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…
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…
Proposed Regulations Provide Guidance on Deducting Fines and Penalties Paid to the Government
Important Questions Still Remain
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…
COVID-19 and the ‘Great Lockdown’
Telework Multistate Tax Considerations
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…
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…
Reporting Foreign Accounts on the FBAR versus Form 8938
Differences, Similarities, and Traps to Avoid
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…
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…
Current Tax Issues in the Cloud
Sales of Software versus Services in Citrix
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…
When Money Costs Too Much
Section 8300 Filing Requirements and Penalties
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…
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 and the ‘Great Lockdown’
Telework Multistate Tax Considerations
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…
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…
New York State’s Real Estate Transfer Tax
What CPAs Need to Know
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…
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…
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…
Accounting for Sales with Contingent Obligations
Methods and Considerations
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,…
Employee-paid Business Expenses
Is an Accountable Plan the Answer?
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…
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…
The New Exemption from Required Information Reporting
Revenue Procedure 2020-17 Provides Relief for Certain Tax-Favored Foreign Trusts
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…
Preparing Tax Returns for Inmates
Considering Practitioners’ Perspectives
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…
Turning Tax Refunds into Retirement Savings
The Treasury’s New my RA
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…
Changes to Social Security Have Tax Implications for Married Couples
Recent Legislation Eliminates Loopholes
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…
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…