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...more
10/13/2021
/ Business Ownership ,
Business Taxes ,
Capital Gains ,
Carbon Taxes ,
Clean Energy ,
Closely Held Businesses ,
Debt Ceiling ,
Estate Tax ,
Estate-Tax Exemption ,
Gift Tax ,
Gift-Tax Exemption ,
Grantor Retained Annuity Trusts (GRATs) ,
Grantor Trusts ,
Irrevocable Trusts ,
IRS ,
Joe Biden ,
OECD ,
Pandora Papers ,
Private Equity ,
SALT ,
Tax Increases ,
Tax Rates ,
Valuation ,
Ways and Means Committee
Where Are We?
Have you seen the Triumvirate of late? No, not Julius, Pompey, and Crassus. I’m referring to more contemporary political figures, whose names and exploits are not likely to appear in volumes that will be...more
9/28/2021
/ Estate Tax ,
Fair Market Value ,
Gift Tax ,
Grantor Retained Annuity Trusts (GRATs) ,
Grantor Trusts ,
Green Book ,
Income Taxes ,
Joe Biden ,
Obama Administration ,
Tax Code ,
Tax Legislation ,
Tax Planning ,
Trust Income ,
U.S. Treasury ,
Ways and Means Committee
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...more
9/21/2021
/ Adjusted Gross Income ,
Business Assets ,
Business Income ,
C-Corporation ,
Capital Gains ,
Corporate Taxes ,
Estate Tax ,
Gift Tax ,
Grantor Trusts ,
Investors ,
Joe Biden ,
Limited Liability Company (LLC) ,
Liquidation ,
Qualified Small Business Stock ,
S-Corporation ,
Shareholders ,
Subsidiaries ,
Surtax ,
Tax Increases ,
Taxable Income ,
Valuation ,
Wealth Tax
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...more
9/7/2021
/ Budget Reconciliation ,
Closely Held Businesses ,
Congressional Budget Resolution ,
Earn-Outs ,
Escrow Accounts ,
Estate Tax ,
General-Business ,
Gift Tax ,
Legislative Agendas ,
Popular ,
SALT ,
Selling a Business ,
Tax Increases ,
Tax Rates ,
Transfer of Assets
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,...more
8/23/2021
/ Business Ownership ,
Capital Assets ,
Capital Gains ,
Corporate Taxes ,
Estate Tax ,
Income Taxes ,
Like Kind Exchanges ,
Long-Term Investment Funds ,
New York ,
S-Corporation ,
Stock Transfer ,
Tax Fraud ,
Tax Legislation ,
Tax Rates ,
Transfer on Death Deed (TOD) ,
Transfer Taxes
Ask the owner of a closely held business to describe their most recently recurring nightmare and you are likely to get an earful regarding the prospect of an increased federal income tax on their profits, an increased federal...more
5/17/2021
/ Biden Administration ,
Bona Fide Purchaser ,
Capital Gains ,
Cash Transactions ,
CCA ,
Closely Held Businesses ,
Estate Tax ,
Fair Market Value ,
Federal Taxes ,
Income Taxes ,
Investigations ,
IRS ,
Joe Biden ,
OCC ,
Promissory Notes ,
Tax Advice ,
Tax Deferral ,
Tax Increases ,
Tax Liability ,
Unsecured Debt
Go After Real Estate?
During the 2020 presidential campaign, there was one segment of the “rich” for which then-candidate Biden seemed to have reserved some of his harshest criticism – wealthy real estate investors....more
5/11/2021
/ Capital Gains ,
Estate Tax ,
Income Taxes ,
Installment Agreements ,
Internal Revenue Code (IRC) ,
Investment Property ,
Joe Biden ,
Like Kind Exchanges ,
Political Campaigns ,
Real Estate Investments ,
S-Corporation ,
Step-Up Basis ,
Tax Increases ,
Tax Planning
A Night to Remember?
Did you listen to the President’s speech last Wednesday? He addressed a joint session of Congress to pitch the Administration’s $1.8 trillion American Families Plan. Due to COVID-related...more
5/3/2021
/ Capital Assets ,
Capital Gains ,
Closely Held Businesses ,
Corporate Taxes ,
Estate Tax ,
Fair Market Value ,
Gift Tax ,
IRS ,
Joe Biden ,
Liquidity ,
Qualified Small Business Stock ,
Tax Cuts and Jobs Act ,
Tax Fraud ,
Tax Liability ,
Taxable Income ,
Wealth Tax
New York’s Governor Cuomo is having a bad 2021. Some may attribute this to his hubris or to karma; others may point to an emboldened, and now veto-proof, progressive State Legislature; many will claim that Mr. Cuomo is paying...more
4/12/2021
/ Adjusted Gross Income ,
Corporate Taxes ,
Estate Tax ,
Governor Cuomo ,
Income Taxes ,
Low-Income Issues ,
New York ,
Pass-Through Entities ,
Popular ,
Qualified Opportunity Funds ,
Real Estate Transfers ,
State Budgets ,
State Taxes ,
Tax Code ,
Tax Cuts and Jobs Act ,
Tax Incentives ,
Tax Increases ,
Taxable Income ,
Wealth Tax
According to Justice Learned Hand, “Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to...more
4/5/2021
/ Business Expenses ,
Business Taxes ,
Capital Gains ,
Enforcement ,
Estate Tax ,
False Claims Act (FCA) ,
Infrastructure ,
IRS ,
Joe Biden ,
New York ,
Qui Tam ,
Shell Corporations ,
State Attorneys General ,
State Taxes ,
Tax Audits ,
Tax Avoidance ,
Tax Increases ,
Tax Liability ,
Tax Planning ,
Wealth Tax ,
Whistleblowers ,
Withholding Tax
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...more
3/30/2021
/ Alternative Minimum Tax ,
American Rescue Plan Act of 2021 ,
C-Corporation ,
Capital Gains Tax ,
Coronavirus/COVID-19 ,
Corporate Taxes ,
Estate Tax ,
Fiscal Year ,
Governor Cuomo ,
Impeachment ,
Income Taxes ,
Investment ,
Joe Biden ,
New York ,
Nursing Homes ,
SALT ,
Sexual Harassment ,
State Attorneys General ,
State Budgets ,
State Taxes ,
Surcharges ,
Tax Increases ,
Tax Rates ,
Taxable Income ,
Wealth Tax