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Latest Articles

  • After the Move – Part III: Returning to New York

    By:
    K. Craig Reilly, Esq.
    |
    Oct 1, 2023
    Welcome back to the third and final installment of the “After the Move” series. Part One focused on employment compensation, including New York’s nonresident income sourcing rules for telecommuting and the proper sourcing methodologies for various types of deferred compensation. Part Two outlined several potential pitfalls that can lead to unexpected New York source income when changing residency in connection with one-off transactions, such as the complete or partial sale of a business. 
  • Succession Planning: Paving the Path for Small Business Continuity

    By:
    Moira S. Laidlaw and David Simon
    |
    Oct 1, 2023
    Running a small business is a journey that is not for the faint-hearted. It involves daily obstacles, long-term strategic planning, and sometimes the pressure of meeting stakeholder demands. Small business owners often find their name on the door, along with the weighty responsibility it carries.
  • Recent Court Decision Highlights the Split in Authority Concerning the Estate Tax Treatment of Life Insurance under a Buy-Sell Agreement

    By:
    Kevin Matz, Esq., CPA, LLM
    |
    Oct 1, 2023
    In Connelly v. United States, No. 21-3683 (8th Cir. 2023), the United States Court of Appeals for the Eighth Circuit, on the taxpayer’s appeal from an order granting summary judgment in favor of the IRS by the United States District Court for the Eastern District of Missouri, considered(i) whether a buy-sell agreement was able to fix the value of the decedent’s corporate shares for estate tax purposes (it was not), and (ii) whether life insurance proceeds payable to the corporation to help fund a corporate redemption of shares needed to be considered in determining the fair market value of the corporate shares for federal estate tax purposes.
  • After the Move – Part II: New York State’s Income Sourcing Rules for Business Sales

    By:
    K. Craig Reilly, Esq.
    |
    Sep 1, 2023

    Welcome back. This article is Part Two in the three-part “After the Move” series, outlining the potential New York State tax savings (and, more specifically, unexpected tax exposure) following a move away from the state. 

  • Recent Tax Court Case Contains Detailed Discussion of Gift Tax Adequate Disclosure Requirements

    By:
    Kevin Matz, Esq., CPA, LLM
    |
    Sep 1, 2023

    Schlapfer v. Commissioner, T.C. Memo. 2023-65 (U.S. Tax Court May 22, 2023), is the first reported case to contain a detailed discussion of the adequate disclosure requirements under the gift tax adequate disclosure regulations that are set forth in Treas. Reg. Sec. 301.6501(c)-1(f).

     

  • 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?

  • Beyond College Savings: Using 529 Plans as an Estate Planning Tool

    By:
    David Oh, JD, LLM, and Julie Min Chayet, JD, MPA
    |
    Sep 1, 2023

    For decades, most people have known 529 Plans  as a tool for putting money aside tax free for their children’s college expenses. Less known is their usefulness as a powerful estate planning tool. Strategically, using 529s as part of a wealth transfer strategy can help high-net-worth clients pass on significant wealth tax free to future generations. 

  • After the Move – Part I: New York State’s Income Sourcing Rules for Telecommuting and Deferred Compensation

    By:
    K. Craig Reilly, Esq.
    |
    Aug 1, 2023
    This is part one of a three-part series focusing in nonresident issues that have been seen since the COVID-19 pandemic. Efforts to change one’s tax residency only increased in the months and years following the COVID-19 pandemic, where IRS data shows that New York lost $25 billion in adjusted gross income from migration out of the state in 2021, up from the $20 billion the state lost in 2020.
  • Recent IRS Challenges to Grantor Retained Annuity Trusts (GRATs)

    By:
    Kevin Matz, Esq., CPA, LLM
    |
    Aug 1, 2023

    There are two separate significant IRS challenges to grantor retained annuity trusts (GRATs) in the context of ongoing merger negotiations that have garnered considerable attention going back to 2019. 

  • Impact of SECURE 2.0 on Planning for Trusts

    By:
    Steven. B. Gorin CPA, Esq., CGMA
    |
    Aug 1, 2023

    The last two articles the author wroteDealing with Proposed Regs under the SECURE Act and Strategy Under the SECURE Act, examined certain strategic issues that CPAs may need to explain to their clients. This article assumes the reader knows those concepts as a base and complements those ideas with planning for long-term second marriages and for trying to minimize fiduciary income tax on IRAs held in trust without necessarily getting IRA distributions out of trust.   

Tax Jokes
  

When you spell out "THE IRS," it looks a lot like "THEIRS.

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.