Not Good-
As Mr. Biden settled into the White House, and as the Democrats began planning how to best utilize their slim Congressional majority to enact and pay for their sweeping legislative agenda, the principal concern...more
6/29/2021
/ Budget Reconciliation ,
Capital Gains ,
Closely Held Businesses ,
Green Book ,
Joe Biden ,
Pass-Through Entities ,
Popular ,
Portfolio Companies ,
Tax Increases ,
Tax Rates ,
U.S. Treasury ,
Wealth Tax
I Read the News Today-
Much of today’s news is dominated by the future of the Administration’s broadly defined infrastructure plan. Discussions among “those in the know” inevitably turn into debates over the wisdom of...more
6/21/2021
/ Biden Administration ,
Closely Held Businesses ,
Infrastructure ,
IRS ,
Popular ,
S-Corporation ,
Shareholders ,
Split Dollar ,
Tax Court ,
Tax Policy ,
Tax Returns ,
Trusts
What A Ride-
No one anticipated that the Administration’s proposed tax increases would fly through Congress easily – at least no one residing in a state in which the recreational use of marijuana has not been legalized....more
6/14/2021
/ Bipartisan Agreement ,
Budget Reconciliation ,
C-Corporation ,
Closely Held Businesses ,
Corporate Taxes ,
Decriminalization of Marijuana ,
Department of Labor (DOL) ,
Employment Tax ,
FICA Taxes ,
Financial Adviser ,
Infrastructure ,
IRS ,
Joe Biden ,
Limited Liability Company (LLC) ,
Marijuana ,
Medicare ,
Net Investment Income ,
Partnerships ,
Pass-Through Entities ,
Popular ,
Reasonable Compensation ,
S-Corporation ,
Shareholders ,
Social Security Taxes ,
Wealth Tax
Recap-
Last week, we considered several of the revenue proposals included in the Biden Administration’s 2022 Budget that are probably of interest – or should we say, “of concern”? – to the owners of closely held...more
6/7/2021
/ C-Corporation ,
Capital Contributions ,
Capital Gains Tax ,
Closely Held Businesses ,
Compensation ,
Fair Market Value ,
Federal Budget ,
Gift Tax ,
Green Book ,
Hedge Funds ,
Income Taxes ,
Investment Partnerships ,
IRS ,
Joe Biden ,
Limited Liability Company (LLC) ,
Long-Term Investment Funds ,
Partnerships ,
Profits Interests ,
S-Corporation ,
Tax Equity ,
Tax Equity Partnership ,
Transfer Taxes ,
Valuation ,
Vested Benefits
Extra, Extra!-
Last Friday afternoon, as millions of unsuspecting Americans prepared for the long Memorial Day weekend – for many, perhaps, their first mask-less holiday celebration in almost 15 months – the Biden...more
6/2/2021
/ Adjusted Gross Income ,
Biden Administration ,
C-Corporation ,
Capital Gains ,
Closely Held Businesses ,
Corporate Taxes ,
Dynasty Trust ,
Fair Market Value ,
Family Businesses ,
Federal Budget ,
Fiscal Year ,
Gift Tax ,
Green Book ,
Interest Rates ,
Irrevocable Trusts ,
IRS ,
Like Kind Exchanges ,
Loans ,
Long-Term Investment Funds ,
Popular ,
Public Charities ,
Revocable Trusts ,
Spouses ,
Tax Cuts and Jobs Act ,
Tax Increases ,
Taxable Income ,
Transfer Taxes ,
Trust Assets ,
Trusts ,
U.S. Treasury
Tax Gap-
In a report released last week, the U.S. Treasury Department explained that the so-called “tax gap” – i.e., the difference between the amount of federal income taxes owed by taxpayers for a taxable year and the...more
5/25/2021
/ Audits ,
Business Expenses ,
Business Losses ,
Business Taxes ,
C-Corporation ,
Capital Expenditures ,
Capital Gains ,
CCA ,
Closely Held Businesses ,
Enforcement ,
Income Taxes ,
IRS ,
Like Kind Exchanges ,
Long-Term Investment Funds ,
Net Investment Income ,
Partnerships ,
Pass-Through Entities ,
Real Estate Investments ,
S-Corporation ,
Shareholders ,
Tax Advice ,
Tax Deductions ,
Tax Increases ,
Tax Rates ,
Taxable Income ,
U.S. Treasury
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
In advance of the President’s address to Congress this evening, the White House this morning released a summary of Mr. Biden’s proposed changes to the Internal Revenue Code. These changes, together with his previously...more
“Yeah, I’m the Tax Man”
Last week, several media outlets reported that Mr. Biden will soon propose that Congress increase the federal income tax rate applicable to long-term capital gains recognized by individual...more
4/26/2021
/ American Taxpayer Relief Act of 2012 (ATRA) ,
Baby Boomers ,
Budget Reconciliation ,
Business Assets ,
Business Ownership ,
Business Taxes ,
Capital Gains ,
Census ,
Closely Held Businesses ,
Deferred Compensation ,
Depreciation ,
Economic Downturn ,
Income Taxes ,
IRS ,
Joe Biden ,
Loans ,
Pass-Through Entities ,
Personal Property ,
Popular ,
Retirement Funds ,
Tangible Property ,
Tax Deductions ,
Tax Increases ,
Tax Reform ,
Tax Relief Act of 2010 ,
Tax-Free Transfers ,
Taxable Income
Approximately two weeks ago, Gov. Cuomo and the New York State Legislature agreed upon a budget for the State’s 2021-2022 fiscal year. Although most businesses and their owners have understandably focused their attention on...more
4/19/2021
/ Capital Contributions ,
Duty to Act ,
Fair Market Value ,
Fiscal Year ,
Governor Cuomo ,
Grantors ,
Liquidation ,
Personal Liability ,
Property Tax ,
Real Estate Transfers ,
State and Local Government ,
State Budgets ,
Taxable Income ,
Transfer Taxes
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
The New York state budget deal announced yesterday includes a workaround of the temporary federal limit on state and local tax deductions (the SALT cap). The provision was part of Gov. Cuomo’s initial budget proposal in...more
4/7/2021
/ Business Income ,
Governor Cuomo ,
Income Taxes ,
IRS ,
Itemized Deductions ,
New York ,
Pass-Through Entities ,
S-Corporation ,
SALT ,
Shareholders ,
State and Local Government ,
State Budgets ,
State Taxes ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Taxable Income
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