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Latest Articles

  • 2023 New York Tax Update – Year in Review

    By:
    Daniel Kelly
    |
    Feb 1, 2024

    2023 was another busy year for New York taxes.  Highlights included: a Budget with new appeal rights for the Tax Department, enhanced disaster relief, and important—but narrow—tax increases; final and adopted regulations, tracking updates and various changes brought about by New York’s 2014 corporate tax reform; continued pressure on the allocation of wage income from remote work and a recent nonresident wage allocation decision; new tools on the New York Tax Department’s website for taxpayers and tax practitioners; and numerous other updates.

  • A Practical Discussion with Respect to Internal Revenue Code Section 1031—The "Like Kind" Tax-deferred Exchange, Part 1

    By:
    Raymond L. Liebman, Esq., CPA
    |
    Feb 1, 2024

    This article is a three-part series explaining the basics of the tax-deferred 1031 exchange, the different types available, the mechanics of how they work, and the benefits to be reaped by a client who decides to partake in such an exchange.

  • The Future of AI Is Now. Is Tax Ready?

    By:
    Chris D'Ambola, MBA, and Anli Chen, PMP, CSSBB
    |
    Feb 1, 2024
    There will always come a time when the future becomes the present. Generative artificial intelligence (AI), once seen as a vision of tomorrow, has rapidly advanced to become an established part of the day-to-day operations for organizations in every industry. As AI’s potential and capabilities continue growing, questions about AI’s impact to traditional tax functions and the employees who perform them are only getting louder. 
  • Considerations of S-Corp Acquisitions

    By:
    Thomas Mitchell, Esq., and Brian Krastev, Esq.
    |
    Jan 3, 2024
    When buying or selling a business, the existence of a target company that is taxed as a subchapter S corporation (an “S Corporation”) can be advantageous for all parties to a transaction. The acquisition of an S Corporation, however, presents unique tax considerations that are vital for both buyers and sellers to understand.
  • The Medicaid Asset Protection Trust (MAPT)

    By:
    Michael Ettinger, Esq.
    |
    Jan 3, 2024
    Long-term care insurance is the preferred option for protecting assets from nursing home costs, because it helps keep clients out of the nursing home by paying for home care. The trend today is to “age in place.” Many clients over the years were forced to spend their final days in a facility simply because they ran out of money to pay for home health aides. 
  • The Social Security “Stealth Tax” and How to Control It

    By:
    David Freitag, CLU, ChFC, CRPC
    |
    Jan 3, 2024
    The majority of the rules and funding policy that controls how Social Security works today were put in place by the congressional Greenspan Bipartisan Commission’s overhaul of the system in 1983. Prior to 1983, Social Security payments were not counted as income; as a result, no income tax was due on these payments.
  • Taxing Decisions: Evaluating Tax Elections After the Death of a Spouse

    By:
    Julie Min Chayet, Brian Conboy, and Elisa Pickel
    |
    Dec 1, 2023

    Effective estate administration means identifying, valuing and collecting assets, filing tax returns, making distributions and determining cash needs to pay taxes, expenses and debts, among many other tasks.

  • ‘FORE!’ Recent Changes in Florida’s Trust Laws to Review Before Hitting the Golf Course

    By:
    Joshua R. Landsman
    |
    Dec 1, 2023

    With more than 1,200 golf courses, Florida has more courses than any other state in the United States. With plenty of golf courses and warm weather, Florida has been a “hot” destination for new residents. According to the United States Census Bureau, Florida saw the biggest increase in population in 2022 with 319,000 new residents. (Forbes, Florida’s Moving Statistics that May Surprise You, July 28, 2023, Florida Moving Stats You Should Know – Forbes Home). 

  • Proposed Bipartisan Legislation on Opportunity Zones and Qualified Opportunity Funds Would Extend the Investment and Gain Deferral Period By Two Years and Permit Investment in a Fund of Funds

    By:
    Kevin Matz, Esq., CPA, LLM
    |
    Dec 1, 2023

    On September 27, 2023, H.R. 5761, the “Opportunity Zones Transparency, Extension and Improvement Act,” was introduced as bipartisan legislation in the House of Representatives (the “proposed legislation”).[1]  Among other things, the proposed legislation, if enacted into law, would extend the investment and tax deferral period for capital gains that are invested in qualified opportunity funds (QOFs) by two years (from December 31, 2026 to December 31, 2028) and permit QOFs to be structured as a fund of funds.

  • Sales Tax – It’s the Things You Don’t Know to Fear…

    By:
    Mark Stone, CPA, MST
    |
    Dec 1, 2023

    Over 30 years, the problems that clients experience with sales tax tend to repeat themselves, over and over and over again. Most of those problems are easily preventable if someone would just spend 15 minutes discussing sales tax with them when they started the business, or at least one year or two later—when the business started to get traction and really took off.

Tax Jokes
  

Which Avenger pays the least taxes? Spider-Man, because his income is all net.

https://parade.com/1317763/jessicasager/accounting-jokes/

*Outside the Box is a new addition to the TaxStringer featuring important articles on financial and investment management topics by top authors who have expertise both inside and outside the realm of taxation.

 

 

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Views expressed in articles published in Tax Stringer are the authors' only and are not to be attributed to the publication, its editors, the NYSSCPA or FAE, or their directors, officers, or employees, unless expressly so stated. Articles contain information believed by the authors to be accurate, but the publisher, editors and authors are not engaged in redering legal, accounting or other professional services. If specific professional advice or assistance is required, the services of a competent professional should be sought.