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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

  • Preparing for a Successful New York State Audit Defense

    By:
    Karen J. Tenenbaum, Esq., LLM (Taxation)
    |
    Mar 1, 2022

    A client walks into your office with an audit notice from New York State. If you are not familiar with state audits, you may be wondering how similar they are to an IRS audit. Although the strategies are alike in many ways, there are also significant differences, particularly with residency and sales tax audits. At the 2021 NYSSCPA, New York and Tri-State Taxation Conference in December, our panel discussion on New York State Audit Defense and Alternative Strategies outlined the essential steps tax professionals should take to prepare for and resolve state tax audits as effectively as possible.

  • PPP Loan Forgiveness: Preparing for and Responding to SBA Reviews, Appeals of Forgiveness Denials, and Other Governmental Scrutiny

    By:
    Reetuparna Dutta and Jason E. Markel
    |
    Feb 1, 2022
    Nearly two years ago, on March 27, 2020, the Paycheck Protection Program (PPP) was created with the enactment of the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act.1 The CARES Act substantially expanded eligibility for small business loans administered by the U.S. Small Business Association (SBA) under its existing Section 7(a) loan program.

  • Navigating the New Schedule K-2 and K-3 for Asset Management Clients

    By:
    Joe Zhou, CPA, Natallia Shapel, CPA, MST, MBA, and Stephen Arber, CPA, JD, LLM
    |
    Feb 1, 2022

    On June 3-4, 2021, the IRS released final versions of Schedules K-2 and K-3 for tax year 2021 (2022 tax filing season). Final instructions were released in early September of 2021, and additional changes and clarifications were released on January 18, 2022.

  • Sec 461(l) Excess Business Loss Limitation is Back

    By:
    Shashi Singal, CPA, MSA, CA
    |
    Feb 1, 2022

    The Tax Cuts and Jobs Act of 2017 (TCJA) added the excess business loss (EBL) limitation under sec 461(l) applicable to noncorporate taxpayers,  in addition to the already existing limitations of basis, at-risk and passive activity loss rules,  effective for taxable years beginning after December 31, 2017 and before January 1, 2026.

  • CPA Evolution and the Masters in Taxation: What's Next?

    By:
    Nina Terranova-Dorata, PhD, CPA
    |
    Feb 1, 2022

    The word is out that the CPA Evolution exam takes effect January 2024. According to the AICPA, the Evolution CPA exam will provide for a strong core in accounting, auditing, tax, and technology and a deeper knowledge in one of three disciplines: Business Analysis and Reporting (BAR), Information Systems and Controls (ISC), and Tax Compliance and Planning (TCP). Audrey Katcher, CPA/CITP, CGMA, AICPA Board of Examiners indicates that the overall purpose is “…to embrace what’s changing in the profession and the business environment and the skills a newly licensed CPA will need to possess for licensure.” Evolution expects to reflect the reality of practice and for TCP, that is knowing tax law and tax planning strategies.

  • World Leaders Agree on a New Global Corporation Tax System to Adjust to the Digitalization of the Economy

    By:
    Mathieu Aimlon, CPA
    |
    Jan 1, 2022
    Tax systems are designed to raise the revenue that is needed to absorb the cost of government operations including the country’s infrastructure and military. On the other side, in most countries and jurisdictions, compliance to the tax system is generally voluntary and taxpayers are allowed to structure their business to minimize their tax bill. Some taxpayers have the opportunity to plan their tax internationally.

  • Strategy Under the SECURE Act

    By:
    Steven B. Gorin, CPA, Esq., CGMA
    |
    Jan 1, 2022
    The Setting Every Community Up for Retirement Enhancement (SECURE) Act changed I.R.C. Code § 401(a)(9) so that, in most cases, a beneficiary who is not a surviving spouse must take distributions from IRAs and other retirement plans over a period not exceeding 10 years, rather than using his/her life expectancy.

  • The “Last Call” for Medicaid Homecare Without a Look-Back Period for Transfers has Perhaps Arrived!

    By:
    Anthony J. Enea, Esq.
    |
    Jan 1, 2022
    For more than a decade, New Yorkers had been able to receive Medicaid home care services without worrying about the five-year look back period for non-exempt asset transfers (gifts), which is imposed for Medicaid nursing home eligibility. One could transfer all of their savings and home without incurring any period of ineligibility for Medicaid Home Care Services. Unfortunately, this advantage came to an end in 2020.

  • Go With the Flow: Cash Flow Planning for Every Life Stage

    By:
    Jill A. Harris, CPA, MBA
    |
    Jan 1, 2022
    Cash flows are among the most basic components of personal financial planning. They are a great way to jump-start discussions with your clients about other financial planning issues. If you prepare individual income tax returns for your clients, you already have a good start on their cash flows.

  • Understanding Your Tax-Exempt Investors

    By:
    Ofer Lion and Dustin W. Lauermann
    |
    Dec 1, 2021
    It is a common misconception that “nonprofit” means “no profit.” However, not only is it acceptable for a nonprofit, tax-exempt organization to profit from their key activities (think: hospitals bills and university tuition), many have significant investment portfolios. In addition to traditional holdings of bonds and publicly traded stock, tax-exempt organizations increasingly seek and participate in private equity investments, opportunity funds, special purpose acquisition companies (SPACs), partnerships and joint venture deals.
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.