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Taxation

Home /Taxation
Featured

Planning for 2020 by Looking Back to 2012

By  Martin Shenkman, JD, CPA/PFS, AEP

December 2020 0

The year 2012 was monumental for estate and retirement planning. Individuals flooded advisors' offices in the latter part of the year to make gifts to…

Featured

Recent New York Sales Tax Litigation Leaves Auto Dealership at Side of Road

By  Corey L. Rosenthal, JD and Lance E. Rothenberg, JD, LLM

December 2020 0

Routine corporate transactions, including mergers, acquisitions, and reorganizations, can carry significant sales and use tax consequences. If transactions, including intercompany transfers, are not properly evaluated…

Featured

Proposed Regulations Provide Guidance on Deducting Fines and Penalties Paid to the Government

Important Questions Still Remain

By  Kevin M. Flynn, JD

October 2020 0

Since 1969, Internal Revenue Code (IRC) section 162(f) has disallowed an ordinary and necessary business deduction in computing taxable income for any civil or criminal…

Featured

COVID-19 and the ‘Great Lockdown’

Telework Multistate Tax Considerations

By  Corey L. Rosenthal, JD and Lance E. Rothenberg, JD, LLM

September 2020 0

The COVID-19 pandemic has had a profound impact on, well, nearly everything, including businesses, individuals, and CPAs grappling with its effects upon state and local…

Featured

Ten Questions on COVID-19 and Charitable Giving

By  Lori Rothe Yokobosky, CPA, MST,

September 2020 0

The COVID-19 pandemic has raised many questions about charitable giving and on the timing of required filings for many exempt organizations. Many of those questions…

Featured

Reporting Foreign Accounts on the FBAR versus Form 8938

Differences, Similarities, and Traps to Avoid

By  Usman Mohammad, JD

September 2020 0

Because U.S. taxpayers are required to report and pay taxes on their worldwide income, the U.S. government has fought to compel taxpayers to report their…

Featured

ICYMI | COVID-19 and Charitable Contributions by Individuals and Businesses

By  Sidney Kess, JD, LLM, CPA

August 2020 0

The pandemic has put many people and businesses in need of help. The federal government has responded by enacting Economic Impact Payments, Paycheck Protection Program…

Featured

Current Tax Issues in the Cloud

Sales of Software versus Services in Citrix

By  Corey L. Rosenthal, JD and Lance E. Rothenberg, JD, LLM

July 2020 0

Proper sales tax compliance can be daunting for any business, but the complexities increase when dealing with the software and technology industries in particular. By…

Featured

When Money Costs Too Much

Section 8300 Filing Requirements and Penalties

By  Megan L. Brackney, JD, LLM (Tax)

July 2020 0

The Internal Revenue Code and the Bank Secrecy Act (BSA) require that persons engaged in a trade or business file Form 8300, Report of Cash…

Featured

COVID-19 and Charitable Contributions by Individuals and Businesses

By  Sidney Kess, JD, LLM, CPA

July 2020 0

The pandemic has put many people and businesses in need of help. The federal government has responded by enacting Economic Impact Payments, Paycheck Protection Program…

COVID-19

COVID-19 and the ‘Great Lockdown’

Telework Multistate Tax Considerations

By  Corey L. Rosenthal, JD and Lance E. Rothenberg, JD, LLM

July 2020 0

The COVID-19 pandemic has had a profound impact on, well, nearly everything, including businesses, individuals, and CPAs grappling with its effects upon state and local…

Featured

Deposit Insurance Offers a Safe Haven

By  Sidney Kess, JD, LLM, CPA and Julie Welch, CPA, PFS, CFP

June 2020 0

Good times or bad, it is vital for investors to hold cash reserves. Federal deposit insurance provides an extra layer of comfort, so it is…

Featured

New York State’s Real Estate Transfer Tax

What CPAs Need to Know

By  David M. Barral, CPA/PFS, CFP

June 2020 0

CPAs generally do not file real estate transfer tax returns (Form TP-584 series), as these returns are more commonly prepared by the attorneys involved in…

Featured

Tax Provisions of New York State’s 2020/21 Budget and COVID-19 Due Date Extensions

By  Corey L. Rosenthal, JD, Arvinder Kaur, CPA and Mark H. Levin, CPA, MST

June 2020 0

ON April 3, 2020, Governor Andrew M. Cuomo signed into law the New York State 2020/21 Budget, which contains several key tax measures related to…

Featured

Change in Corporate Ownership or Control May Result in Golden Parachute Payments

By  Ray A. Knight, JD, CPA, PFS, CGMA and Lee G. Knight, PhD

June 2020 0

In Brief The “golden parachute”—a payment to key executives of an acquired company who help ensure the success of the sale—has become a common component…

Featured

Accounting for Sales with Contingent Obligations

Methods and Considerations

By  Stephen A. Josey, JD

June 2020 0

Typically, the sale of a capital asset held by an individual is a straightforward affair from a tax accounting perspective. Under the most common scenario,…

Featured

Employee-paid Business Expenses

Is an Accountable Plan the Answer?

By  Linda Campbell, PhD, CPA, CGMA, Kasey Martin, PhD, CPA, CIA and Marshall K. Pitman, PhD, CPA, CMA

May 2020 0

Under a provision of the Tax Cuts and Jobs Act of 2017 (TCJA) that has received little media attention, many workers have lost a substantial…

April 2020 Issue

Foreign Exchange Losses and State Compliance

By  Corey L. Rosenthal, JD and Coral Bernier

May 2020 0

Recent months have proved challenging, if not exhausting, for professionals in the state and local tax compliance arena, for several reasons that have been well…

Featured

The New Exemption from Required Information Reporting

Revenue Procedure 2020-17 Provides Relief for Certain Tax-Favored Foreign Trusts

By  Nicholas S. Bahnsen, JD

May 2020 0

In March 2020, the IRS announced an exemption to the information reporting requirements applicable to foreign trusts. Under this exemption, qualified individuals no longer need…

Featured

Preparing Tax Returns for Inmates

Considering Practitioners’ Perspectives

By  Richard G. Brody, PhD, CPA/CGMA, CFF, CFE, FCPA, Shihong Li, PhD and Ruth Ann Castellano-Piatt, CPA/PFS, CFP, CGMA, AEP

May 2020 0

As Benjamin Franklin noted, the truths of life include death and taxes. No one is exempt, not even prisoners. The United States is known for…

News & Views

Turning Tax Refunds into Retirement Savings

The Treasury’s New my RA

By  Richard Ludlow

April 2016 0

CPAs know that tax refunds are the largest sums of money that some people will receive all year, so tax season is a great time…

Taxation

Changes to Social Security Have Tax Implications for Married Couples

Recent Legislation Eliminates Loopholes

By  Thomas Horan, CPA, PFS and Peg Horan, PhD, CPA

April 2016 0

As a bargaining tool used to expedite the passage of the Bipartisan Budget Act of 2015, Congress tightened Social Security loopholes for married couples, which…

Taxation

Travel Restrictions on Delinquent Taxpayers

By  James R. Grimaldi, CPA and Jessika Wang, JD

April 2016 0

On December 4, 2015, President Obama signed the Fixing America's Surface Transportation Act (FAST). Section 32101 of FAST adds section 7345 to the Internal Revenue…

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  • Advice for Retaining African American Accountants January 2021
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