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Latest Articles

  • IRS Issues Notice 2022-53 and Will Waive 50% Excise Tax on Certain Required Minimum Distributions from Retirement Plans in 2021 and 2022

    By:
    Kevin Matz, Esq., CPA, LLM, is and Benjamin N. Millard, Esq., LLM
    |
    Dec 1, 2022

    On October 7, 2022, the Internal Revenue Service issued Notice 2022-53, which provides much-needed transition relief in the form of an IRS waiver of the 50% excise tax that could otherwise be imposed upon certain beneficiaries of qualified retirement plans (qualified plans) or individual retirement accounts (IRAs) who fail to take required minimum distributions (RMDs) during 2021 or 2022.

  • When Does 180 Equal Zero?

    By:
    Michael J. Burwick, Esq., JD, LLM and Kyle T. Kadish
    |
    Dec 1, 2022
    The tax timelines for 1031 exchanges and Qualified Opportunity Zones (QOZ) require investments to be made within 180 days of realizing a gain. The rules are clear regarding what needs to happen within each strategy that a taxpayer is pursuing, but there is little guidance on whether both timelines run concurrently or consecutively. 
  • Excise Tax on Executive Compensation for Tax-Exempt Organizations

    By:
    Eva Mruk, CPA
    |
    Dec 1, 2022

    Historically and still today, the IRS requires that compensation paid to nonprofit executives be reasonable and not excessive. Up until now, tax-exempt organizations have not been subject to compensation limits on executive compensation; they have, however, been subject to the private inurement doctrine, intermediate sanctions, and excess benefit rules that impose an excise tax on nonprofit executives and managers who benefit from and knowingly participate in assigning compensation that exceeds the value of services performed. 

  • Tax Reporting of Foreign Assets

    By:
    Gary Forster
    |
    Dec 1, 2022

    U.S. citizens and residents are subject to a number of IRS reporting requirements regarding assets held outside the U.S. Foreign situs assets and interests in offshore trusts significantly complicate tax reporting. Several such filing requirements are outlined below. 

  • An Insider’s Guide to IRS Examination of Financial Products and Transactions

    By:
    Michael Kramarz, JD, LLM
    |
    Nov 1, 2022

    In my prior role, I was involved in numerous examinations of financial products and transactions as a Large Business and International (LB&I) special trial attorney for the IRS. if you’re not on the inside at the IRS or have never had a client selected for an examination, you may not know its structure or procedures. But you should.

  • IRS Gets a Boost–With Possible Conditions

    By:
    Alicea Castellanos, CPA
    |
    Nov 1, 2022

    A better, stronger, faster Internal Revenue Service may soon be tracking down more wealthy tax cheats, thanks to the Inflation Reduction Act (IRA).

  • The IRS Extends the Transition Period for Enhanced R&D Tax Credit Reporting Requirements

    By:
    Peter J. Scalise
    |
    Nov 1, 2022
    On Friday, September 30, the Internal Revenue Service (the “Service”) set forth administrative guidance indicating that it is extending the transition period during which taxpayers are required to adhere to the much more arduous and onerous R&D Tax Credit reporting requirements in connection to amending tax returns within open statute years for R&D Tax Credit claims for refund.
  • What Does the Use-It-or-Lose-It Proposition Really Mean Estate Tax Planning-Wise?

    By:
    David M. Barral CPA/PFS, CFP®, MST
    |
    Oct 1, 2022
    In 2022, taxpayers have at their disposal a $12,060,000 Basic Exclusion Amount (BEA) for federal gift and estate tax purposes, as well as for the Generation-Skipping Transfer (GST) tax. The act known as the Tax Cuts and Jobs Act (TCJA) doubled the BEA from $5,000,000 to $10,000,000 for the years after December 31, 2017, and before January 1, 2026. 
  • Testamentary Transfers to Non-Citizen Spouses

    By:
    Gary Forster
    |
    Oct 1, 2022
    U.S. citizens may delay the imposition of either the U.S. gift tax or estate tax on transfers between citizen spouses. If both spouses are citizens, either may transfer assets to the other spouse and receive a tax deduction for the entire value of the property transferred.
  • Qualified Retirement Plan Design for Closely Held Businesses

    By:
    Andrew E. Roth, Esq., JD, LLM (taxation)
    |
    Oct 1, 2022

    The primary goal of most employers in establishing any type of retirement savings program is to provide retirement income in a tax-efficient manner. The best way to achieve this is through a qualified retirement plan.

Tax Quote
  

"This is a question too difficult for a mathematician. It should be asked of a philosopher" (when asked about completing his income tax form)."

 –  Albert Einstein

*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.