Recent Publications - Tax

Planning for the Interest Charge on Installment Sales: Decanting a Grantor Trust?
October 20, 2022 | Trusts & Estates | Tax

Louis Vlahos’ article, “Planning for the Interest Charge on Installment Sales: Decanting a Grantor Trust?”, was published in the New York State Bar Association Trusts and Estates Law Section Journal. Rivkin Radler member Nicholas G. Moneta is the publication’s Editor-in-Chief.

The article discusses the concept that the special interest charge imposed on the deferred tax

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Treasury Issues Final Rule on Disclosure of Beneficial Ownership
September 29, 2022 | Compliance, Investigations & White Collar | Tax

In an effort to help prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity, the United States Department of the Treasury just issued a final rule [RIN: 1506-AB49]. The rule requires certain businesses to file reports with FinCEN (Financial Crimes Enforcement Network) that identify two categories of individuals: the beneficial

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NJ Publishes Guidance on Cannabis Sales & Use Tax and Social Equity Excise Fee
September 19, 2022 | Tax | Cannabis

The New Jersey Division of Taxation recently provided guidance[1] on registration and licensing requirements, Social Equity Excise Fees, and the Sales & Use tax applicable to companies operating in the cannabis industry.[2]

The following provides important takeaways from the Division’s publication.

Registration & Licensing

To operate a cannabis business in New Jersey a company must

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Disposing of Assets Under The Ways and Means Committee’s Proposals
September 21, 2021 | Tax

First Step

Last Wednesday, the House Ways and Means Committee approved that portion of the 2022 budget legislation with which it was tasked by the Congressional Budget resolution of August 24. The text of the bill prepared by the Committee – almost nine hundred pages long – was passed along party lines, except for one

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Tax Hikes, Effective Dates, and Selling a Business
September 13, 2021 | Tax

Living the Dream

“How was your weekend?” Thank you for asking. Awful.[i]

“Why?” you ask. (Humor me. Pretend you’re interested.) I’ll tell you.

One word, with 535 syllables: Congress.[ii]

When the reconciliation budget resolutions were passed by the Senate and then the House,[iii] the committees to which reconciliation instructions were given were also directed “to

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Tax Increases Are In Sight
September 7, 2021 | Tax

Summertime in Washington

On August 11, the Senate passed the $3.5 trillion budget resolution for the 2021-2022 fiscal year – S. Con. Res. 14, as amended – by a vote of 50 to 49, strictly along party lines, including Democratic Senators Manchin and Sinema who have repeatedly questioned the wisdom of such an expensive measure.

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Are the Feds Getting Ready to Kick Your “S”?
August 30, 2021 | Tax

Report Card

A couple of weeks ago, the Treasury Inspector General for Tax Administration (“TIGTA”) released a report that presented the results of its review to determine whether the IRS’s “policies, procedures and, practices” adequately ensured that its examiners were considering the compensation paid by closely held S corporations to those shareholders who rendered service

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An Open Letter to the Incoming NY Governor, Kathy Hochul
August 20, 2021 | Tax

Welcome to the Governor’s office, Ms. Hochul. Unfortunately, congratulations are hardly in order; indeed, a wish for good luck seems much more appropriate.

I suppose you realize that the last round of tax legislation, enacted in April by the Democratic-controlled Assembly and Senate – veto-proof super majorities in both Chambers – resulted in a tax

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Tax Distributions as Fraudulent Conveyances?
August 16, 2021 | Tax

The Calm Before?

I’m confused.[i] For better or worse, I’m pretty sure that I am not alone.

Last week, in a letter addressed to the American people, forty-six of the fifty Republicans in the U.S. Senate indicated they would not vote in favor of increasing the federal debt ceiling to accommodate the additional spending that

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Increased Capital Gain Rate, Nonresident Aliens, and ESBTs
August 9, 2021 | Tax

Compare and Contrast

Have you spoken to anybody about the infrastructure bill on which the Senate is about to vote? I know I haven’t, except to explain that Speaker Pelosi has stated the House will not consider the bill unless and until the Senate also adopts a budget resolution for the President’s tax and

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