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Latest Articles

  • 2023 in Review and an Outlook on the Horizon for Tax-Exempt Entities

    By:
    Magdalena M. Czerniawski, CPA, MBA
    |
    Apr 1, 2024

    As we enter a new year—an election year at that—many business tax incentives, including those affecting tax-exempt organizations, face potential elimination after 2025. As of this writing, Congress has introduced legislation to extend some of these incentives. Meanwhile, the popular Employee Retention Tax Credit (ERC) came under IRS fire in 2023 after a significant uptick in fraudulent claims by unscrupulous ERC “mills.” The following summarizes updates to the ERC along with other significant changes presented recently at the FAE’s Exempt Organization Conference.

  • IRS and Treasury Release Proposed Regulations on Donor Advised Funds

    By:
    Veronica Aksu and Amarah Sedreddine
    |
    Apr 1, 2024

    Another seismic development occurred just before the end of 2023 as the Treasury Department and Internal Revenue Service released proposed regulations on donor advised funds (DAFs). The release of the proposed regulations was significant not least because of how long the sector has been operating without meaningful guidance in this area. It has been over 15 years since DAFs were first legally defined and specifically regulated with the addition of Section 4966 and related provisions of the Internal Revenue Code as part of the Pension Protection Act in 2006.

  • A Practical Discussion with Respect to Internal Revenue Code Section 1031—The "Like Kind" Tax-deferred Exchange, Part 3

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

    This is the final part of 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. To view Part 1, please click here. To view Part 2, please click here.

  • Getting Back to Basics: Securities Analysis and Section 475 Elections

    By:
    Brandon Blitzer, CPA and Edward Weissman, CPA
    |
    Apr 1, 2024
    In the dynamic world of financial markets, investors and traders employ various strategies to maximize returns and manage risks. However, these strategies often come with complex (at times, costly) tax implications that can significantly affect the taxable income reported. Understanding the common tax adjustments that arise from trading in the financial markets (e.g., wash sales, straddle adjustments, constructive sales) and the methods to remedy or control the amount of the adjustments are key to a tax-efficient trading strategy.
  • Taxation of the Mobile Workforce – An Employer’s Perspective

    By:
    Mark S. Klein and Brandon J. Bourg
    |
    Mar 1, 2024
    It’s 2024. No longer is working from home merely a fad brought on by the pandemic (unlike baking sourdough or watching Tiger King). Studies suggest that nearly 30% of employees have adopted some type of hybrid work arrangement or combination of in-office working with the flexibility to work from home. Remote work is becoming increasingly popular, and by all indications is here to stay.                                                                                                                

  • The Inflation Reduction Act: Clean Energy Tax Credits and Deductions

    By:
    Don L. Warrant, CPA
    |
    Mar 1, 2024

    The Inflation Reduction Act of 2022 marks a pivotal moment in the realm of clean energy investments, offering tax incentives for businesses and individuals to employ sustainable practices. The Act serves to incentivize taxpayers to invest in clean, renewable energy property by providing incentives in the form of tax credits and deductions. Certain incentives provided by the Act are discussed below. 

  • A Practical Discussion with Respect to Internal Revenue Code Section 1031—The "Like Kind" Tax-deferred Exchange, Part 2

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

    This is the second part of 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. To view Part 1, please click here.

  • 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. 
Tax Jokes
  

When you spell out "THE IRS," it looks a lot like "THEIRS.

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.