By Caroline Rule The CPA Journal October 2019 Edition Internal Revenue Code (IRC) section 7216 and its lengthy regulations govern when a tax return preparer may disclose or use a taxpayer’s tax return information without first obtaining the taxpayer’s consent. Because it is a federal crime
By Sidney Kess The CPA Journal October 2019 Making Social Security decisions is relatively simple for seniors filing single tax returns. Assuming modest or no earned income, retirement benefits can begin as early as age 62. By age 70, however, the waiting game must stop; seniors who
By Sidney Kess, James R. Grimaldi, and James A.J. Revels The CPA Journal October 2019 The Tax Cuts and Jobs Act of 2017 (TCJA) made dramatic changes to the rules for individuals that affect tax planning at all stages of life. These changes require financial planners
By Kevin M. Flynn The CPA Journal September 2019 Edition The itemized deduction for state and local taxes (SALT) under Internal Revenue Code (IRC) section 164 had long provided relief to taxpayers residing in high income and property tax states such as New York, New Jersey,
By Sidney Kess and Steven I. Hurok The CPA Journal September 2019 On July 1, 2019, President Trump signed into law the Taxpayer First Act of 2019 (TFA), enacting changes to the IRS’s organizational structure, customer service, enforcement procedures, management of information technology, and use of
By Yoram Keinan The CPA Journal August 2019 Edition The scope of the exception for taxpayers engaged in a real estate trade or business from the harsh consequences of Internal Revenue Code (IRC) section 163(j) remains uncertain, even in the aftermath of the issuance of proposed
By Caroline Rule The Journal of the Section of Litigation Vol. 45 No. 4 Summer 2019 Marriage is perplexing, and the marital privileges even more so. Contradictory views determine when they apply and what they protect. In many states, statutes, rather than case law, govern, but
By Sidney Kess and James R. Grimaldi The CPA Journal August 2019 At first glance, the Tax Cuts and Jobs Act of 2017 (TCJA) had little direct impact on the tax treatment of charitable giving. Drilling down, however, it has significantly affected donation-related tax benefits.
By Sidney Kess and Edward Mendlowitz The CPA Journal August 2019 Financial planning services can be a separate service or an add-on to tax or other services. With the Tax Cuts and Jobs Act’s (TCJA) simplification of tax returns for many individuals, the CPA’s role as
By Megan L. Brackney Journal of Passthrough Entities May – June 2019 Edition Under the injunction statutes in the Internal Revenue Code, the U.S. government has broad discretion to seek—and the federal courts to order—the injunction of the preparation of false or fraudulent returns, as well
