating that everyone should be quiet because he was hunting. Bugs and Daffy would argue over the appropriate hunting season in front of Fudd in order to save their respective lives. 

  • Corporate Veils, the Sequel: Jeremiah and the Transformation of Walls

    By:
    Alicea Castellanos, CPA
    |
    Apr 1, 2021
    Whether you view the Bible as literature or religious scripture, one cannot deny that there are many lessons and morals to be derived from the stories contained therein. There is an episode in the Old Testament related to the Biblical prophet Jeremiah, who knew by prophetic countenance that the holy city of Jerusalem would be imminently destroyed.

  • The Case for the Continuing Relevance of the Gift Tax

    By:
    Philip A. Di Giorgio, Esq.
    |
    Oct 1, 2019

    With the passage of the Tax Cuts and Jobs Act of 2017 (the 2017 Tax Act) the lifetime exemptions from estate, gift and generation skipping transfer tax (GST) more than doubled from an already steep $5,490,000 to a cliff-hanging $11,180,000 as of January 1, 2018. As in the past, these exemption amounts continue to be adjusted for inflation leaving us with a gift tax exemption of $11,400,000 as of January 1, 2019. New York State repealed its gift tax back at the turn of the millennia, so the gift tax is strictly a federal phenomenon for New Yorkers.

  • 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. 

  • Tax Compass: Letters to the Editor

    By:
    TaxStringer Staff
    |
    Nov 1, 2016

    The letters to the editor below are comments from readers in response to Daniel Mazzola’s opinion piece, “Why the Estate Tax Should Concern Us All,” which appeared in the October 2016 TaxStringer.
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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.