Sale of Partnership Interests . . . In the Ordinary Course of Business?
March 22, 2023 | Louis Vlahos | Business | Income Tax
What Is It? Where one stands on an issue of tax law may depend upon context and perspective, including the facts and circumstances one finds relevant, and whom one is counseling or representing.[i]  Tax advisers often find themselves in situations in which they must ascertain either the “true” nature of…
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The President’s 2024 Federal Budget: “Reforming” the Taxation of High-Income Taxpayers
March 13, 2023 | Louis Vlahos | Federal | Federal Budget | Income Tax
Annual Ritual The Budget and Accounting Act of 1921 established the requirement that the President submit a budget to Congress for the upcoming fiscal year.[i] Among other things, the proposed federal budget affords the President an opportunity to identify priorities for the next fiscal year, to quantify how much the…
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The Closely Held Business and The Tax Gap
March 08, 2023 | Louis Vlahos | Business
Have you ever wondered whether you were barking up the wrong tree? That the solution to a problem may be found, not in the approach to which you were already committed and invested, but in an altogether different direction? Query whether Congress, if it ever experienced such an epiphany or…
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New York’s Convenience of the Employer Rule – New Jersey and Connecticut Respond
February 28, 2023 | Louis Vlahos | Income Tax
History is replete with examples of leaders who chose to battle, or who were forced into defending against, enemies on two fronts. Rarely did it end well for the combatant that occupied the middle ground. In a sense, New York has stumbled into a similar situation with two of its…
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Foreign Individuals Holding U.S. Real Property, or Left Holding the Bag?
February 21, 2023 | Louis Vlahos | Real Estate
“Don’t Come Around Here”[i] There have been some interesting developments of late with respect to the ownership of real property in parts of the English-speaking world. For example, Canada has imposed a temporary ban on the purchase of such property by foreigners. In Australia, a foreigner has to be granted…
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George Washington on Debt and Taxes
February 17, 2023 | Louis Vlahos | Federal
On Monday, February 20, we celebrate the birthday of George Washington.[i] We honor this extraordinary individual who, in 1775, was unanimously selected by the otherwise fractious Continental Congress as the commander in chief of the Continental Army, whose dedication to the Cause and loyalty to his men held the Army…
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Applying FIRPTA to Short Sales
February 10, 2023 | Louis Vlahos | Real Estate
State of the “Union”Did you watch the President’s state of the union address the other night? Was it as you expected? Were you hoping for something more? Were you disappointed? Did you find it informative? Maybe entertaining? Embarrassing? Speaking for myself: yes, yes, yes, yes, no, somewhat, and definitely.[i] Mind…
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You “Placed Your Trust” In New York? You May Be Sorry You Did
February 02, 2023 | Louis Vlahos | Income Tax | New York State
Farewell New York According to a report issued by the National Association of Realtors a couple of days ago, last year saw a large outmigration of people from California and New York, while Florida and Texas experienced a comparably large influx.[i] I suppose we shouldn’t be surprised by these findings…
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Will New York Increase Taxes On Investment Income?
January 25, 2023 | Louis Vlahos | Income Tax | Investing
Tax The Rich Last Thursday, New York State Senator Gustavo Rivera, who represents the 33rd District (basically, the northwestern quadrant of The Bronx), proposed legislation that seeks to collect more taxes from the State’s high-income and high net worth residents. Specifically, the stated purpose of the legislation is “amend the New…
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Tax Losses Realized During the Crypto Winter
January 19, 2023 | Louis Vlahos | Crypto
Debacle Understanding the etymology of a word often enables us to better understand or appreciate its use in contemporary speech. For example, the word “crypto” is derived from the Greek word “krypto,” which describes something that is hidden or concealed.[i] For many months now, cryptocurrency – “crypto” for short –…
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