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Latest Articles

  • Penalties in Modern Tax Practice

    By:
    Melissa Wiley
    |
    Jun 3, 2024

    “In 1955, there were approximately 14 penalty provisions in the Internal Revenue Code. There are now [in 2011] more than ten times that number.”  Internal Revenue Manual (“IRM”) part 20.1.1.1.1.

    Whenever I am asked why it is that I speak so often about penalties, I highlight the above quote from the IRS’s employee handbook. Whereas there were 14 penalty provisions in 1955, approximately 150 were listed by 2011; there are even more now, 13 years later.
  • The YA Global Tax Court Decision: Private Fund Activities Drag Non-U.S. Fund Investors Into the U.S. Tax Net

    By:
    Mark Leeds
    |
    Jun 3, 2024
    For U.S. history aficionados, November 15 is an auspicious day: It was on this day in 1777 that the Continental Congress approved the Articles of Confederation. These articles framed the basic form of government for what was to become the United States. Well, tax folks working with private funds are likely to remember November 15 for another reason as well. 
  • The Realities of Improper Planning for Your Client who Has Animal(s)

    By:
    Melissa Gillespie, Esq., CPA, JD, MST
    |
    May 1, 2024

    Have you ever considered the fate of your client’s pet upon their death or disability? In addition, how this care will be funded? Have you asked your clients if they have considered this when they are sitting across from you discussing their estate plan? When they are planning for their children, grandchildren, bequests to charities, etc.—did they consider their pets? Moreover, did you even discuss this with your client?

  • Recent IRS Chief Counsel Advice Addresses the Gift Tax Consequences of Modifying a Grantor Trust on Beneficiary Consent to Add a Tax Reimbursement Clause

    By:
    Kevin Matz, CPA, JD, LLM
    |
    May 1, 2024

    IRS Chief Counsel Advice (CCA) 202352018, released on December 29, 2023, addresses the gift tax consequences of modifying a grantor trust on beneficiary consent to add a tax reimbursement clause. The CCA concludes that such a modification to add a tax reimbursement clause will constitute a taxable gift by the trust beneficiaries because the addition of a discretionary power to distribute income and principal to the grantor is a relinquishment of a portion of the beneficiaries’ interest in the trust.

  • Nothing to Fear but Fear Itself: Planning in the Current Environment

    By:
    Carl Fiore, JD, LLM
    |
    May 1, 2024
    As the calendar turns to 2024, taxpayers and their advisors face an uncertain future.  Given a divided government for at least the next two years, it is not the usual suspect of potential legislation and sweeping tax changes that fuels this uncertainty. Instead, a declining market, the potential for recession looming, and increasing interest rates has left many taxpayers in a general malaise heading into the new year. However, while this overall economic downturn presents at least short-term challenges, it also creates certain wealth planning opportunities.
  • Multi-Entity Structures in the Not-for-Profit Context

    By:
    Peter Egan, Esq. and Anita Pelletier, Esq.1
    |
    May 1, 2024
    The formation of affiliate organizations in the not-for-profit world is a consideration that surfaces during the lifetime of many not-for-profit organizations as a strategy to expand operations, address tax implications of unrelated business income, shield itself from liability and expand on overall capacity to deliver more on an organization's charitable mission. 
  • 2023 in Review and an Outlook on the Horizon for Tax-Exempt Entities

    By:
    Magdalena M. Czerniawski, CPA, MBA
    |
    Apr 1, 2024

    As we enter a new year—an election year at that—many business tax incentives, including those affecting tax-exempt organizations, face potential elimination after 2025. As of this writing, Congress has introduced legislation to extend some of these incentives. Meanwhile, the popular Employee Retention Tax Credit (ERC) came under IRS fire in 2023 after a significant uptick in fraudulent claims by unscrupulous ERC “mills.” The following summarizes updates to the ERC along with other significant changes presented recently at the FAE’s Exempt Organization Conference.

  • IRS and Treasury Release Proposed Regulations on Donor Advised Funds

    By:
    Veronica Aksu and Amarah Sedreddine
    |
    Apr 1, 2024

    Another seismic development occurred just before the end of 2023 as the Treasury Department and Internal Revenue Service released proposed regulations on donor advised funds (DAFs). The release of the proposed regulations was significant not least because of how long the sector has been operating without meaningful guidance in this area. It has been over 15 years since DAFs were first legally defined and specifically regulated with the addition of Section 4966 and related provisions of the Internal Revenue Code as part of the Pension Protection Act in 2006.

  • A Practical Discussion with Respect to Internal Revenue Code Section 1031—The "Like Kind" Tax-deferred Exchange, Part 3

    By:
    Raymond L. Liebman, Esq., CPA
    |
    Apr 1, 2024

    This is the final part of a three-part series explaining the basics of the tax-deferred 1031 exchange, the different types available, the mechanics of how they work, and the benefits to be reaped by a client who decides to partake in such an exchange. To view Part 1, please click here. To view Part 2, please click here.

  • Getting Back to Basics: Securities Analysis and Section 475 Elections

    By:
    Brandon Blitzer, CPA and Edward Weissman, CPA
    |
    Apr 1, 2024
    In the dynamic world of financial markets, investors and traders employ various strategies to maximize returns and manage risks. However, these strategies often come with complex (at times, costly) tax implications that can significantly affect the taxable income reported. Understanding the common tax adjustments that arise from trading in the financial markets (e.g., wash sales, straddle adjustments, constructive sales) and the methods to remedy or control the amount of the adjustments are key to a tax-efficient trading strategy.
Tax Jokes
  

Why are accountants always tired after work? Because their job is so taxing.

https://parade.com/1317763/jessicasager/accounting-jokes/

*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.