Maybe Tax the Rich, but Not The Conversion of S corps into Partnerships – What Gives?
October 18, 2021 |Louis Vlahos | Income Tax
Tax the Rich? A few days ago, an opinion piece that appeared in the Wall Street Journal[i] began as follows: “President Biden’s effort to pass the largest tax increase in U.S. history is based on the verifiably false claim that Americans with high incomes don’t pay their ‘fair share.’ In…
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Gifts, Sales and Effective Dates: The Race Against the Clock the Taxpayer Cannot See
October 12, 2021 |Louis Vlahos | Federal Budget
What A Week It was quite a week, wasn’t it? Manchin Senator Manchin continued to attract a lot of attention. To the dismay of his fellow Democrats, the West Virginian – who also chairs the Senate Energy and Natural Resources Committee – challenged the wisdom of a “carbon tax” (which…
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Tax Hikes, Senator Manchin, and Effective Dates – OH MY!
October 04, 2021 |Louis Vlahos | Income Tax | New York State
September 2021 What was your month like? If you’re a transactional professional – a class in which I include those who advise clients on the purchase and sale of businesses and investment assets, as well as those who assist clients in developing and implementing estate plans – it may be…
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Grantor Trusts on the Precipice?
September 27, 2021 |Louis Vlahos | Federal | Income Tax
Where Are We? Have you seen the Triumvirate of late? No, not Julius, Pompey, and Crassus.[i] I’m referring to more contemporary political figures, whose names and exploits are not likely to appear in volumes[ii] that will be studied throughout the world for centuries. The lower cased “t” triumvirate of which…
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September 21, 2021 |Louis Vlahos | Uncategorized
I am delighted to launch TaxSlaw – where those hungry for tax knowledge come to chow down. Those who have been following me know that I have written about tax concerns for the closely-held business for more than a decade. I hope TaxSlaw– my opus, so to speak – will…
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Disposing of Assets Under The Ways and Means Committee’s Proposals
September 21, 2021 |Louis Vlahos | Federal Budget | Income 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…
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Tax Hikes, Effective Dates, and Selling a Business
September 13, 2021 |Louis Vlahos | Income 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…
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Tax Increases Are In Sight
September 07, 2021 |Louis Vlahos | Federal | Federal Budget | administration | Budget | Congree | Congress | finance committee | President Biden | Senator Manchin | Tax Increases
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…
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Are the Feds Getting Ready to Kick Your “S”?
September 02, 2021 |Louis Vlahos | Federal | IRS | S Corporations | Tax | TIGTA
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…
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An Open Letter to the Incoming NY Governor, Kathy Hochul
August 20, 2021 |Louis Vlahos | New York State | Governor Hochul | Open Letter
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…
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