The New Jersey estate tax exemption for 2016 stood at $675,000, and it increased to $2 million in 2017. Both exemption amounts are well below…
ICYMI | United States v. Adlman
Defining the Scope of the Kovel Privilege and Work Product Doctrine
Although the attorney-client privilege has long been recognized under common law, there is no corresponding taxpayer-accountant privilege [other than a limited privilege for “tax advice”…
ICYMI | A Snowbird Must Carefully Plan Its Flight
Establishing Tax Residency under the Laws of New York and Florida
New York residents sometimes relocate to Florida to take advantage of that state's more lenient tax laws (not to mention more moderate climate). While establishing…
ICYMI | Identity Theft
Tax and Financial Considerations
Identity theft continues to be a serious issue for individuals and businesses. According to Javelin Research's 2016 Identity Theft Study, $15 billion was stolen from…
Despite recent reports to the contrary, the sky is not falling. The increasing anticipation—or concern—over fundamental tax reform will certainly be with us in 2017,…
Personal Income Personal income was unchanged for November, a decline from October's 0.5% gain. Labor income was unchanged, as average hourly earnings declined 0.1% and…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
The Tax Reform Act of 1986 (TRA) quietly reached its 30th anniversary on October 22, 2016. The TRA was enacted to lower tax rates by…
Who Gets K.O.’d by the K-1?
The Creditor or the Debtor?
The limited liability company (LLC) is becoming the preferred entity to conduct business, largely due to the limited liability protection offered to owners and the…
In Brief State legislatures and tax departments sometimes find out-of-state professional athletes who play games in their states an irresistible source of taxable income. Tennessee,…
A Snowbird Must Carefully Plan Its Flight
Establishing Tax Residency under the Laws of New York and Florida
In Brief New York residents sometimes relocate to Florida to take advantage of that state's more lenient tax laws (not to mention more moderate climate).…
As the tax profession becomes more and more technology-focused, there seems to be a trend among CPA firms preparing tax returns to move away from…
ERP | N.J. Estate Tax Repeal
Will it Last and Who Will Benefit?
The New Jersey estate tax exemption for 2016 stood at $675,000, and it increased to $2 million in 2017. Both exemption amounts are well below…
Death is unexpected for many people, but avoidable for none. Likewise, a sudden disability is never planned for. For business owners, being prepared for the…
TFA | Identity Theft
Tax and Financial Considerations
Identity theft continues to be a serious issue for individuals and businesses. According to Javelin Research's 2016 Identity Theft Study, $15 billion was stolen from…
SLT | Understanding Click-Through Nexus
States Seek to Collect Sales and Use Taxes from Remote Vendors
In today's economy, with its frequent changes in technology and consumer sophistication, states are increasingly following in each other's footsteps by adopting click-through nexus laws,…
TPP | United States v. Adlman
Defining the Scope of the Kovel Privilege and Work Product Doctrine
Although the attorney-client privilege has long been recognized under common law, there is no corresponding taxpayer-accountant privilege [other than a limited privilege for “tax advice”…
AUD | Has the SEC Awakened a Sleeping Giant?
The Familiarity Threat to Auditor Independence
For over 50 years, observers have questioned whether auditors who provide consulting or other nonattest services to their clients can be independent, and regulators continue…
With the new year comes the busiest season for many CPAs. In this issue, we turn our attention to the oncoming tax filing season, with…
On April 13, 2016, Governor Andrew M. Cuomo signed into law Chapter 60 of the Laws of 2016 (the 2016 Budget Act). CPAs should be…
What’s over the Federal Tax Horizon?
The Potential Impact of Reforms on IRS Enforcement
With less than a month until Inauguration Day, tax advisors find themselves on the uncertain precipice of what might well be an historic overhaul of…
Despite recent reports to the contrary, the sky is not falling. The increasing anticipation—or concern—over fundamental tax reform will certainly be with us in 2017,…
The final panel from the 2016 IRS Representation Conference covered in this issue concerned preparer penalties and the criminal prosecution of tax professionals. How Criminal…
Bankruptcy versus OIC
A Comparison of Resolution Options
This panel discussed the pros and cons of declaring bankruptcy versus entering into an offer in compromise (OIC) when confronted with a large tax debt.…
At this panel, the group discussed how to deal with a lack of sufficient information from a client, including how to obtain or deduce that…
Preparer Penalties
Everything You Need to Know
Another panel at the 2016 IRS Representation Conference discussed the penalties levied against preparers who violate the ethics rules and fraud statutes. Topics included civil…
Gift Tax Returns & IRS Examination
Challenges and Pitfalls for Practitioners
At the 2016 IRS Representation Conference, one panel covered gift tax returns and the dangers they pose to unwary CPAs and taxpayers. Using a sample…
One of the panels conducted at the 2016 IRS Representation Conference concerned the myriad issues confronting CPAs whose clients have simply not filed their tax…
Federal Tax Preparation Issues and Insights
Highlights of the IRS Representation Conference
On November 17 and 18, the NYSSCPA co-sponsored the Third Annual IRS Representation Conference. The event covered a wide range of issues—from the routine to…