Latest Articles

  • Beneficial Owner Disclosure Under the New York LLC Transparency Act

    By:
    George Martin, Kevin Matz, CPA, JD, LLM, and Tracy McLaughlin, CFP
    |
    Jun 1, 2025
    After a rollercoaster of activity related to the federal Corporate Transparency Act (CTA), the U.S. Treasury Department (Treasury) announced Mar. 2, 2025, that it will not enforce any penalties or fines associated with beneficial ownership information reporting for U.S. reporting companies. (“Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies,” https://tinyurl.com/5bvp4mt7). 
  • Has the No Lookback for Home Care Medicaid in New York Run Its Course?

    By:
    Anthony J. Enea, Esq.
    |
    Jun 1, 2025
    When the state of New York passed legislation in 2020 creating a 30-month lookback period for uncompensated transfers of assets under the Medicaid home care program, few imagined that almost five years later, the law would still not be in effect.
  • Proposed CAMT Guidance May Have Significant Impact on Asset Management and Real Estate Reporting Part 1

    By:
    Aaron Lebovics, Annet Thomas-Pett, CPA, Charwin Embuscado, CPA, Jason Black, CPA, Jennifer Wyatt, CPA, and Michael Hauswirth, JD
    |
    Jun 1, 2025

    Proposed guidance related to the corporate alternative minimum tax (CAMT) may create incremental reporting burdens for asset management and real estate funds.

    On Sept. 12, 2024, the Treasury Department and the IRS issued proposed regulations implementing the CAMT. Enacted in 2022 as part of the Inflation Reduction Act, the CAMT imposes a 15 percent minimum tax on the adjusted financial statement income (AFSI) of an “applicable corporation.” The CAMT is effective for tax years beginning after Dec. 31, 2022.

  • What Tax Practitioners Need to Know About the Proposed Amendments to Circular 230

    By:
    Sharyn M. Fisk, JD, LLM
    |
    May 1, 2025

    On Dec. 20, 2024, the Treasury Department and the IRS released proposed regulations (REG-116610-20) to update Circular 230, which governs practice before the IRS. These amendments, if finalized, would have a substantial impact on attorneys, CPAs, enrolled agents, and other tax professionals who practice before the IRS. Understanding these proposed amendments is essential for tax practitioners to prepare for potential changes ahead.

  • Top 10 Social Security Filing Strategies

    By:
    Ash Ahluwalia, CFP, MBA, NSSA
    |
    May 1, 2025

    Social Security is one of the richest pension programs ever created. Most middle-income couples will receive over $1.4 million in eligible benefits over a 20-year retirement. Higher-income couples often receive $2 million or more over the same retirement period and can collect over $100,000 per year in combined benefits.

  • Digital Assets: Past, Present, and Beyond

    By:
    Andrea Kramer, JD and Navin Sethi, CPA, JD, LLM
    |
    May 1, 2025

    In the past few years, the digital asset industry has exploded both in growth and complexity. Just a few years ago, most digital asset holders would acquire a digital asset directly, anticipating it would appreciate. Now, with the growth of the digital asset derivatives market, such as futures, option products, and ETFs, a digital asset holder can invest in many more ways in this expanding industry. The ability to invest in a wide range of digital asset products brings several tax issues that must be considered.

  • Section 174 Amortization and the Current Landscape

    By:
    Robert H. Wallace III
    |
    Mar 1, 2025

    Many Americans faced overreaching tax changes with the Tax Cuts and Jobs Act of 2017. Taxpayers’ attention went to items like the Qualified Business Income Deduction, Net Operating Losses, and sweeping tax rate changes across the board. However, an often overlooked change was a revision to Section 174 and the introduction of a new definition for specified research or experimental (SRE) expenditures. This change was not slated to go into effect until the 2022 tax year, and once it arrived, it came with endless taxpayer questions and a lack of federal guidance on implementation.

  • Leveraging Tax Credits for Energy-Efficient Investments in Local Governments: Opportunities Under the Inflation Reduction Act

    By:
    Brendan Nelson, CPA, and Nicholas Hennessy, CPA
    |
    Mar 1, 2025

    The Inflation Reduction Act, enacted in 2022, provides a groundbreaking framework for advancing clean energy initiatives across the United States. This legislation’s primary focus is to incentivize energy-efficient investments through tax credits, including provisions that allow local governmental agencies and other tax-exempt entities to benefit from these incentives via elective pay, also referred to as direct pay. By tapping into these opportunities, local governments can significantly reduce costs while advancing sustainability goals, modernizing infrastructure, and stimulating local economies.

  • 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.

     

Tax Jokes
  

Why are accountants always so stoic? They have good internal controls.
 
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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