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Latest Articles

  • 2024 New York Tax Update – Year in Review

    By:
    Joseph F. Tantillo, Esq.
    |
    Feb 1, 2025

    2024 was yet another busy year for New York taxes. The Budget was, once again, full of new and interesting tax provisions, albeit lighter on changes than the last few years. There were various highlights, including new rules regarding representatives, guidance from New York City on changes to the Business Corporation Tax, and a challenge to the Tax Department’s New Corporate Regulations related to Public Law 86-272. 

  • State Tax Considerations When Selling a Partnership Interest

    By:
    Elizabeth Pascal, JD, and Carissa Conley, CPA
    |
    Feb 1, 2025
    State tax considerations often get short shrift when planning for the sale of a business or investment held in a partnership. That’s not surprising when we compare federal and state tax rates. But sales of partnership interests can be taxable to a corporate or individual nonresident partner in states that the partner has no other connections apart from the activities of the underlying partnership being sold.

     

  • Can a Home Subject to a Mortgage Be Transferred to a Trust?

    By:
    Anthony J. Enea, Esq.
    |
    Feb 1, 2025

    One of the most common concerns clients have about transferring a home that is subject to a mortgage to an inter vivos trust (a trust created during one’s lifetime) is whether doing so will trigger the due-on-sale (DOS) clause of the mortgage. Most mortgage agreements contain a provision stating that upon the conveyance of property subject to the mortgage, the entire outstanding amount of the mortgage is immediately due and payable to the lender.

     

  • SCOTUS Exposes All Regulations to Court Scrutiny in Loper Bright

    By:
    Gary Forester, JD, LLM
    |
    Jan 7, 2025

    In Loper Bright Enterprises et al. v. Raimundo, 544 F. Supp. 3d 82, 103-04 (2021), the U.S. Supreme Court overturned the Chevron doctrine, a policy of deferring court discretion to federal agency regulations. Chief Justice Roberts authored the majority (6-3) opinion. 

  • Asset Division and Tax Considerations in High-Net-Worth Divorces

    By:
    Gus Dimopoulos, Esq.
    |
    Jan 7, 2025

    Certified public accountants and other financial professionals excel at deciphering complex financial matters, especially when it comes to asset management. However, it’s not unheard of for both financial experts and lawyers to get caught off guard during the asset division process in a high-net-worth divorce. 

  • IRS to Stop Automatically Assessed 3520 Late Filing Penalty on Large Foreign Gifts

    By:
    Melissa Gillespie, Esq., MST, CPA
    |
    Dec 1, 2024

    At the end of October 2024, the IRS announced that it will no longer automatically assess penalties for late reporting of large foreign gifts. Before assessing a penalty, the IRS will now review reasonable cause statements submitted with late-filed Form 3520, which reports gifts or bequests from foreign persons, to determine whether a penalty should be imposed.

  • Estate of Fields v. Comm’r—Bad Facts Family Limited Partnership Causes Estate Tax Inclusion under IRC Section 2036(a)(1) and (2) with Accuracy-Related Penalty Imposed

    By:
    Kevin Matz, CPA, JD, LLM
    |
    Dec 1, 2024

    Estate of Fields v. Commissioner, T.C. Memo. 2024-90 (Sept. 26, 2024) (Copeland, J.), provides a textbook example of a “bad facts” family limited partnership (FLP) that caused estate tax inclusion of the property transferred to the FLP under both sections 2036(a)(1) and (2) with loss of discounts for lack of control and lack of marketability. In doing so, the court applied the Tax Court’s 2017 holding in Estate of Powell v. Commissioner, 148 T.C. 392 (2017)—that the ability of the decedent as a limited partner to join together with other partners to liquidate the FLP constitutes a section 2036(a)(2) estate tax trigger—and raises the specter of accuracy-related penalties that may loom where section 2036 applies.

  • SCOTUS Addresses Constitutional Challenge to Mandatory Repatriation Tax

    By:
    Gary Forester, JD, LLM
    |
    Dec 1, 2024

    In Moore v. U.S. (36 F. 4th 930), the U.S. Supreme Court ruled on a constitutional challenge of IRC section 965, the mandatory repatriation tax (MRT). The MRT is a one-time repatriation tax (or “deemed dividend”) that passes through undistributed accumulated income of U.S.-controlled foreign corporations (CFCs). Section 965 is part of the 2017 Tax Cuts and Jobs Act (P.L. 115-97), which addresses foreign business earnings, including CFCs, inversions and the GILTI tax. The Act generally taxes U.S. shareholders owning 10% or more of a foreign corporation on otherwise tax-deferred foreign earnings.

  • The Success in Succession, Part III: Financial Planning

    By:
    Steven H. Goodman, CPA, MBA
    |
    Dec 1, 2024

    This article is the third in a three-part series on succession planning. In Part I of the series, we discussed the legal considerations in creating an exit or succession plan, including estate planning and estate and gift tax planning. In Part II, we discussed the business considerations, including how to avoid the mistakes business owners and executives often make in preparing for exit or succession.

  • The Sunset of the Doubled Estate, Gift, and GST Tax Exclusion Amounts after December 31, 2025 – What High Net Worth Individuals and Family Offices Need to Know About It

    By:
    Lucy D. Bickford and Kevin Matz, CPA, JD, LLM
    |
    Nov 1, 2024
    In the world of high-net-worth individuals and their financial advisors, the sunset of certain provisions of the 2017 Tax Cuts and Jobs Act (TCJA) is a topic of intense discussion. The TCJA significantly increased the lifetime gift and estate tax exclusion and the generation-skipping transfer (GST) tax exemption. 
Tax Jokes
  

What do gymnasts and accountants have in common? They're good at keeping their balance.
 
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.