Publications Archives - Page 19 of 26

Reporting Virtual Currency Transactions To The IRS: Time May Be Running Out For Affected Taxpayers

By: Sharon L. McCarthy The CPA Journal May 2018 Edition IRS Notice 2014-21, issued on March 25, 2014, made it clear that the IRS would treat virtual currencies that can be converted into traditional currency as property for federal income tax purposes (Notice 2014-21). This means that

Moving to Another State: Financial, Legal, and Tax Issues

By Sidney Kess, James R. Grimaldi, and James A.J. Revels CPA Journal May 2018 Issue Americans average 11.7 moves over their lifetime, according to the U.S. Census Bureau (“Calculating Migration Data Using ACS Data,” http://bit.ly/2pRvXxn). People move because of a job, retirement, health, or for any

Planning During Terminal Illness

By Sidney Kess, James R. Grimaldi, and James A.J. Revels CPA Journal May 2018 Issue Being diagnosed with a terminal illness is a profoundly emotional event that also raises many important financial questions. Financial planners can help provide the answers. The authors provide an overview

The Impact of the Tax Cuts and Jobs Act on Life Insurance

By Sidney Kess and Lee Slavutin CPA Journal May 2018 Issue The Tax Cuts and Jobs Act of 2017 will have far-reaching effects on many areas of financial planning, and life insurance is no exception. The authors detail four changes with important ramifications for life

First Look at the Tax Cuts and Jobs Act

By Sidney Kess and Chaya Siegfried CPA Journal May 2018 Issue Taxation of international activities has always been complex and rife with traps for the unwary. The Tax Cuts and Jobs Act of 2017 (TCJA) has completely changed the landscape of international taxation, but not,

Written Supervisory Approval Of IRS Penalties: When Must It Be Given, And Who May Give It?

By Henry Stow Lovejoy CPA Journal April 2018 Edition The Internal Revenue Code (IRC) imposes penalties on understatements of tax as a way to encourage voluntary compliance and deter noncompliant behavior. Generally, the revenue agent examining a return will be one who proposes a penalty. Revenue

Planning for a New Child in the Family

By Sidney Kess, James R. Grimaldi, and James A.J. Revels CPA Journal March 2018 Issue The birth or adoption of a child brings joy to parents, grandparents, and other family members and friends. It also means financial challenges for families. According to the U.S. Department

United States V. Greenfield: A Triumph Of The Fifth Amendment’s Act Of Production Privilege; Or Confirmation That The Privilege Can Be Entirely Abrogated By Any Act Of Congress, Or Even By A Treasury Regulation?

By Caroline Rule The Tax Lawyer In 1976, in Fisher v. United States, the Supreme Court first recognized the “act of production privilege” as being a necessary component of the Fifth Amendment’s privilege against self-incrimination. A grand jury subpoena or Service summons does not violate the Fifth

U.S. Tax Residency: Some Black-and-white Rules, Some Gray

By Ian Weinstock The CPA Journal March 2018 Edition When advising taxpayers or preparing returns, brightline rules are generally the easiest to explain and to handle. In contrast, tax outcomes that depend on facts and circumstances are inherently more difficult to evaluate. It is therefore a relief

First Look at the Tax Cuts and Jobs Act of 2017: Impact on Estates and Trusts

By Sidney Kess, Mary T.D. Delman, and Catherine M. Taylor CPA Journal February 2018 Issue On December 22, 2017, the Tax Cuts and Jobs Act (TCJA) was signed into law by President Trump. Most of the provisions affecting estates and trusts are temporary; they commence