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Columns

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PFP | Preparing for a Spouse’s Death from a Financial Perspective

By  Sidney Kess, JD, LLM, CPA and Edward Mendlowitz, CPA/PFS, ABV

October 2016 0

No one likes to think about death, especially of a loved one, but the failure to prepare for it can be self-defeating. Preparation creates emotional…

Columns

TFA | Tax Planning for Unmarried Couples

By  James R. Grimaldi, CPA, James A.J. Revels, CPA and Sidney Kess, JD, LLM, CPA

October 2016 0

Census data shows that approximately 12% of all couples living together are unmarried, up from barely 1% 50 years ago. Unmarried couples can be of…

Columns

SLT | NY’s New Investment Capital and Income Rules

By  Corey L. Rosenthal, JD and Arvinder Kaur, CPA

October 2016 0

New York State's recent corporate tax reform resulted in many changes to its statutes and regulations, including some significant changes to the investment capital and…

Columns

TPP | Civil Penalties for Willful Violations of FBAR Requirements

Will the Fifth Circuit Clarify the IRS’s Burden of Proof?

By  Caroline Rule, JD

October 2016 0

District courts and other authorities disagree on whether the IRS must prove willfulness by a preponderance of the evidence or by clear and convincing evidence…

Columns

RPA | Self-Directed Brokerage Accounts Expand Fiduciary Liability

By  Sheldon M. Geller, JD, CPA

September 2016 0

Participant-directed 401(k) plan investment has expanded from an investment menu to include a self-directed brokerage account option. Service providers market these accounts to provide participants…

Columns

PFP | Advisors Involved in Financial Planning

By  Edward Mendlowitz, CPA/PFS, ABV and Sidney Kess, JD, LLM, CPA

September 2016 0

Many CPAs perform financial planning services, as do numerous other types of professionals. This article provides an overview of different kinds of financial advisors and…

Columns

TPP | Filing a Claim for Refund of Overpaid Tax

By  Kevin M. Flynn, JD

September 2016 0

Filing a claim for refund of overpaid tax involves much more than just submitting an amended return to the IRS with an explanatory statement that…

Columns

RPA | Fiduciaries for a Small 401(k) Plan Sued for Breaches

By  Sheldon M. Geller, JD, CPA

August 2016 0

Claims alleging breaches of fiduciary duties have historically targeted large 401(k) plans with significant levels of assets. Recently, however, a claim was filed against a…

Columns

ERP | Tax Court Decision Affirms Beneficial Split-Dollar Transactions

By  Martin Shenkman, JD, CPA/PFS, AEP and Richard L. Harris, CLU, AEP, TEP

August 2016 0

Transactions in which an older person advances money to a trust to pay premiums for a life insurance policy on a child or children using…

Columns

SLT | Nevada’s New Tax Revenue Plan

By  Corey L. Rosenthal, JD and Arvinder Kaur, CPA

August 2016 0

As many CPAs may be aware, the state of Nevada has historically never imposed an entity-level corporation income tax on companies doing business within its…

Columns

TPP | Filing Requirements for Expatriating Taxpayers

By  Wilda Lin, JD, LLM

August 2016 0

Increasingly, U.S. citizens and lawful permanent residents are cutting their ties with the United States. This process, called expatriating, includes renouncing U.S. citizenship and terminating…

Columns

Fair Value Accounting and Reliability

The Problem with Level 3 Estimates

By  Sung Gon Chung, PhD, Cheol Lee, PhD and Santanu Mitra, PhD

July 2016 0

FASB's efforts to expand the use of fair value accounting have rekindled the debate on the costs and benefits of the approach. Proponents argue that…

Columns

Understanding the Various Kinds of 401(k) Service Fee Arrangements

By  Sheldon M. Geller, JD, CPA

July 2016 0

Plan sponsors and investment committees must understand the way in which 401(k) plan assets are used to pay plan service providers and investment advisors in…

Columns

Little Estate Planning Tips That Add Up

By  Martin Shenkman, JD, CPA/PFS, AEP

July 2016 0

Often, some of the most valuable estate planning results are achieved not by using the big-picture items like bypass trusts, discounts, or note sales, but…

Columns

Paying for Higher Education

By  James R. Grimaldi, CPA, James A.J. Revels, CPA and Sidney Kess, JD, LLM, CPA

July 2016 0

For most students, the price of higher education is steep and getting steeper. Annual increases in the cost of higher education have consistently outpaced the…

Columns

California Multitiered Partnerships

An Overview of a Complex Area

By  Eddie Delgado, Krista Schipp, CPA and Corey L. Rosenthal, JD

July 2016 0

New York CPAs often have to address issues regarding California multitiered partnerships on behalf of their clients. This complex area of tax law has been…

Columns

A Tax Return Do-Over?

By  Michael Sardar, JD

July 2016 0

It is not often in life that one is able to hit pause, rewind, and redo something that has already happened. To many taxpayers' surprise,…

Columns

The PCAOB’s Proposed New Auditor’s Report

A Sneak Peek at What Lies Ahead

By  Allan B. Afterman, PhD, CPA

July 2016 0

In May, the PCAOB issued a proposed standard, “The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion,” which,…

Columns

Medical Marijuana Dispensaries Face a Harsh Reception in Federal Court

By  Wayne E. Nix, JD, DBA, CPA and Ray A. Knight, JD, CPA, PFS, CGMA

May 2016 0

Despite medical marijuana legalization prevailing in nearly one-half of the 50 states, the U.S. Congress and the federal court system have not embraced this nascent…

Columns

RPA | Understanding the Increased Liability for 401(k) Retirement Plan Committees

By  Sheldon M. Geller, JD, CPA

May 2016 0

Excessive fee litigation and class action settlements increased significantly in 2014 and 2015. These decisions and negotiations will encourage more claims against retirement plan committees…

Columns

SLT | New York’s Enhanced Collection Procedures for Delinquent Taxpayers

Driver’s License Suspension Program

By  Corey L. Rosenthal, JD and Annie Yang

May 2016 0

New York State tax law now provides the New York State Department of Taxation and Finance (DTF) with a new enforcement tool to assist in…

Columns

TPP | Filing Amended and Current Returns in Cases of Past Noncompliance

How Not to Make Matters Worse

By  Megan L. Brackney, JD, LLM (Tax)

May 2016 0

When a CPA discovers a taxpayer's past noncompliance, there are both ethical and practical questions to answer. The last thing a CPA should want to…

Columns

SEC | The Tale of Internal Control over Financial Reporting and the SEC’s “Broken Windows” Policy

By  Allan B. Afterman, PhD, CPA

May 2016 0

In mid-2013, the SEC established the Financial Reporting and Audit Task Force, which in part was formed to spearhead the Division of Enforcement's efforts to…

iling Amended and Current Returns in Cases of Past Noncompliance Featured

TPP | Filing Amended and Current Returns in Cases of Past Noncompliance: How Not to Make Matters Worse

2016 Max Block Award Honorable Mention in the Area of Departments/Columns

By  Megan L. Brackney, JD, LLM (Tax)

May 2016 0

When a CPA discovers a taxpayer's past noncompliance, there are both ethical and practical questions to answer. The last thing a CPA should want to…

Columns

Financial Planning Must Drive Estate Planning Decisions, and CPAs Must Lead the Way

By  Martin Shenkman, JD, CPA/PFS, AEP

April 2016 0

Estate planning continues to evolve in ways that enhance the importance of the CPA's role relative to other advisors and to what it has been…

Columns

Assisting Individuals with Charitable Legacies

By  Sidney Kess, JD, LLM, CPA and Edward Mendlowitz, CPA/PFS, ABV

April 2016 0

Many individuals desire to make charitable bequests but are not certain how to do so or how they work. This is an area where a…

Columns

Getting Divorced: A Tax Perspective

By  James R. Grimaldi, CPA, James A.J. Revels, CPA and Sidney Kess, JD, LLM, CPA

April 2016 0

Despite the best of intentions when couples say, “I do,” more than a few will find themselves eventually saying, “I don't.” Aside from the emotional…

Columns

The Trust Fund Recovery Penalty and Encumbered Funds

By  Henry Stow Lovejoy, JD

April 2016 0

The “trust fund recovery penalty” can impose sizeable liabilities on officers and other employees of financially struggling or failed companies that fail to pay withholding…

Columns

Pay Ratio Disclosure: A Final SEC Rule Laden with Controversy

By  Allan B. Afterman, PhD, CPA

April 2016 0

In August 2015, the SEC, by the narrowest of margins (3 votes for, 2 against), adopted the long-awaited and politically charged rule requiring large U.S.…

Columns

New York State and City Real Estate Transfer Taxes

By  Corey L. Rosenthal, JD, Annie Yang and Stanley Solomon, JD

April 2016 0

The conveyance of real property or an interest therein, whether commercial or residential, is subject to the New York State and City real estate transfer…

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