In computing a state resident's adjusted gross income for personal income tax purposes, New York, like many states, starts with the individual's federal adjusted gross…
Working from Home
State Income Tax Complications
The coronavirus (COVID-19) pandemic triggered an exodus of workers from their comfortable offices to the safety of their homes and other remote locations. For some,…
The Complexity of Sales Taxation of Information Services
A Review of Recent New York Litigation
The proper taxation of “information services” under the New York Sales Tax Law can raise complex and costly issues resulting in difficult audits and even…
In Brief Tax departments are always looking for ways to streamline their processes and procedures, and provide greater value-added services to management. Tax analytics and…
ICYMI | Tax Software in the Ongoing Pandemic Environment
20th Anniversary/2021 Annual Survey of New York State Practitioners
In Brief CPAs continued to deal with a global pandemic during the 2021 tax season, requiring many tax practitioners to work from home, often while…
Failing to report foreign bank accounts on a Report of Foreign Bank and Financial Accounts (FBAR) form can carry severe financial consequences. The civil penalty…
Since January 1, 2019, the tax rules for divorce instruments fall under dramatically new rules included in the Tax Cuts and Jobs Act (TCJA) of…
An Introduction to Structured Installment Sales
Avoiding Capital Gains Taxes on Real Estate Transactions or Business Buyouts
When the right set of circumstances presents itself, there may be no simpler way to defer, reduce, or completely eliminate long-term capital gains taxes when…
Material Participation as Significant Participation Activity
Tax Court Ruling Highlights Importance of Grouping Election
A recent case serves as a convenient reminder for 2020 tax return elections. In Gurpreet S. Padda, et al. v. Comm'r (TCM 2020-154), a physician met…
Did the Tax Cuts and Jobs Act Really Lower Corporate Taxes?
Preliminary Evidence from the S&P 500 and Apple Inc.
In Brief The Tax Cuts and Jobs Act (TCJA) of 2017 modified several aspects of corporate income tax rules, including a key change to the…
There is still time in the final quarter of 2021 for tax professionals to advise taxpayers to take actions that can favorably impact tax liability…
The rules for required minimum distributions (RMD) can be challenging to navigate. New regulations that update the life expectancy tables to be used add another…
CPAs need to be aware of current developments in key states in order to properly advise companies doing business in multiple jurisdictions. This article will…
In Brief Tax departments are always looking for ways to streamline their processes and procedures, and provide greater value-added services to management. Tax analytics and…
The COVID-19 pandemic has wreaked havoc on the United States, not just in terms of lives lost, but also in terms of the country's ability…
“Cohan Rule” Estimates
A Useful Tool if Properly Used
In Brief If a taxpayer lacks documentation to support items on a tax return, preparers may use estimates, following an approach long known as the…
Tax Software in the Ongoing Pandemic Environment
20th Anniversary/2021 Annual Survey of New York State Practitioners
In Brief CPAs continued to deal with a global pandemic during the 2021 tax season, requiring many tax practitioners to work from home, often while…
California Approves SALT Cap Workaround
An Overview of the Key Provisions
California Governor Gavin Newsom recently signed Assembly Bill 150 (AB150), which created a workaround for the current $10,000 limitation on the deduction for state and…
Faced with shrinking budgets and resources, for more than a decade the IRS has been forced to do more with less. It has responded by…
The fallout from the coronavirus (COVID-19) pandemic continues to have a significant impact on the way employers conduct business, with many employees working on a…
The Donald J. Trump Foundation was undone by alleged acts of self-dealing involving its namesake, Donald J. Trump, who also allegedly used the foundation to…
The State of the Inheritance Tax in New Jersey
Questions about the Decision in Van Riper
Recently, New Jersey repealed its estate tax for residents passing away after December 31, 2017 [New Jersey Statutes Annotated (N.J.S.A.) 54:38-1 (c)(4)]. However, the New…
New York State’s New Pass-Through Entity Tax
An Overview of the Key Provisions
When the Tax Cuts and Jobs Act (TCJA) was enacted, it created, for the 2018 through 2025 tax years, an itemized deduction “cap” that limited…
The Taxation of Nonfungible Token Transactions
Beware the Implications of Intangible Investments
Most CPAs are likely familiar with cryptocurrencies such as Bitcoin and Ethereum. These currencies are considered fungible, because they can be directly exchanged for other…
The crossroads of death and taxes can be baffling for many individuals. The executor or administrator (herein, the “fiduciary”) may be confronted with a bewildering…
The Consolidated Appropriations Act of 2021 (CAA) (P.L. 116-260) funds the government for its fiscal year ending September 30, 2021, and makes major tax changes…
The Consolidated Appropriations Act of 2021 (CAA) (H.R. 133), which has become notorious for its length of 5,593 pages, funds the government for its fiscal…
The fallout from the coronavirus (COVID-19) pandemic continues to have a significant impact on the way employers conduct business, with many employees working on a…
ICYMI | What to Do About Estate Planning Now
Contemplating the Impact of Proposed Legislation
The past year was a wild one for estate planning, as high-net-worth individuals raced to complete planning before the end of the year, not knowing…
On April 7, 2021, the New York State Assembly passed the comprehensive New York State 2021/2022 Budget Act, which Governor Andrew Cuomo subsequently signed it…