New York to Taxpayer: “Forget What the Feds Said, You’re a ‘Responsible Person’”
August 09, 2022 | Louis Vlahos | Federal | Income Tax | New York State
Where is the Economy Heading? According to the data released Friday by the Department of Labor, the U.S. economy added approximately 528,000 jobs in July, reducing the unemployment rate to 3.5 percent.[i] Although this figure was certainly better than what was expected by many economists, it seems to belie other…
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The Schumer-Manchin Proposal To “Eliminate” the Profits Interest
August 01, 2022 | Louis Vlahos | Federal | Income Tax
Summer Break? After the last couple of weeks, I’m looking forward to Congress’s summer vacation. I’m pretty sure our elected representatives feel the same way, though it is unclear at this point when they will be heading to their respective homes – or wherever else it is they go[i] –…
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S Corps with Real Property: Separating Shareholders & Partnership Envy
July 26, 2022 | Louis Vlahos | Business
Tax Alchemy? How many of you remember Section 138509 of the Ways and Means Committee’s markup last September of what would have been the Build Back Better Act? (A moment of silence, please.)  Allow me to jog your memory. Its heading read as follows: “TEMPORARY RULE TO ALLOW CERTAIN S…
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Leaving New York? Can You Prove It?
July 19, 2022 | Louis Vlahos | New York State | State Tax Issues
“Summertime and the Living” Isn’t Easy[i] Summer in the New York Metro Area can be challenging. Some would say it sucks.[ii] It gets really hot. When it rains, it pours – no spritz here. The humidity is oppressive.[iii] Ironically, a forecast of sunny days and clear skies that may draw…
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The Transaction That Failed – Tax Treatment of Termination Fees
July 11, 2022 | Louis Vlahos | Income Tax
Deal Costs, Generally Every purchase and sale of a business, whether from the perspective of the seller or the buyer, is about economics, and few items will impact the economics of the transaction more certainly or immediately than taxes. The transaction involves the transfer and receipt of value, with each…
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Statutory Residence in New York: Time to Rethink the “Permanent Place of Abode” Test?
July 05, 2022 | Louis Vlahos | Income Tax | New York State | State Tax Issues
Escape from New York[i] According to data released by the IRS earlier this year, the pandemic triggered a “wealth migration” that saw high-tax states like New York lose high-income earners to low-tax jurisdictions such as Florida.[ii] This weekend, the Wall Street Journal reported that New York’s tax base shrank by $19.5…
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Will An Economic Downturn Lead to An Increase in Tax-Related Whistleblowing?
June 21, 2022 | Louis Vlahos | Federal
Economic Downturn? The Federal Reserve’s Open Market Committee announced last week that it would raise the Fed’s baseline interest rate by 0.75 percentage points, the largest such increase since 1994. The Fed’s move came in the wake of the Labor Department’s earlier announcement that the consumer price index (a measure…
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Either An Investor or a Dealer Be – That is the Question
June 14, 2022 | Louis Vlahos | Real Estate
The Housing Market[i] During the first quarter of 2022, the housing market accounted for 16.7 percent of gross domestic product (“GDP”).[ii] This figure represents a return to historic norms following the substantial reduction in housing’s share of GDP after the Great Recession. The reasons cited for the increase include the…
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The Earnout: Contingent Purchase Price or Compensation?
June 07, 2022 | Louis Vlahos | Business | Federal
A More Cautious Approach Compared to the torrid pace of M&A transactions last year,[i] the current year seems rather pedestrian. That is not to say businesses are not being sold; they are. The purchase and sale of a business is one of the natural alternative paths in the evolution of…
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An S Corporation’s Sale of Real Property Following the Death of Its Shareholder
May 31, 2022 | Louis Vlahos | Business | Real Estate
Don’t Do It There are certain generally accepted “dos and don’ts” of which almost every investor is certainly aware. For example, do not put all your eggs in one basket; if an investment seems too good to be true, stay away from it; take a long-term approach; etc. These guidelines…
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