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Latest Articles

  • Groundbreaking NYS Residency Case – Matter of Obus - NYS Files Appeal

    By:
    Brian Gordon, CPA
    |
    Sep 1, 2022
    A decision was recently handed down from the New York State Court of Appeals Third Judicial Department that was unexpected for many, and a potential game changer for people formerly held to be statutory residents of New York State or New York City.
  • IRS Issues Proposed Regulations on Estate Administration Expenses and Claims

    By:
    Kevin Matz, Esq. CPA, LLM
    |
    Sep 1, 2022
    Proposed Changes to IRC Section 2053 Would Introduce Present Value Concepts for Estate Tax Deductions, Limit “Graegin Loans,” Complicate Deductions where Illiquidity Results from Estate Planning, and Limit the Deductibility of Guarantee Obligations in the Absence of Entity Control.
  • Taxation of NFTs: The Hottest Digital Assets, Part 2

    By:
    Andrea S. Kramer, JD
    |
    Sep 1, 2022
    Gain or loss is treated as capital or ordinary, depending on whether the taxpayer is an investor or trader (capital), or a creator or dealer (ordinary). Ordinary losses are fully deductible; capital losses are subject to the special loss limitations that apply to capital assets. 
  • Digital Assets: A Fad, or Something More?

    By:
    Sean C. Prince, CPA
    |
    Sep 1, 2022
    Foodies love their fads and crazes: Kobe beef, bluefin tuna sashimi, even the seasonal pumpkin spice latte. But truffles are one foodie craze that has persisted over time. Prized by chefs and gourmands, truffles add what some consider a spectacular touch to many dishes. Truffles are a rare, spontaneous fungus that can’t be cultivated. 
  • Tax Credits and Incentives to Benefit Growing Businesses Part 2

    By:
    Barry Halpern, CPA
    |
    Aug 1, 2022

    In part one of this article, we provided an overview of common types of credits and incentives and discussed how these incentives could benefit businesses and business owners. In part two, we will look at common New York State credits and incentives, and some considerations for claiming them.

  • State Reaction to TCJA Foreign Provisions

    By:
    Chaim Kofinas, CPA, PFS, MST
    |
    Aug 1, 2022

    After a very rushed flurry of activity in Congress, President Donald Trump signed legislation commonly known by its acronym TCJA (Tax Cuts and Jobs Act). This legislation had many far-reaching provisions affecting individuals as well as businesses. Also included in this legislation were some far-reaching provisions affecting businesses in international commerce.

  • The Status of LLCs in Asset Protection Planning

    By:
    Gary Forster
    |
    Aug 1, 2022

    Limited liability companies (“LLCs”) have become the business entity of choice. The corporation has waned in popularity, likely due to the exposure of corporate stock to shareholder creditors. Although corporations insulate shareholders from “inside” operational liabilities, an indebted shareholder must generally surrender corporate stock to a judgment holder. The judgment holder then often becomes a shareholder (with all shareholder voting and liquidation rights).

  • Taxation of NFTs: The Hottest Digital Assets, Part 1

    By:
    Andrea S. Kramer, JD
    |
    Aug 1, 2022
    Non-fungible tokens (NFTs) were the hottest digital asset class in 2021. They were so hot, in fact, that the Collins Dictionary named “NFT” its 2021 word of the year.[1] An indication of the explosive growth in NFTs was shown by reports that NFT purchases in 2021 increased by more than 11,000% from 2020, generating sales of close to $25 billion.

  • NYS Residency — Did You Actually Change Your Domicile?

    By:
    Brian Gordon, CPA
    |
    Jul 1, 2022
    As a trend I have been noticing more recently, clients want to change their residency from New York State to Florida because they are expecting a large capital gain, or large income in the near future. They want to change their residency prior to that gain having to be reported on a New York resident return.
  • Coming to America? Plan before you Plane: “Tried & True” Tax Tips to Consider Before the Move

    By:
    Timothy R. Larson, CPA
    |
    Jul 1, 2022
    It may be no surprise that the United States has more immigrants than any other country in the world. Just prior to the COVID-19 pandemic, there were an estimated 45 million immigrants living in the United States, comprising approximately 13.7% of the total U.S. population (“Frequently Requested Statistics on Immigrants and Immigration in the United States,” Migration Information Source [2021].
Tax Quote
  

"The best things in life are free, but sooner or later the government will find a way to tax them."

 –  Anonymous

*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.