Tax Warrior Chronicles

How IRS Regs Will Impact Indirect Investments in PFICs Through Passthrough Entities

Posted on Wed, May 25, 2022

On January 25, 2022, the IRS published final regulations requiring aggregate treatment for subpart F and 956 inclusions.. Simultaneously, it issued proposed Passive Foreign Investment Company (PFIC) regulations extending the aggregate treatment to partnerships holding stocks in PFICs. S corporations are treated like domestic partnerships for the purposes of these regulations. Both the final and proposed regulations are relevant to any domestic partnership or S corporation that owns stock in a foreign corporation. Today’s blog analyzes the impact of the proposed regulations on indirect investments in PFICs through domestic passthrough entities (i.e., partnerships and S corporations).

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IRS Proposed Regs Change RMD Requirements for Some Inherited IRAs and Qualified Plans

Posted on Mon, May 23, 2022

Earlier this year, we wrote a blog titled “Considerations When Inheriting an IRA.” This blog discussed modifications made by the SECURE Act and how these rules changed from the pre-SECURE Act. Unfortunately, the IRS released proposed regulations on February 23, 2022, that added more complexity to the rules governing required minimum distributions (RMDs) on most inherited IRAs including SEP Plans and SIMPLE Plans, as well as some qualified plan distributions. In today’s blog, we’ll review how these proposed changes may impact you.

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IRS Letters to QOF Investors Ask for More Information

Posted on Thu, Apr 28, 2022

On April 12, 2022, the IRS issued press release IR-2022-79, announcing it will send letters to taxpayers who may need to provide additional information about their Qualified Opportunity Fund (QOF) investments.

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The Value of Trusts

Posted on Thu, Mar 31, 2022

By: Waishan Lee, CPA


Among the safest and most tax-efficient ways to transfer assets is by using a trust. A properly drafted trust document is specifically designed to be both for the benefit of a third-party person or entity and protects the property that was transferred to the trust. But, do you know what exactly a trust is and how you can use a trust to benefit your loved ones, charities and even yourself? Today, we’ll provided a high-level overview of these incredibly useful vehicles.

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Gen Z Series: Completing a W-4

Posted on Mon, Mar 28, 2022

By: Olivia Seneca, MBA, CPA


We have all been there. We start a new job, whether it is a career starter or after-school gig, and we are excited. Then, HR brings us all these documents to sign, and one is Form W-4. The assumption is that we know how to complete it.  But do we really? In this blog post, part of our Generation Z series, we will break down the mysteries of Form W-4 and what its information really means.

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The New Economics of Meals & Entertainment Expenses

Posted on Tue, Mar 22, 2022

By: Patrick Richardson


The Consolidated Appropriations Act of 2021 created new, but temporary, deduction limits for meal expenses for the 2021 and 2022 tax years. Meals are treated as costs of furthering business development, which, of course, changes the economics of the expense. Let’s take a closer look…

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Generation Z Series: A Conversation About Marriage & Taxes

Posted on Fri, Mar 18, 2022

By: N'dia Knight and Rosalind Sutch, CPA, MT


Shockingly, many of the eldest of those who fall into Generation Z are ready to start planning for marriage and building families. In today’s post we will discuss how marriage impacts tax filings status and tax liabilities for newlyweds.

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GUEST BLOG: How Insurance Views and Assesses YOUR Cyber Risk

Posted on Tue, Mar 15, 2022

By: Matthew Knowles


In the past, we’ve blogged about cyber risk, but mostly from the perspective of the lengths we go to protect your information, and how you can protect your information. However, there is another perspective; that of the insurance broker and insurance carrier. What are insurance carriers looking for when deciding to insure your company? What exactly is the risk they are taking when insuring you? How do you know if you have the right coverage and the right amount of coverage? These questions and more are answered by our friends at Knowles Insurance, a Scranton-based insurance broker. Today’s author, Matthew Knowles, specializes in cyber insurance. He will discuss what he

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Gen Z Series: Prenuptial Agreements: Are They Necessary?

Posted on Wed, Mar 09, 2022

By: Olivia Seneca, MBA, CPA


The question has been popped; and the answer is “yes.”  Now, you have a wedding to plan.  Both of you immediately think of things like a dress, a reception hall, guest lists, honeymoon locations, etc. Rarely are pre-marital asset protection measures part of the equation while planning a wedding. However, they may be an important part of your new life together. In today’s blog, part of our Gen Z Series, we will touch on some important considerations regarding the various considerations of Prenuptial Agreements, in making the transition from being single to married as smooth as possible.

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GUEST BLOG: How Might Inflation Impact My Investments?

Posted on Mon, Mar 07, 2022

By: A.J. Fusco and Sam Shikiar, CFA


The price of nearly every consumer good is up, and the dollar is worth less than a few months ago. We are in a time of significant inflation. We feel the impact in everyday purchases, but should we be thinking about our investments and inflation’s impact on them? To help answer this question our friends A.J. Fusco and Sam Shikiar, CFA, of Shikiar Asset Management in New York City, offer guidance on working with investments through these tough economic times.

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