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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

  • Tax Credits and Incentives to Benefit Growing Businesses Part 1

    By:
    Barry Halpern, CPA, and Mark Leaheey, CPA, CGMA, MSA
    |
    Dec 1, 2021

    Credits and Incentives can be very beneficial to companies in all industries, yet credits continue to go unclaimed. Companies without the capacity to perform the necessary compliance and diligence to obtain the incentives explain part of this, but the more prevalent reason is probably sheer ignorance. Companies are unaware of the potential benefits available to them.

  • Modern Asset Protection – An Introduction

    By:
    Gary Forster
    |
    Dec 1, 2021

    Asset protection is a body of law that has developed as an amalgamation of business structures, trusts, titling and creditor exemptions. Asset protection planning insulates assets otherwise exposed to future unknown creditors. Prudent structuring uses widely accepted legal strategies to make clients unattractive to claimants.

  • Pass-Through Entity Taxes: What to know

    By:
    Arvinder Kaur, CPA
    |
    Dec 1, 2021

    In 2018, the Tax Cuts and Jobs Act (TCJA) was enacted. As part of the revised provisions, the IRS limited the deductibility of state and local tax (SALT) payments as an itemized deduction for federal income tax purposes to $10,000 in a calendar year. This limitation has generally increased taxes due to the federal government for many individuals.

  • New Jersey Teleworking Tax Implications: During and After COVID-19

    By:
    Open Weaver Banks and Emma M. Savino
    |
    Nov 1, 2021
    As of October 1, 2021, the New Jersey Division of Taxation ended its taxpayer-friendly policies for businesses impacted by employees working remotely as a result of COVID-19.  In this article, we discuss both the regular and temporary rules in New Jersey for the three areas of taxation impacted by the Division’s COVID teleworking policy: (1) Corporation Business Tax (“CBT”); (2) sales and use tax; and (3) employer withholding.

  • FLPs with Estate Plans

    By:
    Phyllis C. Taite, JD, LLM
    |
    Nov 1, 2021
    A family limited partnership (FLP), when constructed properly, is an excellent tool to protect and consolidate assets for management through one instrument. For asset protection, assets held by a FLP are not subject to an individual’s creditors; instead, a charging order is usually required to attach a limited partnership interest.

  • What I Learned from IRS Audits and Tax Court Testimony

    By:
    Bruce A. Johnson, ASA
    |
    Nov 1, 2021
    I can remember worrying about getting audited by the Internal Revenue Service (IRS) on the first gift tax appraisal I conducted 27 years ago when I first started as a full-time business appraiser. Over the next several years, I learned that if an appraiser followed the best practices in business valuation, complied with IRS regulations and documented all inputs and assumptions, there was no real need to be concerned about an appraisal being challenged.

  • Retirement Plan Basics

    By:
    Lisa L. Jones
    |
    Nov 1, 2021
    This article will provide an overview of qualified retirement plan options, their differences, contribution and deduction limits, the factors that influence the choice of the right plan or plans, and an overview of the discrimination testing/compliance issues that a qualified Plan must satisfy.

  • Doing Business in New York: The Post-Pandemic Tax Landscape

    By:
    Elizabeth Pascal, JD, and Katherine Piazza
    |
    Oct 1, 2021
    Over the past 18 months or so, we’ve been writing and speaking about the ways in which the COVID-19 pandemic has precipitated or hastened many changes that businesses were already facing:  reimagining the workplace; relocating offices and their owners; and operating within an increasingly complex multistate tax and compliance landscape.

  • College Tuition and the Pandemic Impact in New Jersey

    By:
    Mark H. Levin, CPA, MS (Taxation)
    |
    Oct 1, 2021

    On June 29, 2021, New Jersey Governor Phil Murphy signed P.L. 2021 Ch. 128, the New Jersey College Affordability Act (CAA). The CAA makes several changes to the gross income tax, the aim of which is to make a college education more affordable to New Jersey taxpayers.

  • Gift Tax Return Tips

    By:
    Joy Matak, JD, LLM, Steven B. Gorin, CPA, Esq., CGMA, and Martin Shenkman, CPA, MBA, AEP, JD
    |
    Oct 1, 2021
    Gift tax returns appear to be seductively simple. Failure to file a gift tax return timely and disclose transactions “in such return, or in a statement attached to the return, in a manner adequate to apprise the Secretary of the nature of such item” in accordance with regulations that impose specific requirements for “adequate disclosure” can delay the tolling of the statute of limitations.
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.