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…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Moving to Another State
Financial, Legal, and Tax Issues
Americans average 11.7 moves over their lifetime, according to the U.S. Census Bureau (“Calculating Migration Data Using ACS Data,” http://bit.ly/2pRvXxn). People move because of a job,…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
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…
Tax Abatements Under GASB Statement 77
Exploring the Effects of the New Disclosure Rules
Many state and local governmental units have entered into agreements with business entities that offer tax incentives and tax breaks encouraging the companies to establish…
The birth or adoption of a child brings joy to parents, grandparents, and other family members and friends. It also means financial challenges for families.…
Changes to the New York City Commercial Rent Tax
A Victory for Small Business Owners
A new law, passed by the New York City Council on November 30, 2017, made significant changes to the New York City Commercial Rent Tax…
U.S. Tax Residency
Some Black-and-White Rules, Some Gray
When advising taxpayers or preparing returns, bright-line rules are generally the easiest to explain and to handle. In contrast, tax outcomes that depend on facts…
ICYMI | Applying the AICPA’s Professional Standards to Tax Practice
Best Practices for Minimizing Risk and Penalties
The AICPA's Statements on Standards for Tax Services (SSTS) are now an authoritative part of the Code of Professional Conduct. As such, they are now…
Considering the Tax Benefits of Medical Tourism
Additional Savings for Taxpayers Seeking Care Abroad
In Brief Medical tourism refers to travelling to a foreign destination for the purpose of receiving medical treatment. Americans are traveling abroad in record numbers…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
First Look at the Tax Cuts and Jobs Act of 2017
Impact on Estates and Trusts
On December 22, 2017, the Tax Cuts and Jobs Act (TCJA) was signed into law by President Trump. Most of the provisions affecting estates and…
The New Jersey estate tax exemption for 2016 stood at $675,000, and it increased to $2 million in 2017. Both exemption amounts are well below…
In an interesting recent report, “The Practice of Now,” accounting and business software provider Sage summarized the results of an international survey of accountants on…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
IRS Offers in Compromise
A Case Study
In situations where a taxpayer has a greater tax liability than funds, there are several options available. The taxpayer can, of course, borrow the money…
2018 is here. Looking ahead to what will almost certainly be an eventful year, here are 10 trends that, in this author's opinion, will affect…
Gift Horse or Trojan Horse?
Helping Beneficiaries Avoid Hidden Tax Liens
It is the worst-case scenario for many individual taxpayers: a lien on their property. While a lien is not the same as seizure, as the…
ICYMI | A Snowbird Must Carefully Plan Its Flight
Establishing Tax Residency under the Laws of New York and Florida
New York residents sometimes relocate to Florida to take advantage of that state's more lenient tax laws (not to mention more moderate climate). While establishing…
The Tax Cut and Jobs Act (TCJA) was signed into law by President Trump on December 22, 2017 and is the most comprehensive tax law…
Individual retirement accounts are a popular and effective method of saving for retirement. For some individuals, however, there is a catch: starting at age 70½,…
This episode of our Voices of the Profession video series features an interview with Sal Collemi, entrepreneur and consultant to the CPA profession. Sal discusses…
How a Tax Bill Becomes a Law, 1986 vs. 2017
An Historical Perspective on the Passage of TRA ’86
Editor's Note: The Tax Cuts and Jobs Act, the most significant overhaul of the federal tax system since the Tax Reform Act of 1986 (TRA…
ICYMI | Identity Theft
Tax and Financial Considerations
Identity theft continues to be a serious issue for individuals and businesses. According to Javelin Research's 2016 Identity Theft Study, $15 billion was stolen from…
New York State and City Prior Net Operating Loss Conversions
Common Errors and Important Highlights
At a recent state and local tax conference, the New York State Department of Taxation and Finance (DTF) and the New York City Department of…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…