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News

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2024 New York Tax Update – Year in Review

Our Recommended Reading List on Tax Policy

State Tax Considerations When Selling a Partnership Interest

Can a Home Subject to a Mortgage Be Transferred to a Trust?
SCOTUS Exposes All Regulations to Court Scrutiny in Loper Bright

Latest Articles

  • An Insider’s Guide to IRS Examination of Financial Products and Transactions

    By:
    Michael Kramarz, JD, LLM
    |
    Nov 1, 2022

    In my prior role, I was involved in numerous examinations of financial products and transactions as a Large Business and International (LB&I) special trial attorney for the IRS. if you’re not on the inside at the IRS or have never had a client selected for an examination, you may not know its structure or procedures. But you should.

  • IRS Gets a Boost–With Possible Conditions

    By:
    Alicea Castellanos, CPA
    |
    Nov 1, 2022

    A better, stronger, faster Internal Revenue Service may soon be tracking down more wealthy tax cheats, thanks to the Inflation Reduction Act (IRA).

  • The IRS Extends the Transition Period for Enhanced R&D Tax Credit Reporting Requirements

    By:
    Peter J. Scalise
    |
    Nov 1, 2022
    On Friday, September 30, the Internal Revenue Service (the “Service”) set forth administrative guidance indicating that it is extending the transition period during which taxpayers are required to adhere to the much more arduous and onerous R&D Tax Credit reporting requirements in connection to amending tax returns within open statute years for R&D Tax Credit claims for refund.

  • 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. 
Page
Tax Jokes
  

If I needed to hire an accountant in Transylvania, who would you recommend? Count Dracula, of course.
 
https://parade.com/1317763/jessicasager/accounting-jokes/

Tax News

 

2025 Tax Filing Season Starts as IRS Begins Accepting Tax Returns Today; Taxpayers Have Many Options for Help, Internal Revenue Service

IRS, CASST Announce 2025 Filing Season Changes Aimed at Preventing Spread of Scams, Schemes; New Fuel Tax Credit Statement and Increased Review of “Other Withholding” Claims Among Highlights, Internal Revenue Service

Governor Hochul's Tax Plans Aim to Ease Costs for New Yorkers in 2025, The Trusted Professional


SALT Talks Gain Steam with Trump's blessing on Tax Break, Arizent


Will the New Partnership Related Party Basis-Shifting Rules Survive?, Thomson Reuters/Tax & Accounting


IRS Faces Hiring Freeze and Revoked Job Offers as Tax Season Begins, The Trusted Professional

Treasury, IRS Issue Proposed Regulations on New Automatic Enrollment Requirement for 401(K) and 403(B) Plans, Internal Revenue Service

Treasury Official on Int’l Tax ‘Simplification’ Efforts, Thomson Reuters/Tax & Accounting


Conference Speakers Discuss How to Navigate the Changing Landscape of Exempt Organizations Taxation, The Trusted Professional


IRS Targets Tax Loopholes in Partnership Transactions with New Rules, The Trusted Professional

Taxpayer Advocate Gives IRS a Mixed Review in 2024 Annual Report, The Trusted Professional

*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.