N.Y.’s Real Estate Transfer Tax, the 2022 Budget, and Responsible Person Liability
April 19, 2021 | Louis Vlahos | 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 | Louis Vlahos | Tax | Corporate
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 | Louis Vlahos | 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 | Louis Vlahos | 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 | Louis Vlahos | 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 | Jeffrey S. Greener | Tax | Trusts & Estates
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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If You Sell Marijuana in Any Form, Uncle Sam Wants His Cut
March 11, 2021 | Stella Lellos | Cannabis | Tax
More and more states across the country are legalizing the sale of marijuana products for medical and/or recreational purposes, but marijuana remains effectively prohibited under federal law as a Schedule I controlled substance within the meaning of the federal Controlled Substances Act of 1970. There is, however, one important and practical exception to that prohibition: …
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Action Required for Certain Non-Filers to Obtain Maximum Economic Impact Payment
April 21, 2020 | Wendy Hoey Sheinberg | Tax | Trusts & Estates
The IRS on April 20, 2020, issued a special alert for non-filing Social Security or Railroad Retirement Benefit Recipients with qualifying children under 17 (“non-filers”). In order to receive the additional $500 payment per eligible child added to the $1,200 Economic Impact Payment, non-filers must register on the IRS’ Non-Filer tool site by 12 p.m. …
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Lower Stock Prices’ Silver Lining: Good Time to Gift Assets
April 2, 2020 | Jeffrey S. Greener | Tax | Trusts & Estates
The recent stock market volatility due to the coronavirus has understandably caused concern. When the market drops, however, it presents a great estate planning opportunity. Then, it’s the perfect time to gift assets to loved ones at a significant discount, something that would not have been possible even one month ago. Lower stock prices allow …
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An Important Message during Difficult Times
March 30, 2020 | Jeffrey S. Greener | Trusts & Estates | Tax
Friends and colleagues- My thoughts are with you during these uncertain times. First and foremost, I want you and your family to stay safe and healthy. Social distancing is a small price to pay for guarding the wellness of our most vulnerable. Second, I am sure you are anxious about your health and the health …
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