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

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

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:

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.

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

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

In an effort to provide as much timely guidance as possible, the IRS has created a Frequently Asked Questions (FAQs) site to address taxpayer questions and concerns with respect to recently promulgated Notice 2020-18. The Notice generally provided relief with respect to income tax return filings and payments and the FAQs serve to guide taxpayers

As part of the federal government’s continued efforts to minimize the economic disruptions caused by the coronavirus pandemic, U.S. Treasury Secretary Steven Mnuchin on March 20, 2020, announced that the April 15th deadline for filing individual income tax returns for tax year 2019 has been moved to July 15, 2020.

In addition to relief on

On July 1, 2019, President Trump signed the Taxpayer First Act into law. The Act represents an important and welcome step toward improving technology and security while providing for an overall improved service experience for taxpayers interacting with the IRS.

The Act contains two parts. The main themes of the first portion of the Act

Due to a recent Supreme Court decision, internet sellers may now be required to collect and remit sales taxes in states in which they have no physical presence.

In the landmark case of South Dakota v. Wayfair, Inc., decided on June 21, the Court overturned its prior decisions that had provided that an out-of-state seller