TaxSlaw

State Taxation of a Nonresident’s Gain from the Sale of Stock –The Shot Heard Round the Country?
April 28, 2025 | Louis Vlahos | Business | Income Tax

Two Camps Last month, Bloomberg carried an article about a “small but growing trend” of states that are either cutting their individual income taxes or phasing them out entirely.[i] According to the article, the states adopting these measures have determined that, by reducing income taxes, they will enhance their ability…
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Observations on Charities, Taxes, and Cash Flow
April 10, 2025 | Louis Vlahos | Tax Exempt Organizations

Legal Laissez-Faire? Few provisions of the Code have a single, clear meaning that leaves no room for interpretation. Even many of those that, on the surface, appear fairly straightforward, are usually open to alternative “understandings.” In the absence of continuous monitoring, implementation (as in the form of regulations),[i] and enforcement,…
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“Hey Mom, Can I Have A Few Bucks?” Is It A Loan? A Gift? A Little of Each?
March 31, 2025 | Louis Vlahos | Gift Tax

Intrafamily Transfer A parent will sometimes transfer money to a child to enable the child to make an investment that the child could not otherwise make on their own. For example, the child may have identified an attractive business opportunity but does not have sufficient assets or liquidity with which…
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Transferring the Family Business To A Private Foundation? Are You Sure About That?
March 20, 2025 | Louis Vlahos | Business | Tax Exempt Organizations

Do This But Not That Charitable organizations are dependent, in no small part, upon the financial support of many successful business owners. The generosity of these individuals and their organizations may be a manifestation of several factors including, for example, their gratitude to the communities in which they have thrived,…
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NYC Transfer Tax, Charities, and Single Purpose LLCs – Are Lenders Beneficiaries?
February 26, 2025 | Louis Vlahos | Business

NYC Transfer Tax According to the New York City Comptroller, the City collected approximately $1.13 billion in Real Property Transfer Tax (“RPTT”) in the FY 2024. The Comptroller’s Office has forecast that $1.21 billion of RPTT will be collected in FY 2025.[i] Impressive figures by most measures, but just a…
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New York Sales Tax: When a Responsible Person Acts Irresponsibly
February 18, 2025 | Louis Vlahos | Business | New York State

Tax Receipts Late last year, the Office of the State Comptroller (the “OSC”) estimated that sales and use tax receipts would increase by 2.3% in the SFY 2024-2025.[i] The OSC also projected that collections from sales and use taxes would increase by 3.5 percent for SFY 2025-2026.[ii] Part of this…
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Business Owner Borrows from Their Private Foundation – A Different Form of “For Profit Philanthropy”?
February 10, 2025 | Louis Vlahos | Business

Good Intentions Many successful business owners attribute some part of their success to their community. For some of these owners, it is not enough to simply acknowledge this “debt”; they feel an obligation to share some of their financial success with the community. For example, the owner or business may…
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Not Aware of Your Business Partner’s Tax Situation? Maybe You Should Be
January 28, 2025 | Louis Vlahos | Business

My Steadfast Partner, The IRS If you’ve worked with the owners of closely held businesses for even just a few years, you have realized they are only half joking when they complain about having the government as a partner. Consider how much federal, state, and local tax[i] a business and…
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Employer to Nonresident Employee: “You Cannot Work in New York”; New York to Employee: “We Will Tax You Anyway”
January 21, 2025 | Louis Vlahos | Federal | Income Tax

Back to the Office You are probably aware that many employers are discarding the fully flexible, remote work policies that were forced upon them – as “nonessential” businesses – during the COVID-19 pandemic[i] and which they retained as an accommodation to employees after the pandemic ended. Indeed, there is now…
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Expiring Federal Transfer Tax Benefits – Nothing is Certain or Lasts Forever
January 13, 2025 | Louis Vlahos | Federal

Expiring Provisions Just a few weeks ago, many individual taxpayers, driven by what they viewed as the relatively imminent expiration of the enhanced federal transfer tax[i] exemptions, sought advice on how to leverage their remaining exemption and thereby optimize the transfer of value to their beneficiaries while limiting the amount…
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