Ok, so maybe – just maybe – the title is a bit facetious. But what’s not funny is the new partnership audit rules. A partner who bought a partnership interest in 2019 could find themselves on the hook for a liability that arose in 2018 – when they didn’t own the interest – a nasty surprise.
It’s that time of the year again – tax season. And with tax season comes fake IRS and Social Security Administration phone calls.
We are just midway through 2018 and already an array of new legislation has come into effect which will have a big impact on tax liability for both individuals and business. As expected, much of the new change in tax liability stems from the recently passed “Tax Cuts and Jobs Act” (otherwise known as the “Trump Tax Plan” or “TCJA”).
Singer Burke’s Managing Partner, Matthew Burke, recently sat down with the entertainment banking team at City National Bank to discuss tax strategies for athletes as part of CNB’s ongoing Building Your Team interview series.
The IRS issued another notice last Friday to remind taxpayers that they need to report any gains from the sale of cryptocurrency on their tax returns. While many people think of Bitcoin, Ethereum and the like as currencies, the IRS currently classifies them as property. This means that buying and selling virtual currencies has many of the same ramifications of buying and selling stocks. What’s more, “selling” may include more transactions than you think, including using cryptocurrency to purchase a product or a service.
Singer Burke’s Managing Partner, Matthew Burke, was interviewed for a recent article in The Hollywood Reporter to discuss how the new tax law’s heightened restrictions on entertainment and dining deductions affect our clients.
Last week congress passed the most comprehensive overhaul to the US tax code in decades. While the largest parts of that bill target large corporations (the drop in the corporate tax rate could save the six largest media conglomerates a combined $6 billion annually by one estimate), many of them will affect you directly.
Identity theft has become one of the fasted growing crimes in America. The Federal Trade Commission has found that 9.9 million American fall victim to identity theft every year. Many of us have personal experience being victims of identity theft. Last fall, my car was broken into and my purse, containing my driver’s license, credit cards, etc. was stolen. Not only was I scared for the safety of myself and my family, but I was now faced with significant financial concerns as the criminals attempted to purchase various items under my name.
I’m Elaina Kogan, and I’ve been with Singer Burke since February 2003. I began as a Senior Tax Accountant and was later promoted to a Tax Manager, but most recently, I’ve been honored with the opportunity to join the partner group. Singer Burke’s focus on planning, client education, and teamwork have made me proud of developing within this firm, and the experience has galvanized me for years to come!