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What New York CPAs Are Talking About

  • Posted in: NYSSCPA Open Forum

    Your client has likely missed a) usual reporting rental income on Sch E, from 4562 and 8582 (note, depreciation of non-US property is different than the general US depreciation of US property). b) the taxpayer likely had a local bank account to manage the rental income & expenses = potential FBAR ...

  • Posted in: NYSSCPA Open Forum

    My interpretaion would be yea, but only if the client sold any of it during the year. The question does not ask if you hold an interest, only if your received, or disposed of, an interest. At any time during 2023, did you: (a) receive (as a reward, award or payment for property or services); ...

  • Posted in: NYSSCPA Open Forum

    Client informed me that they sold a rental property in Dominican Republic in 2023 for a gain of about $15K.. I never knew they had the property. What foreign information forms have to be filed for 2023? he claims he just about broke even each year.. -- Gerald S. Cohen, CPA cell 516 455-0643 ...

  • Posted in: NYSSCPA Open Forum

    Karl - Normal 457 contributions are taxable to NYS - this should be reflected in BNY Mellon 1099-R as NYSDCP in the second line below the name. Some agencies allow member contributions to be rolled over the the Deferred Comp Trustee. These contributions are considered NYS Source Pension and will be ...

  • Posted in: NYSSCPA Open Forum

    Dear Members, There are several officer/board openings, due to the expiring terms of current members. Officer terms are for a one-year period, while director terms are for one or two years. All terms become effective at the beginning of the chapter's new fiscal year, which starts on June 1. The Manhattan/Bronx ...

NYSSCPA News

  • Posted in: NYSSCPA News

    The Legislative Update is a monthly email designed to provide our members with insight into how the NYSSCPA is advocating on their behalf. In the Legislative Update , you will find sections that dive deep into the work the NYSSCPA does with government agencies, information on legislative victories, ...

  • Posted in: NYSSCPA News

    The Legislative Update is a monthly email designed to provide our members with insight into how the NYSSCPA is advocating on their behalf. In the Legislative Update , you will find sections that dive deep into the work the NYSSCPA does with government agencies, information on legislative victories, ...

  • Posted in: NYSSCPA News
  • Posted in: NYSSCPA News

    FAE is seeking candidates for consideration to serve as Trustees on the FAE Board. More information here: https://www.nysscpa.org/news/publications/the-trusted-professional/article/fae-board-of-trustees-nominations-due-by-feb.-2-121823 ------------------------------ Timothy Twofoot Boulette General ...

  • Posted in: NYSSCPA News

    The Legislative Update is a monthly email designed to provide our members with insight into how the NYSSCPA is advocating on their behalf. In the Legislative Update , you will find sections that dive deep into the work the NYSSCPA does with government agencies, information on legislative victories, ...

New Community Open to All Members: Introduce Yourself

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    New Member

    Posted in: Introduce Yourself

    I recently joined the NYSSCPA and am looking forward to becoming a resource for my fellow members within the areas of my professional expertise. I am a Senior Vice-President and equity shareholder at ...

  • Posted in: Introduce Yourself

    Hi Everyone, I recently joined the NYSSCPA organization and am looking forward to participating in these threads. My focus day to day is assisting tax & finance departments with introducing technology ...

IRS Discussion & FAQ

  • US citizen owned 55% of a CFC. the T/P sold the 55% and will have a capital gain. Foreign tax was paid on the gain. Is the gain eligible for foreign tax credit? If so, what basket? Thank you ------------------------------ Virginia Kunkel Virginia A Kunkel CPA Albany NY (518) 573-0589 The ...

  • Please see below a list of contacts for the taxpayer advocate personal who handled international matters: INDIVIDUAL Philadelphia Local Taxpayer Advocate: Latifah Wilson-(267) 466-2318 Puerto Rico Local Taxpayer Advocate: David Linares-(787) 522-1992 ...

  • The Internal Revenue Service announced new penalty relief for approximately 4.7 million individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic. The IRS will be providing about $1 billion in penalty relief. Most of those receiving ...

  • Hello Everyone, My name ids Patrick Lee-Fatt and this is my first discussion inviting all members for their comments. Could COBRA premiums be applied to IRS Notice 2008-1 Health benefits purchased in the name of a 2% plus shareholder (Single member LLC elected to report as S" corporation) ? The ...

  • To protect taxpayers from scams, IRS orders immediate stop to new Employee Retention Credit processing amid surge of questionable claims, concerns from tax pros and aggressive marketing to ineligible applicants, posing unacceptable risk to businesses and the tax system. Please see the attached memos. ...

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