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tax: publications
Summary Professionals Matters News Events Publications
Tax Alert
February 2016
Louis Tuchman, Sung Hyun Hwang, Tzvi Weisz
The Bipartisan Budget Act of 2015 (the "BBA"), signed into law on November 2, 2015, substantially changes partnership audit rules. The BBA replaces the old audit process in which the Internal Revenue Service (the "IRS") adjusts items at the partnership level, but seeks to collect from individual partners, with a new process that potentially imposes an entity level tax with respect to adjustments arising from an IRS audit. The partnership level assessment makes it simpler for the IRS to undertake partnership audits and is expected to increase the number of those audits.
Under Scrutiny:  US Planning in Light of Potential Tax Law Changes
June 2012
Jason Kleinman
STEP Journal
Jason Kleinman co-authored an article in Step Journal (subscription required) advising practitioners on the use of defective grantor trusts and decanting to achieve gift and income tax benefits.
It's "BEN-E" Time
June 12, 2014
Louis Tuchman, Sung Hyun Hwang
Tax Alert
The old IRS Form W-8BEN has been succeeded by two new forms, a "new" W-8BEN, and a new form called W-8BEN-E. The IRS has also issued a new version of Form W-8IMY.The forms contain new FATCA certification provisions, and require a Global Intermediary Identification Number. While the old versions are still available for use with new accounts opened until the end of this year, it would be prudent to use the new forms now (subject to certain exceptions) in order to avoid having to conduct FATCA due diligence and obtain new certifications later.
I Have GIIN.  Now What?
June 4, 2014
Louis Tuchman, Sung Hyun Hwang
Tax Alert
By now, if you are a "foreign financial institution" (FFI) for purposes of FATCA ("Foreign Account Tax Compliance Act"), you probably have registered with the IRS and are eagerly waiting your GIIN to be issued and for your name to be published in the first FFI List this week.
I Missed The Boat!  I Didn't Register By May 5th.  What Do I Do Now?
June 2, 2014
Sung Hyun Hwang, Louis Tuchman
Tax Alert
As we mentioned in an earlier tax alert under the FATCA rules, May 5, 2014 was the last day to complete registration with the IRS and obtain the GIIN (Global Intermediary Identification Number) and to be included on the first IRS FFI (Foreign Financial Institution) List which is expected to come out today.  If you are not included on the first IRS FFI List, you could be subject to withholding on U.S.-sourced investment income, such as interest and dividends, beginning on July 1, 2014.
Opportunity for Taxpayers with Secret Offshore Accounts to Reach U.S. Compliance
February 25, 2014
Louis Tuchman
Tax Alert
Tomorrow, the U.S. Senate's Permanent Subcommittee on Investigations will hold a hearing on "Offshore Tax Evasion: The Effort to Collect Unpaid Taxes on Billions in Hidden Offshore Accounts."
New York Overhauls Nonprofit Corporation Law
February 12, 2014
Fred R. Green, Edward B. Stevenson
The recently enacted New York Nonprofit Revitalization Act of 2013 represents the first major overhaul in New York Not-for-Profit Corporation Law in more than 40 years.  Among other things, the Act is intended to simplify and improve the efficiency of administrative procedures for nonprofit organizations, and strengthen nonprofit governance and oversight.  In preparation for the Act becoming effective on July 1, 2014, nonprofits should review their governing documents to determine if any changes are needed or are appropriate based on the Act.
FATCA: Where Things Stand in December 2013
December 2013
Louis Tuchman, Sung Hyun Hwang
Tax and Personal Planning Alert
As we spin toward the end of 2013, it may be a good time to plan ahead and make sure that your business is ready for tax compliance changes taking place come 2014.  One such change, the implementation of  the Foreign Account Tax Compliance Act ("FATCA"), is particularly relevant to financial institutions and investors.  FATCA is one of several tax law provisions enacted in 2010, in response to high profile tax avoidance schemes involving overseas financial accounts of U.S. taxpayers. FATCA is being implemented gradually now through 2017 and imposes new tax compliance and disclosure responsibilities on certain foreign financial institutions and privately held foreign entities.
Primer: Artwork and Sales Tax in New York
Spring/Summer 2010
Michael H. Kessel
Art & Advocacy
Michael Kessel co-authored, with Eli Akhavan, the article "Primer: Artwork and Sales Tax in New York" in Herrick's art law newsletter.
Ask The Tax Guys
Michael H. Kessel
Micro-Cap Review
Mike Kessel does a question-and-answer for Micro-Cap Review on employee stock option plans (ESOP) and the discusses the tax benefits for establishing one as a business owner.
Tax Exempt Entities Committee Report on Private Foundation Investors in Ponzi Schemes
May 7, 2009
K. Eli Akhavan
New York State Bar Association Tax Section
Eli Akhavan contributed to Report #1183, a memorandum prepared by the Tax Section of the New York State Bar Association.
Mutual Fund Shares Distributions: the Changing Rules of the Game
February 2005
Patrick D. Sweeney
The Journal of Taxation and Regulation
Pat Sweeney authors this article on mutual fund shares distributions.
Taxpayers of America, Unite!  You Have Everything to Lose - A Constitutional Analysis of Retroactive Taxation
Brian E. Raftery
Seton Hall University Constitutional Law Journal (6 Seton Hall Const. L.J. 803)
Brian Raftery provides a constitutional analysis of retroactive taxation.