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Grants vs. Contracts: Considerations for Public Charities and Private Foundations

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The Success in Succession, Part I: Estate Planning and Estate & Gift Tax Planning
Helping Clients Navigate Estate Planning and Divorce

Latest Articles

  • 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.

  • A Year in Review and an Outlook on the Horizon for Tax-Exempt Entities

    By:
    Magdalena M. Czerniawski, CPA
    |
    May 1, 2023
    The new year brings numerous changes in tax and financial reporting for tax-exempt entities, as well as looming deadlines to recoup payroll taxes paid during the early days of the COVID-19 pandemic. Following is a roundup of the more significant changes discussed recently at the New York State Exempt Organizations Conference

  • 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. 

  • Moving From the U.S. to Canada: An Introduction

    By:
    Nathan Farkas, CPA
    |
    Apr 1, 2023

    Every four years in America, an unusual event occurs. It takes place on the Wednesday following the first Monday in November. On this day, Americans of all stripes threaten to move to Canada, as a response to their preferred candidate losing the previous day’s presidential election.

  • New York Adult-Use Cannabis THC Potency Tax

    By:
    Jason Klimek, Esq.
    |
    Apr 1, 2023

    When the Marijuana Regulation and Taxation Act (MRTA) was passed, it added Article 20-C to the New York State Tax Law. Article 20-C contains both the THC potency tax (Potency Tax), an excise tax on adult-use cannabis products, and the adult-use retail tax (Retail Tax).

  • Total Tax Mindset as a Sustainable Business Strategy

    By:
    Daniel Fuller, CPA, and Jonathon Geisen, CPA
    |
    Apr 1, 2023

    For many years, sustainability was little more than a footnote in corporate strategies – written on paper, but disconnected and low on the priority list. Yet the case for sustainable business was steadily building, underpinned by the belief that how companies manage environmental, social and governance (ESG) issues influences long-term resilience, reputation and ROI.

  • 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.

  • Reporting Foreign Assets and Activities: Requirements and Challenges

    By:
    Rosy L. Lor
    |
    Mar 1, 2023
    Complex annual U.S. federal information reporting requirements apply to U.S. citizens and resident aliens who own foreign assets or engage in cross-border activities. These U.S. taxpayers and their tax advisors must be proactive in identifying their foreign assets or transactions and understanding the reporting requirements that may apply.

  • New York State Secure Choice Savings Program

    By:
    Josh Gmerek, JD
    |
    Mar 1, 2023

    During October 2021, New York State (NYS) passed legislation that made participation in the NYS Secure Choice Savings Program (the “Program”) mandatory for certain employers. The Program is one of many state-facilitated savings programs that are being adopted in states across the country. These state-facilitated savings programs are designed to solve a simple, but not easily fixed problem: getting more people to save for retirement. 
Page
Tax Case
  

In Case You Missed it - August 2024

Tax Jokes
  

Why are taxes like golf? Because you work hard on the green just to end up in the hole. 


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

Tax News


Kamala Harris' Tax Policies Could Be Factor in Presidential Election,The Trusted Professional


IRS Issues Five New Warning Signs of Incorrect Employee Retention Credit Claims,The Trusted Professional


FinCEN Estimates Entities Will Spend Millions of Hours Seeking Access to Beneficial Ownership Information,The Trusted Professional


Treasury, IRS Issue Updated Guidance on Required Minimum Distributions from IRAs, Other Retirement Plans; Generally Retains Proposed Rules, Internal Revenue Service


IRS Enhances FATCA Registration Website by Requiring Users to Establish Multi-factor Authentication,Internal Revenue Service


TIGTA: IRS Needs to Strengthen Its Digital Asset Enforcement Efforts,The Trusted Professional


Security Summit Warns Tax Pros to Remain Vigilant Against Phishing Emails and Cloud-based Attacks,Internal Revenue Service


New, evolving Scams Threaten Tax Professionals; Security Summit Warns Extra Attention Needed on Trending Threats that Could Affect Businesses, Clients,Internal Revenue Service


Security Summit Urges Tax Pros to Watch Out for Identity Theft Red Flags,Internal Revenue Service

*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.