Tag: Sidney Kess

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, as one would hope, in

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 of Agriculture’s latest figures (Mark

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 in 2018 and are scheduled

By Sidney Kess, James R. Grimaldi, and James A.J. Revels CPA Journal February 2018 Issue Collectibles, such as art, wine, jewelry, and coins and stamps, have long been important assets to individuals, particularly high-net-worth individuals. Art collectors say that the emotional value of buying is their key motivation, but investment return,

By Sidney Kess, James R. Grimaldi, and James A.J. Revels CPA Journal February 2018 Issue The year 2017 was a dramatic time for investors. The stock market rose by about 40%, swelling most investor portfolios and retirement savings. The Tax Cuts and Jobs Act of 2017 (TCJA) made sweeping changes in

By Sidney Kess, James R. Grimaldi, and James A.J. Revels CPA Journal January 2018 Issue Individual retirement accounts are a popular and effective method of saving for retirement. For some individuals, however, there is a catch: starting at age 70½, account holders must make required minimum distributions, whether the money is

By Sidney Kess CPA Journal January 2018 Issue On December 20, 2017, Congress passed the Tax Cuts and Jobs Act (H.R. 1) designed to cut taxes on individuals and businesses, stimulate the economy, and create jobs. The tax cuts are projected to cost the government nearly $1.5 trillion, but the

By Sidney Kess, James R. Grimaldi, and James A.J. Revels CPA Journal November 2017 Issue For 2015, the most recent year for which statistics are available, the average charitable contribution deduction for those with adjusted gross income (AGI) of $200,000–$250,000 was $11,370 (Statistics of Income Bulletin, Spring 2017, http://bit.ly/2fQbPHo). For

By Sidney Kess and Walter Primoff CPA Journal December 2017 Issue In the wake of the Equifax computer breach—in which key personal information of 145 million Americans was stolen—it may be correct to assume that anyone with a credit history is affected. In the words of noted cybersecurity expert Brian Krebs,