In Brief New York tax practitioners encountered old and new challenges during the 2018 tax season, most notably with planning ahead for changes enacted by…
Two major state and local tax (SALT) issues on the minds of tax professionals and taxpayers are the Tax Cuts and Jobs Act's (TCJA) changes…
Individual and business taxpayers may experience financial losses resulting from sudden damage or destruction to their property. Physical loss due to fire, windstorms, hurricanes, and…
For most students, the price of higher education is steep and getting steeper. Annual increases in the cost of higher education have consistently outpaced the…
Tax Effecting and the Valuation of Pass-Through Entities
Considering the Impact of the Tax Cuts and Jobs Act
In Brief One of the key elements of the Tax Cuts and Jobs Act of 2017 is its lowering of corporate tax rates. As a…
Understanding the IRS’s Seven New Casualty Loss Safe Harbors
Disaster Recovery after the Tax Cuts and Jobs Act
In Brief Losses from natural disasters are generally tax deductible, but taking the deduction requires properly valuing the amount of the loss. The IRS recently…
Deep Dive on the Tax Cuts and Jobs Act
Changes for Securities Investors
The Tax Cuts and Jobs Act of 2017 (TCJA) did not make any major changes to the taxation of gains and losses from securities transactions.…
Unexpected Inequities in an Environment of Declining Tax Rates
Considerations in Using the IRC Section 1341 Credit
In Brief Declining tax rates—such as those ushered in by the Tax Cuts and Jobs Act—can come with hidden consequences. Taxpayers who are required to…
Deep Dive on the Tax Cuts and Jobs Act
QBI Deduction Issues for Professionals
Most attorneys, accountants, and other professionals operate as unincorporated sole practitioners, or through partnerships and limited liability partnerships (LLP), making them owners of pass-through entities.…
Getting Married
A Tax Perspective Under the Tax Cuts and Jobs Act
More than 2.1 million couples get married in the United States each year (http://www.cdc.gov/nchs/nvss/marriage_divorce_tables.htm). Few probably give any thought to the tax implications of their…
Getting Divorced
A Tax Perspective under the Tax Cuts and Jobs Act
Despite the best of intentions when couples say, “I do,” more than a few will find themselves eventually saying, “I don't.” Aside from the emotional…
Buying or selling a home is one of the most significant financial transactions many individuals engage in. The authors examine the various ways in which…
On May 31, 2018, Connecticut Governor Dan Malloy signed Public Act 18-49, which established a new tax on pass-through entities (PE) doing business in Connecticut…
I read with interest “First Look at the Tax Cuts and Jobs Act: Impact on Individual Charitable Giving” by Mark A. Nickerson in the April…
First Look at the Tax Cuts and Jobs Act of 2017
Seven Questions about the Business Interest Expense Deduction
This article answers several questions taxpayers and their advisors will have about the new rules under the Tax Cuts and Jobs Act of 2017 (TCJA)…
Narrowing the Casualty Loss Deduction
TCJA Provisions Limit Scope of Tax Relief
Internal Revenue Code (IRC) section 165(c)(3) defines a casualty event to be a “fire, storm shipwreck, or other casualty.” As usually happens with ambiguous language…
On March 30, Governor Andrew Cuomo and New York State legislators reached an agreement on the state's 2018/19 budget, which the governor executed on April…
First Look at the Tax Cuts and Jobs Act
Impact on Real Estate
The Tax Cuts and Jobs Act (TCJA), signed into law on December 22, 2017, has brought significant changes for how real estate owners depreciate assets.…
Using a Qualified Retirement Plan to Take Advantage of TCJA Provisions
A ‘Triple Play’ of Tax Benefits
It is way too early to understand the full impact of the Tax Cuts and Jobs Act (TCJA) recently passed by Congress and signed into…
First Look at the Tax Cuts and Jobs Act
Impact on Estate Planning
The Tax Cuts and Jobs Act (TCJA) has doubled the amount that can be exempted from federal estate tax to $11.18 million per individual, effective…
First Look at the Tax Cuts and Jobs Act
Questions and Answers about International Taxation
Taxation of international activities has always been complex and rife with traps for the unwary. The Tax Cuts and Jobs Act of 2017 (TCJA) has…
Illegal Immigration and Tax Issues
Recent Changes Affect Available Deductions and Credits for Dependents
Taxpayers may be surprised to know that, prior to the enactment of the Tax Cut and Jobs Act of 2017 (TCJA), under certain conditions illegal…
In Brief The sweeping changes of the Tax Cuts and Jobs Act (TCJA) have prompted reconsideration of many financial plans. The realm of estate planning…
First Look at the Tax Cuts and Jobs Act
Impact of the New 20% Pass-Through Deduction—Traps and Planning Opportunities
The new IRC section 199A, with its complex terms and limits, will be part of almost every tax preparer's life until at least 2026. The…
The Impact of the Tax Cuts and Jobs Act on Life Insurance
Increased Exclusions, Reduced Rates, and Rule Changes
In Brief The Tax Cuts and Jobs Act of 2017 will have far-reaching effects on many areas of financial planning, and life insurance is no…
First Look at the Tax Cuts and Jobs Act
The Impact on Individuals at Different Stages of Life
The Tax Cuts and Jobs Act of 2017 (TCJA) made dramatic changes to the rules for individuals that affect tax planning at all stages of…
First Look at the Tax Cuts and Jobs Act
Impact of ‘GILTI’ on International Taxpayers
One of the central features of the Tax Cuts and Jobs Act of 2017 (TCJA) is its reformation of the U.S. system for taxation of…
Most CPAs practicing in the not-for-profit sector understand what a donor advised fund (DAF) is and how it is used to benefit both donors, as…
First Look at the Tax Cuts and Jobs Act
Impact on Individual Charitable Giving
On December 22, 2017, the Tax Cuts and Jobs Act (TCJA) was signed into law by President Trump. Numerous revisions to the tax code, most…
First Look at the Tax Cuts and Jobs Act
Impact on Exempt Organization Employers and Employees
Since President Donald Trump signed the Tax Cuts and Job Act (TCJA) on December 22, 2017, not-for-profit and tax-exempt organizations have been analyzing the impact…