Congratulations to Howard Levy and Julian Jacoby on such a well-written and timely article in the July issue of The CPA Journal (“The Materiality Mystery:…
N.Y. Empire State Manufacturing The Empire State Manufacturing Survey's general business conditions index remained below its neutral threshold for a second consecutive month, coming in…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
State and local taxes (SALT) is an important practice area for many CPAs, as well as a significant decision factor for many companies. SALT professionals…
The NYSSCPA Board of Directors voted at its September meeting to set the Society's legislative agenda. The Society Government Relations staff will now use this…
To Reset or Not to Reset AAA?
A Tricky Question for Newly Reelected S Corporations
In 2014, the IRS's Office of Chief Counsel (OCC) addressed what happens to a taxpayer's beginning accumulated adjustments account (AAA) if a prior S corporation…
Apportioning Income from Sales of Services
The Rules Have Changed
When calculating corporate franchise or income taxes, most states use apportionment formulas that weight the sales factor more heavily than property or payroll factors. Consequently,…
Delaware and the Passive Investment Company
Surveying the State Tax Planning Landscape
Facing budget deficits and shrinking corporate tax revenues, government officials from the United States and other foreign countries are closely monitoring the Organization for Economic…
ERP | Valuation Discounts under IRC Section 2704
Take Action on the Proposed Regulations Now
There has been a deluge of articles analyzing the proposed Treasury Regulations under Internal Revenue Code (IRC) section 2704, which, if finalized in anything like…
MYP | Out with the Old
Paradigm Shifts that Are Changing the Accounting Profession
Editor's Note: This month marks the introduction of a new column, Managing Your Practice, that will bring a fresh perspective on traditional and emerging management…
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…
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…
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…
TPP | Civil Penalties for Willful Violations of FBAR Requirements
Will the Fifth Circuit Clarify the IRS’s Burden of Proof?
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…
Partnership Abandonment
Why It Still Works and What to Watch Out For
Consider the following scenario: an individual has entered into a limited partnership that he knows is going bad, and he believes his investment will not…
Fighting Fraud—and Serving Famous Frankfurters—for Over a Century
The Story of Old-Fashioned Controls at Nathan’s Famous
One hundred years ago, an enterprising, bright, savvy, but uneducated young Polish immigrant started a modest business that would eventually grow to become one of…
Tax Aspects of Investing in REITs and REMICs
The Essentials and Recent Developments
In Brief Real estate is an evergreen investment vehicle, but few investors are willing to confront the high risk of trading in real property. Real…
In Brief Under Internal Revenue Code (IRC) section 1031, direct swaps can be difficult to accomplish because the parties may not each have something the…
In Brief Taxpayers generally think of a business loss as an immediate tax deduction, but the tax code is not quite so simple. Individual circumstances—such…
The Defrauded Investor’s Solace
The IRC Section 165 Theft Loss Deduction and Safe Harbor
In Brief Awareness of Ponzi schemes and other fraudulent investment arrangements has skyrocketed following the Bernie Madoff case and other similar prosecutions. IRC section 165…
Our focus this month is on taxes, and our features and departments cover a wide array of unique and unusual circumstances. Going beyond the bread-and-butter…