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Tags archive: tax law

Home /Tag: tax law
Featured

Reassessing the Erroneous Refund Penalty

The IRS Flexes an Obscure Authority

By  Megan L. Brackney, JD, LLM (Tax)

April 2023 0

Under IRC section 6676, the IRS has the authority to assess penalties against taxpayers for making erroneous claims for refund or credit. In a 2013…

January/February 2023

Reassessing the Erroneous Refund Penalty

The IRS Flexes an Obscure Authority

By  Megan L. Brackney, JD, LLM (Tax)

March 2023 0

Under IRC section 6676, the IRS has the authority to assess penalties against taxpayers for making erroneous claims for refund or credit. In a 2013…

Featured

ICYMI | Tax Changes in the Inflation Reduction Act of 2022

By  Sidney Kess, JD, LLM, CPA

March 2023 0

The Inflation Reduction Act of 2022 (IRA; PL 117-169) was signed into law on August 16, 2022. This massive measure, which is intended to tamp…

Featured

Tax Changes in the Inflation Reduction Act of 2022

By  Sidney Kess, JD, LLM, CPA

February 2023 0

The Inflation Reduction Act of 2022 (IRA; PL 117-169) was signed into law on August 16, 2022. This massive measure, which is intended to tamp…

Featured

Tax Changes in the Inflation Reduction Act of 2022

By  Sidney Kess, JD, LLM, CPA

January 2023 0

The Inflation Reduction Act of 2022 (IRA; PL 117-169) was signed into law on August 16, 2022. This massive measure, which is intended to tamp…

Featured

Life Insurance Planning in 2021

By  Lee Slavutin, MD, CLU, AEP

April 2021 0

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…

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

ICYMI | Analysis of the Initial Financial Statement Impact of the Tax Cuts and Jobs Act

By  Kim Honaker, DBA, CPA and Paula B. Thomas, CPA, DBA

February 2020 0

In Brief The Tax Cuts and Jobs Act of 2017 (TCJA) is generally considered the most significant tax legislation since the Tax Reform Act of…

Featured

The Continuing Fight over the SALT Deduction Cap

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

November 2019 0

Several northeastern states are finally in agreement with regard to the imposition of state and local taxes (SALT). To this end, Connecticut, New Jersey, and…

Feature Articles

ICYMI | Tax Cuts and Jobs Act: Impact at Different Stages of Life

By  James R. Grimaldi, CPA, James A.J. Revels, CPA and Sidney Kess, JD, LLM, CPA

October 2019 0

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…

Featured

ICYMI | Post-TCJA Qualified Personal Residence Trust Planning

By  Martin Shenkman, JD, CPA/PFS, AEP

May 2019 0

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…

Featured

ICYMI | Tax Cuts and Jobs Act: Impact on Individual Charitable Giving

By  Mark A. Nickerson, CPA, CMA

May 2019 0

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…

Featured

ICYMI | Tax Cuts and Jobs Act: Impact on Exempt Organization Employers and Employees

By  David Trimner, CPA, MST and Karen A. Gries, CPA

May 2019 0

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…

Featured

An Analysis of the Initial Financial Statement Impact of the Tax Cuts and Jobs Act

By  Kim Honaker, DBA, CPA and Paula B. Thomas, CPA, DBA

February 2019 0

In Brief The Tax Cuts and Jobs Act of 2017 (TCJA) is generally considered the most significant tax legislation since the Tax Reform Act of…

Featured

Tax Cuts and Jobs Act Tools

By  Susan B. Anders, PhD, CPA/CGMA

February 2019 0

Many industry publications indicate that the Tax Cuts and Jobs Act of 2017 (TCJA) is high on CPAs' concern list, especially now that the new…

Featured

ICYMI | Getting Married Under the Tax Cuts and Jobs Act

By  Sidney Kess, JD, LLM, CPA, James A.J. Revels, CPA, James R. Grimaldi, CPA and Thomas K. Lauletta, JD

February 2019 0

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…

Featured

Estate and Related Planning for Real Estate Developers under the TCJA

By  Steven M. Cohen, CPA and Martin Shenkman, JD, CPA/PFS, AEP

February 2019 0

Real estate developers and investors need to address estate planning. This need is likely not urgent, as it is unlikely that a Democratic House and…

Featured

ICYMI | The Tax Cuts and Jobs Act of 2017: Impact on State Taxation

By  Corey L. Rosenthal, JD, Peter Rabinowitz, JD and Annie Yang

January 2019 0

On December 22, 2017, President Trump signed into law H.R.1, the Tax Cuts and Jobs Act (TCJA). This law represents significant and complex changes to…

Featured

Homeownership After the Tax Cuts and Jobs Act

Making the Most of the Mortgage Interest Deduction

By  Dana L. Hart, PhD, CPA and Robert Slater, PhD, CPA

January 2019 0

In the aftermath of the Tax Cuts and Jobs Act of 2017 (TCJA), home buyers may be disappointed by the diminishment of tax benefits that…

Featured

Examining the 2017–2018 Tax Law Changes

One Firm’s Before-and-After Comparison of Actual Taxpayers

By  David B. Mirsky, CPA/PFS, CFP, CMA

January 2019 0

The Tax Cuts and Jobs Act of 2017 (TCJA) introduced the most sweeping changes to the tax code in decades. It promised to put more…

Feature Articles

ICYMI | The Tax Cuts and Jobs Act: Impact on Individuals

By  Sidney Kess, JD, LLM, CPA

December 2018 0

On December 20, 2017, Congress passed the Tax Cuts and Jobs Act (H.R. 1) designed to cut taxes on individuals and businesses, stimulate the economy,…

Featured

Paying for Higher Education under the Tax Cuts and Jobs Act

By  Sidney Kess, JD, LLM, CPA, James R. Grimaldi, CPA, James A.J. Revels, CPA and Thomas K. Lauletta, JD

October 2018 0

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…

Featured

Deep Dive on the Tax Cuts and Jobs Act

Changes for Securities Investors

By  Sidney Kess, JD, LLM, CPA

October 2018 0

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.…

Featured

Narrowing the Casualty Loss Deduction

TCJA Provisions Limit Scope of Tax Relief

By  Richard Lahijani, CPA/CGMA, MST

August 2018 0

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…

Featured

First Look at the Tax Cuts and Jobs Act

Impact on Real Estate

By  Marc Wieder, CPA, CGMA

June 2018 0

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.…

Featured

Using a Qualified Retirement Plan to Take Advantage of TCJA Provisions

A ‘Triple Play’ of Tax Benefits

By  David I. Gensler, MAAA, MSPA, EA and David M. Gelman, MAAA, MSPA, EA

June 2018 0

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…

News & Views

First Look at the Tax Cuts and Jobs Act

Impact on Estate Planning

By  Joy Matak, JD, LLM and Steven Dane, CPA, ABV

May 2018 0

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…

Featured

First Look at the Tax Cuts and Jobs Act

Questions and Answers about International Taxation

By  Sidney Kess, JD, LLM, CPA and Chaya Siegfried, CPA

May 2018 0

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…

Featured

Post-TCJA Qualified Personal Residence Trust Planning

By  Martin Shenkman, JD, CPA/PFS, AEP

May 2018 0

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…

News & Views

First Look at the Tax Cuts and Jobs Act

Impact of the New 20% Pass-Through Deduction—Traps and Planning Opportunities

By  Norman Lencz, JD

May 2018 0

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…

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