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Latest Articles

  • What Does the Use-It-or-Lose-It Proposition Really Mean Estate Tax Planning-Wise?

    By:
    David M. Barral CPA/PFS, CFP®, MST
    |
    Oct 1, 2022
    In 2022, taxpayers have at their disposal a $12,060,000 Basic Exclusion Amount (BEA) for federal gift and estate tax purposes, as well as for the Generation-Skipping Transfer (GST) tax. The act known as the Tax Cuts and Jobs Act (TCJA) doubled the BEA from $5,000,000 to $10,000,000 for the years after December 31, 2017, and before January 1, 2026. 
  • Testamentary Transfers to Non-Citizen Spouses

    By:
    Gary Forster
    |
    Oct 1, 2022
    U.S. citizens may delay the imposition of either the U.S. gift tax or estate tax on transfers between citizen spouses. If both spouses are citizens, either may transfer assets to the other spouse and receive a tax deduction for the entire value of the property transferred.
  • Qualified Retirement Plan Design for Closely Held Businesses

    By:
    Andrew E. Roth, Esq., JD, LLM (taxation)
    |
    Oct 1, 2022

    The primary goal of most employers in establishing any type of retirement savings program is to provide retirement income in a tax-efficient manner. The best way to achieve this is through a qualified retirement plan.

  • How You Can Lose a Passport Due to Tax Debt

    By:
    Alicea Castellanos, CPA
    |
    Oct 1, 2022

    If you owe enough in delinquent American federal taxes, the U.S. government can take your passport. The IRS certifies “seriously delinquent” tax debt to the U.S. State Department. This is an individual's unpaid, legally enforceable federal tax debt, including interest and penalties, that totals more than $55,000. (That amount is adjusted yearly for inflation.)

  • Groundbreaking NYS Residency Case – Matter of Obus - NYS Files Appeal

    By:
    Brian Gordon, CPA
    |
    Sep 1, 2022
    A decision was recently handed down from the New York State Court of Appeals Third Judicial Department that was unexpected for many, and a potential game changer for people formerly held to be statutory residents of New York State or New York City.
  • IRS Issues Proposed Regulations on Estate Administration Expenses and Claims

    By:
    Kevin Matz, Esq. CPA, LLM
    |
    Sep 1, 2022
    Proposed Changes to IRC Section 2053 Would Introduce Present Value Concepts for Estate Tax Deductions, Limit “Graegin Loans,” Complicate Deductions where Illiquidity Results from Estate Planning, and Limit the Deductibility of Guarantee Obligations in the Absence of Entity Control.
  • Taxation of NFTs: The Hottest Digital Assets, Part 2

    By:
    Andrea S. Kramer, JD
    |
    Sep 1, 2022
    Gain or loss is treated as capital or ordinary, depending on whether the taxpayer is an investor or trader (capital), or a creator or dealer (ordinary). Ordinary losses are fully deductible; capital losses are subject to the special loss limitations that apply to capital assets. 
  • Digital Assets: A Fad, or Something More?

    By:
    Sean C. Prince, CPA
    |
    Sep 1, 2022
    Foodies love their fads and crazes: Kobe beef, bluefin tuna sashimi, even the seasonal pumpkin spice latte. But truffles are one foodie craze that has persisted over time. Prized by chefs and gourmands, truffles add what some consider a spectacular touch to many dishes. Truffles are a rare, spontaneous fungus that can’t be cultivated. 
  • Tax Credits and Incentives to Benefit Growing Businesses Part 2

    By:
    Barry Halpern, CPA
    |
    Aug 1, 2022

    In part one of this article, we provided an overview of common types of credits and incentives and discussed how these incentives could benefit businesses and business owners. In part two, we will look at common New York State credits and incentives, and some considerations for claiming them.

  • State Reaction to TCJA Foreign Provisions

    By:
    Chaim Kofinas, CPA, PFS, MST
    |
    Aug 1, 2022

    After a very rushed flurry of activity in Congress, President Donald Trump signed legislation commonly known by its acronym TCJA (Tax Cuts and Jobs Act). This legislation had many far-reaching provisions affecting individuals as well as businesses. Also included in this legislation were some far-reaching provisions affecting businesses in international commerce.

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.

 

 

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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.