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…
ICYMI | Remote Work Arrangements
Payroll and Income Tax Issues for Employers and Employees
There has always been a small remote workforce, but for the past year the coronavirus (COVID-19) pandemic and the government-ordered shutdowns that followed made remote…
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Recently, New Jersey repealed its estate tax for residents passing away after December 31, 2017 [New Jersey Statutes Annotated (N.J.S.A.) 54:38-1 (c)(4)].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…
Remote Work Arrangements
Payroll and Income Tax Issues for Employers and Employees
There has always been a small remote workforce, but for the past year the coronavirus (COVID-19) pandemic and the government-ordered shutdowns that followed made remote…
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…
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…
The Exodus from New York due to COVID-19
Income Tax Residency Considerations
The coronavirus (COVID-19) pandemic has significantly impacted nearly everything, including businesses, individuals, and CPAs grappling with its effects upon state and local taxation. (Please see…
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 $1.9 trillion American Rescue Plan Act (ARPA) of 2021 (PL 117-2) was signed into law on March 11, 2021. The wide-ranging law contains many…
The $1.9 trillion American Rescue Plan Act (ARPA) of 2021 (PL 117-2) was signed into law on March 11, 2021. The wide-ranging law contains many…
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…
The Impact of the U.S. Supreme Court’s Decision in South Dakota v. Wayfair
Compliance Challenge for Small and Medium-Sized Businesses
In Brief The recent Supreme Court decision in South Dakota v. Wayfair will expand retailers' responsibilities to collect sales taxes on out-of-state purchases. Although the Court's rationale…
Time-sensitive circumstances make estate and insurance planning in 2021 an important consideration. The three major factors that will influence planning in the coming months are…
ICYMI | Tax Software in the COVID-19 Environment
2020 Annual Survey of New York State Practitioners
In Brief The 2020 tax season was unlike any other, with a global pandemic requiring virtually all tax preparers to work from home, often while…