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After the Move – Part II: New York State’s Income Sourcing Rules for Business Sales

Our Recommended Reading List on Tax Policy

Recent Tax Case Contains Detailed Discussion of Gift Tax Adequate Disclosure Requirements
Calls For U.S. Wealth Tax Again Grow Louder – But Are They Any More Effective?
Beyond College Savings: Using 529 Plans as an Estate Planning Tool

Latest Articles

  • COVID-19: Relationships and Financial Pressures

    By:
    Hana Boruchov, JD and Leo Gabovich, JD
    |
    May 1, 2022
    Coronavirus (COVID-19) has been a pandemic that has affected many aspects of our daily lives. One of the unfortunate results of the major changes to our lifestyle and economic impacts has been a surge in separations and divorces worldwide. According to Legal Templates, a company that provides licensed attorneys in the United States with legal form templates, there was a 34% increase of sales of its divorce agreements in the first half of 2020 alone, as compared to 2019.

  • The Unclear Status of Decentralized Finance (DeFi) Transactions

    By:
    Mark DiMichael, CPA, CFE
    |
    May 1, 2022
    Blockchain technology and digital assets are blurring lines that were previously well established, such as the definitions of money, value, currency, investments, loans, and more. The rise of digital assets has created new types of business transactions never previously envisioned by regulators. Because of this, digital assets exist in a gray area for many accounting, tax, and regulatory issues.

  • Cybersecurity Best Practices for Family Offices

    By:
    Jamie Herman, CCISO, CISSP, CISM
    |
    May 1, 2022
    Cyber risks and the resulting impacts are at an unprecedented high, with the potential to cause significant monetary and reputational damage. Today, cybercriminals seek out high-value entities that are perceived to have insufficient cybersecurity controls — making family offices prime targets.

  • The Not-So-Basic Basis of Bases: Tax Basis Reporting Calculations and Analysis

    By:
    Dean L. Surkin, JD, LLM
    |
    Apr 1, 2022

    The IRS directed partnerships to report capital accounts on the tax basis starting in 2020. In this article, I’ll address the prior rule, why the IRS wasn’t happy, the change they wanted, how to process the transition, and the need to maintain both the former capital account and the IRS-prescribed method.

  • Cannabis Taxes in New York State: How High Is Too High

    By:
    Jason Klimek, Esq., and Kara Cline, CPA
    |
    Apr 1, 2022

    New York State legalized adult-use cannabis on March 31, 2021, under the Marijuana Regulation and Taxation Act (MRTA). Along with legalization came Article 20-C of the New York State Tax Law. Article 20-C, effective April 1, 2022, imposes the first U.S. THC potency excise tax. The excise tax is in addition to a 13% sales tax, which replaces the standard state and local sales tax rates

  • Five CAA Benefits Changes and their Tax-Exempt Entity Impact

    By:
    Daniel N. Kuperstein, Esq.
    |
    Apr 1, 2022
    Although extraordinarily helpful to benefit plan participants, the coronavirus (COVID-19) tax relief available under the Consolidated Appropriations Act, 2021 (CAA) has caused many headaches for CFOs and other managers of tax-exempt (TE) entities. These headaches have continued into 2022.

  • The Evolution of the Form 990-T

    By:
    Heather Leggiero, CPA, JD
    |
    Apr 1, 2022
    Over the past several years, Form 990-T, Exempt Organization Business Income Tax Return, has changed from its pre-2018 versions. The Taxpayer Cuts and Jobs Act of 2017 (TCJA) made significant changes to the unrelated business income (UBI) tax law and required years of revisions as guidance was issued by the IRS. Two major UBI TCJA changes were made to the net operating loss (NOL) rules and the introduction of siloing to segregate multiple unrelated trade or business activities.

  • IRS Update – Practice, Procedures and Enforcement in the COVID Environment

    By:
    Michael J. Tedesco, Esq., JD
    |
    Mar 1, 2022
    The IRS is asked to do more with less as each year passes. During the COVID-19 pandemic, the strain on the IRS has been more severe than ever. Many service centers were shut down or operating at significantly diminished capacity for lengthy periods during the early days of the pandemic. These shutdowns put an already strained IRS several months further behind. Often, letters dated in March 2020 were not mailed until May or June 2020.

  • The IRS Updated Automatic Accounting Method Change Procedures

    By:
    Mathieu Aimlon, CPA
    |
    Mar 1, 2022
    Taxable income must be computed under the method of accounting regularly used by the taxpayer in keeping its books. An accounting method is a set of rules used to determine when and how income and expenses are taken into account for federal income tax purposes. A taxpayer filing its first return may adopt any permissible method of accounting. This method is binding typically after a year; but the taxpayer may elect to change to another permissible method. However, it must secure the consent of the Commissioner before changing [IRC section 446(e) and Treas. Reg. 1.446-1(e)].

  • The Non-Citizen and the U.S. Estate and Gift Tax – An Introduction

    By:
    Gary Forster
    |
    Mar 1, 2022
    Since 1916, the United States has imposed an “estate tax” on the U.S. assets of foreign decedents and on all assets of U.S. citizens and resident non-citizens.  The estate tax covers transfers of wealth at death.  The United States also imposes a “gift tax” on gratuitous lifetime transfers. The gift tax covers the value of gifts made during life. Non-resident non-citizens are taxed only on gifts of U.S. based assets. 
Page
Tax Cases - Sept. 2023
  
 In Case You Missed It – September 2023 
Tax Jokes
  

Why is pre-tax income nasty? Because it's gross.

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

Tax News


IRS Announces Administrative Transition Period for New Roth Catch Up Requirement; Catch-up Contributions Still Permitted After 2023, Internal Revenue Service

IRS Issues New Warning to Tax Pros About Identity Theft, Internal Revenue Service

Inflation Reduction Act 1-year report card: IRS delivers dramatically improved 2023 filing season service, modernizes technology, pursues high-income individuals evading taxes, Internal Revenue Service

Billionaire Disputes IRS Position on Self-Employment Tax on Limited Partnership Income, 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.