Recent Publications - Tax


“Earth to Earth”: Real Estate, Death and Biden’s Tax Proposals
May 10, 2021 | Tax
Go After Real Estate? During the 2020 presidential campaign, there was one segment of the “rich” for which then-candidate Biden seemed to have reserved some of his harshest criticism – wealthy real estate investors. Moreover, the Democratic Party’s platform included several proposed changes to the Code[i] the impact of which would probably be felt most …
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The President’s Recent Tax Proposals: What Do They Mean for Business Owners?
May 3, 2021 | Tax
A Night to Remember? Did you listen to the President’s speech last Wednesday? He addressed a joint session of Congress to pitch the Administration’s $1.8 trillion American Families Plan. Due to COVID-related restrictions, there were only about one hundred elected officials present in the House Chamber;[i] other invited guests brought the total in attendance to …
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Tax Highlights: The American Families Plan
April 28, 2021 | Tax
In advance of the President’s address to Congress this evening, the White House this morning released a summary of Mr. Biden’s proposed changes to the Internal Revenue Code. These changes, together with his previously announced plans to increase the federal corporate income tax, are intended to accomplish three goals: fund the government’s efforts against the …
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Biden’s Proposed Income Tax Increases And the Sale of the Baby Boomer Business
April 26, 2021 | Tax
“Yeah, I’m the Tax Man”[i] Last week, several media outlets reported that Mr. Biden will soon propose that Congress increase the federal income tax rate applicable to long-term capital gains recognized by individual taxpayers.[ii] The time and place at which this and other changes to the Code are expected to be proposed is this Wednesday, …
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N.Y.’s Real Estate Transfer Tax, the 2022 Budget, and Responsible Person Liability
April 19, 2021 | Tax
Not Just Income Tax Approximately two weeks ago, Gov. Cuomo and the New York State Legislature agreed upon a budget for the State’s 2021-2022 fiscal year. Although most businesses and their owners have understandably focused their attention on the increased personal and corporate income taxes[i] enacted under the budget legislation, there are several other provisions …
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New York Is Getting Out of the Zone, the Qualified Opportunity Zone, That Is
April 12, 2021 | Corporate | Tax
New York’s Governor Cuomo is having a bad 2021. Some may attribute this to his hubris or to karma; others may point to an emboldened, and now veto-proof,[i] progressive State Legislature; many will claim that Mr. Cuomo is paying the price for being out of touch with the electorate. Whatever the reason, his fall from …
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New York Budget Deal Includes SALT Cap Workaround
April 7, 2021 | Tax
The New York state budget deal announced yesterday includes a workaround of the temporary federal limit on state and local tax deductions (the SALT cap). The provision was part of Gov. Cuomo’s initial budget proposal in January, and it comes at a time when many Democrats are calling on Pres. Biden to include the elimination …
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Thinking About ‘Avoiding’ NY Tax Increases? Then Think About the False Claims Act
April 5, 2021 | Tax
According to Justice Learned Hand, “Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one’s taxes.” Stated differently, taxpayers have the right to pay only …
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New York is Poised for Some Significant Tax Increases
March 29, 2021 | Tax
Are the rich making enough of a contribution to society? Are they bearing their fair share of taxes? Many New York legislators don’t think so. Following the elections of November 2020, the State’s Democratic party secured a veto-proof supermajority not only in the Assembly, but also in the Senate.[i] This development was significant because, until …
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What Would Joe Do (about Estate Taxes)?
March 26, 2021 | Trusts & Estates | Tax
Estate tax “reform” continues to be a prime objective for Democrats. On the heels of more and more talk in Washington about the inequality of the U.S. tax system, Senator Bernie Sanders has just introduced legislation to impose a progressive tax on America’s wealthiest 5%. According to the Joint Committee on Taxation, the goal of …
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