Sidney Kess

December 23, 2019 | New York Law Journal

In his Tax Tips column, Sidney Kess writes: Estate and gift taxes continue to be a concern to many wealthy individuals. One of the key issues is what happens to estate tax planning now when the law changes in 2025 (or earlier).

By Sidney Kess

7 minute read

November 22, 2019 | New York Law Journal

Virtual currency is being used for investment and accepted as payment for goods and services by a growing number of businesses. From a tax perspective, the rules for the taxation of virtual currency are emerging. In his Tax Tips column, Sidney Kess discusses some developments.

By Sidney Kess

7 minute read

October 18, 2019 | Law.com

Individuals and owners of pass-through entities may qualify for a personal deduction under Code §199A. This is the qualified business income deduction. Millions of individuals and entities own rental real estate, but as the term QBI states, it applies with respect to business income. For purposes of the QBI deduction, the IRS has created a safe harbor under which rental real estate can be treated as a trade or business. Sidney Kess discusses the safe harbor in today's installment of his Tax Tips column.

By Sidney Kess

7 minute read

September 20, 2019 | New York Law Journal

Under a recently finalized rule, employers of any size can offer a new Individual Coverage HRA starting Jan. 1, 2020, as an alternative to traditional group health coverage without running afoul of ACA. What's more, beginning Jan. 1, 2020, employers with traditional group health coverage can offer a supplemental type of HRA to help employees pay for what traditional health coverage does not. In his Tax Tips column, Sidney Kess discusses these new options.

By Sidney Kess

6 minute read

August 21, 2019 | New York Law Journal

In his Tax Tips column, Sidney Kess discusses highlights of the Taxpayer First Act, which became effective July 1, 2019. This new law makes dramatic changes in how taxpayers and the IRS will interact in years to come. The law also contains provisions designed to bring the IRS’s technology into the 21st century, which will allow for the use of artificial intelligence for certain purposes.

By Sidney Kess

6 minute read

July 22, 2019 | New York Law Journal

In his Tax Tips column, Sidney Kess writes: U.S. citizens and residents as well as specified domestic entities are taxed on their worldwide income. When foreign accounts exceed a set amount, such taxpayers are required to report annually on their holdings. This is in addition to including the income earned on these foreign accounts on their tax returns. These reporting requirements are not new, but individuals continue to slip up and pay severely for their mistakes, intentional or unintentional.

By Sidney Kess

8 minute read

June 17, 2019 | New York Law Journal

In his Tax Tips column, Sidney Kess discusses health savings accounts, which are a consumer-driven alternative to traditional medical coverage that combine a high-deductible health plan with an IRA-like account called a health savings account.

By Sidney Kess

7 minute read

May 17, 2019 | New York Law Journal

In his Tax Tips column, Sidney Kess discusses the tax treatment of activities that people may conduct in addition to their main line of work. Some of these sideline activities may be profitable ventures while others run in the red. From a tax perspective, the treatment of income and losses can be good or bad; it all depends.

By Sidney Kess

6 minute read

April 22, 2019 | New York Law Journal

In his Tax Tips column, Sidney Kess writes: The rules relating to IRAs and Roth IRAs are continually changing due to cost-of-living adjustments, court decisions, and IRS guidance. Here are some new considerations for 2018 and beyond.

By Sidney Kess

7 minute read

March 18, 2019 | New York Law Journal

In his Tax Tips column, Sidney Kess writes: There is considerable confusion on when some or all of meal costs are deductible. This confusion has been increased by changes made by the Tax Cuts and Jobs Act of 2017, some of which apply starting in 2018 while others take effect in 2026.

By Sidney Kess

7 minute read