Tax Warrior Chronicles

TCJA: What it Said vs. What it Did

Posted on Mon, Jul 22, 2019

Brunell1By: Joe Brunell, CPA

 

The Tax Cuts and Jobs Act of 2017 (TCJA) is the most significant tax code overhaul since the Tax Reform Act of 1986.  The TCJA had four goals; tax relief for middle-income families, simplification for individuals, economic growth and repatriation of oversea income.   It cut individual income tax rates, doubled the standard deduction, eliminated personal exemptions and capped state and local itemized deductions.  While on the surface ... Read More

HOLY COW! Navigating the IRS Just Got Easier—Or Did It?

Posted on Tue, Jul 16, 2019

subway-map-bigBy: Eric R. Elmore

 

In March of this year, National Taxpayer Advocate Nina Olson announced her retirement, which takes place at the end of this month. However, her exodus is preceded by one more valuable nugget of wisdom and guidance for U.S. taxpayers. Her office’s “IRS Subway Map” demonstrates the elaborate intricacies that may follow the innocent and naïve directive of, “just call the IRS.” It’s easier said than done!

 

Growing up ... Read More

Are Donor-Advised Funds the Right Tool for You?

Posted on Thu, Jul 11, 2019

KarolynBy: Karolyn Banks, CPA, MT

 

Donor-advised funds are great tax planning vehicles, especially when you want to make a large tax-deductible contribution but have not identified specific charities to support.  Though many donor-advised funds administrators are available, the one you choose should be driven by your philanthropic goals. Today’s blog covers a few things to consider when making your decision.

 

What is a Donor-Advised ... Read More

New Law Limits a Key Business Sales Tool

Posted on Wed, Jul 10, 2019

D&S Marketing_060-1By: Dylan Haughey, CPA

 

A recent Wall Street Journal poll showed that some businesses have engaged in fewer client meals and invested in fewer entertainment events over the last year—falling some 70%.  There is a definite shift in how businesses apply resources around client acquisition, and the reason may be simpler than you think.

 

Before the Tax Cuts and Jobs Act of 2017 (TCJA), meals ... Read More

NYC Residents Will Pay Higher Real Estate Transfer Taxes Beginning July, 2019

Posted on Tue, Jul 02, 2019

D&S Marketing_069By: Irina Moyseyenko, CPA, MT

 

If you are considering buying real estate in New York City, be prepared to pay additional taxes.    The Big Apple altered New York State’s ‘mansion tax’ by enacting a scale of graduated rates on homes with a purchase price of $1M or more.  The rate starts at 1% and goes as high as 4.15% for homes in excess of $25M.

 

The revised New York City ‘mansion tax’ ... Read More

New PRIDE Bill Removes Statute of Limitations on Pre-Windsor Refund Claims for Same-Sex Married Couples

Posted on Fri, Jun 28, 2019

Rosalind-W-SutchBy: Rosalind Sutch, CPA, MT

 

June 26th is an important day in LGBTQ history.  On this day, two landmark civil rights Supreme Court cases were decided.  It’s been six years since U.S. v. Windsor and four years since Obergefell v. Hodges.  Windsor struck down the Defense of Marriage Act (DOMA) and mandated the federal government to recognize the marriages of same-sex couples. Obergefell confirmed ... Read More

SCOTUS Rules in Favor of Kaestner Trust in NC State Tax Nexus Case

Posted on Wed, Jun 26, 2019

Kieser2By: Rachel Kieser, CPA, MT

 

On Friday, June 21st, the U.S. Supreme Court ruled in favor of the Kimberley Rice Kaestner 1992 Family Trust and held that states cannot tax trust income that hasn’t been distributed to beneficiaries if the sole connection to the state is a resident beneficiary.


In the decision, Justice Sonia Sotomayor wrote “the presence of in-state beneficiaries alone does not empower a State to tax trust income that ... Read More

‘Airbnb Tax’ in NJ Hits Shore Renters Hard

Posted on Tue, Jun 25, 2019

CM_NJBy: Ashley Menders

 

It’s finally summertime, and do you know what that means? It’s time for a little “Gym, Tan, Laundry” as the crew from MTV’s Jersey Shore always said. Let’s soak up the sun, play some carnival games, and walk the boardwalks. But, before you book the perfect apartment or home down the Jersey Shore, you might want to know about a new tax on short-term rentals this year…and it’s a big one!

 

As of October 1, ... Read More

GUEST BLOG: 6 Gaps in Personal Insurance-How Not to Fall Victim to Benign Neglect

Posted on Mon, Jun 17, 2019

Tamar Silberberg Shiffman Head Shot

By: Tamar Silberberg-Shiffman

 

If you have multiple homes, automobiles and valuable articles, there’s a 90% probability that you’re overpaying on insurance premiums by up to 40%, and/or you have significant holes in your safety net. Today’s guest blogger, Tamar Silberberg-Shiffman, of Concierge Insurance Solutions, will walk you through identifying six (6) likely ... Read More

Tax Warrior Vlog - Let's Pick on Congress: Drafting Errors in TCJA

Posted on Wed, Jun 12, 2019

 

Remember the Tax Cuts and Jobs Act drafting errors Chris Catarino talked about in the last vlog? Now he goes into a little more detail.

 

CJC - Drafting Errors in TCJA
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