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Federal Taxation

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

    By:
    Carl Fiore, JD, LLM
    |
    May 1, 2023
    As the calendar turns to 2023, 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.
  • Final Subpart F Regulations and Domestic Partnership Tax Reporting

    By:
    Sean Dokko, JD, LLM (taxation) and Suzy Lee, CPA 1
    |
    May 1, 2023
    On January 25, 2022, the Department of the Treasury and the Internal Revenue Service (collectively, “the Treasury”) published in the Federal Register final regulations (T.D. 9960) which generally treat a domestic partnership2 as an aggregate of its partners for purposes of determining whether, and to what extent, its partners have Subpart F inclusions (the final Subpart F Regulations).3 Application of the final Subpart F Regulations can affect a domestic partnership’s Schedules K-1, K-2 and K-3 reporting.
  • Let’s Talk Look-Back

    By:
    Courtney Vitale, CPA
    |
    Apr 1, 2023
    What is look-back? Look-back is essentially a re-visit under the premise of: If I would have known then what I know now, how would the Gross Profit on the job be different? You are looking back to see. It is a hypothetical calculation, and that is because you are not amending returns; it is just a hypothetical calculation of tax with interest resulting thereof. 
  • Defending IRS Collection Actions Part 2

    By:
    Erika Colangelo, JD and Scott Ahroni, JD, LLM (taxation)
    |
    Mar 1, 2023

    The OIC program allows a tax debtor to settle his or her tax liability for less than the amount owed. An OIC cannot be used if the taxpayer is in bankruptcy.

    In order for the IRS to process any offer in compromise request, a taxpayer seeking an OIC must be in compliance with all of his or her current filing and payment requirements, including tax estimates if required.

  • Open Account Debt & Form 7203

    By:
    Robert Barnett, JD, MS (taxation), CPA
    |
    Mar 1, 2023

    Form 7203 places renewed emphasis on the proper calculation and reporting of S corporation open account debt. The Form is designed with a three-part format for calculating a shareholder’s stock and debt basis to properly report available tax losses and the tax effects of distributions and loan repayments. Proper stock and debt basis is essential in order to determine allowable loss utilization and the tax treatment of dividends and distributions.

  • Defending IRS Collection Actions

    By:
    Erika Colangelo, JD and Scott Ahroni, JD, LLM (taxation)
    |
    Feb 2, 2023
    During the early days of the COVID-19 pandemic, the IRS halted collection activities. Enforcement activities such as levies on bank accounts and wages as well as federal lien filings had paused. However, as we enter the 2022 filing season, the IRS is now fully back in action. 
  • The Inflation Reduction Act of 2022: Its Impact on CPAs and Their Clients

    By:
    David Silverstein, CPA
    |
    Jan 3, 2023
    On August 16, 2022, President Biden signed The Inflation Reduction Act of 2022 (Public Law 117-169) into law. The Inflation Reduction Act (The Act) provides for large investment in making healthcare more affordable to more Americans and fighting climate change by reducing carbon emissions.
 

 
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.