On September 13, 2021, the Democrats of the House Committee on Ways and Means released text of many proposed tax increases. Here are some highlights of the more impactful provisions generating attention. Read More
The Consolidated Appropriation Act (CAA) has enabled relief, but also created complexity for taxpayers that received a Paycheck Protection Program (PPP) loan and qualified for the Employee Retention Credit (ERC). These taxpayers should seek advice to get full forgiveness of the PPP loan and maximize the benefit available under the ERC, as the rules can get quite complicated. Read More
As you may have already heard, on Wednesday, September 8, 2021, the Internal Revenue Service (IRS) released guidance allowing individuals and businesses that were victims of Hurricane Ida in parts of New York and New Jersey to file returns and pay certain taxes up to January 3, 2022. The extension applies to tax filings and payments that were due starting on September 1, 2021. Read More
- How the Proposed $2.18 Trillion Tax Increase May Impact You9/15/2021
On September 13, 2021, the Democrats of the House Committee on Ways and Means released text of many proposed tax increases. Here are some highlights of the more impactful provisions generating attention.
- The Interplay Between the Paycheck Protection Program and the Employee Retention Credit: How to Receive the Maximum Benefit9/13/2021
The Consolidated Appropriation Act (CAA) has enabled relief, but also created complexity for taxpayers that received a Paycheck Protection Program (PPP) loan and qualified for the Employee Retention Credit (ERC). These taxpayers should seek advice to get full forgiveness of the PPP loan and maximize the benefit available under the ERC, as the rules can get quite complicated.
- NY and NJ Victims of Hurricane Ida May Be Eligible for IRS Disaster Relief9/10/2021
As you may have already heard, on Wednesday, September 8, 2021, the Internal Revenue Service (IRS) released guidance allowing individuals and businesses that were victims of Hurricane Ida in parts of New York and New Jersey to file returns and pay certain taxes up to January 3, 2022. The extension applies to tax filings and payments that were due starting on September 1, 2021.
- Is it Possible to Remain a New York Domiciliary Without Paying New York Income Tax?9/9/2021
One of the major lessons the U.S. workforce learned from the COVID-19 pandemic is that people can work from anywhere. With a simple internet connection, many employees can do their jobs from virtually any location in the world – a vacation home, a medieval European city or even a tropical paradise. For New York residents, telecommuting from a different location often offers little change in their state tax obligations. New York’s sweeping tax laws apply to all income earned by residents regardless of their remote working status. In fact, New York’s wide tax net employs two separate tests – the statutory residency test and the domicile test – to determine if a taxpayer is a resident of the state and therefore subject to state tax on all their income.
- How to Talk to Your Kids about their Gap Year8/30/2021
Although taking a “gap” year between high school and college is less common in the United States than it is in Europe, an increasing number of young Americans are choosing this path. A gap year doesn’t necessarily have to be “time off”; rather, it can offer your child a prime opportunity to learn lessons outside of the classroom, such as the impact of volunteer work, cultivating a new skill or experiencing new cultures. One way to better ensure that your child is using the time wisely is to talk to them about what their plans are and how their gap year fits into their future goals and values.
- New York Provides Clarity on the New Pass-Through Entity Tax – An Opportunity for Tax Savings8/27/2021
Passed earlier this year in April, New York’s elective Pass-Through Entity Tax (PTE tax) was intended to help taxpayers circumvent the federal limitation on state and local tax deductions. Since its enactment, taxpayers have been eagerly anticipating guidance from the Department of Taxation and Finance (the “Department”) to address many unanswered questions regarding the new regime’s application and compliance rules. Thankfully, the Department just released detailed guidance advising on many of the unresolved issues, helping taxpayers decide whether to elect in and how the mechanics of the PTE tax works. Here are some highlights from the Department’s guidance along with Anchin’s observations and recommendations.
- How the Biden Administration’s Proposed Tax Plan Could Affect Your Real Estate Business8/20/2021
President Biden’s $1.8 trillion “American Families Plan” proposal presents tax policy changes that will greatly affect the real estate industry, including an increase in the capital gains tax rate and limits on the use of 1031 like-kind exchanges.
- New York Decouples from Certain Opportunity Zone Provisions 8/20/2021
Enacted as part of the Tax Cuts and Jobs Act, Opportunity Zones were created as a tax-incentivized stimulus for investments in underserved communities throughout the United States.
- Will Recent New York State Tax Changes Drive High Income Residents From the State?8/20/2021
New York has seen a record number of residents leave over the last few years, which has been spurred in part by both the 2017 Tax Cuts and Jobs Act (TCJA) and the impact of the pandemic on the Big Apple. Some New York City residents who can work from home have decided to head to areas that provide larger square footage for less; while others have chosen to live in cities that offer better weather. Many others have migrated to states with low or no state income taxes, hoping to get more bang for their buck. The pandemic has proven to be a tough time for New Yorkers, with many now asking, what does the future hold for New York post-pandemic?
- Paycheck Protection Program (PPP) - Key Updates on Loan Forgiveness Filings8/19/2021
Many Borrowers who took out their first draw PPP loans in April 2020 and May 2020, but have not yet filed for forgiveness, have likely been contacted by their bank regarding the due date of the loan forgiveness application. A PPP borrower typically has until 10 months after the end of its Covered Period (which lasted up to 24 weeks after the date that the loan was funded) to file for forgiveness before the Borrower is required to begin making payments on the loan.
- Anchin is recognized by Construction Executive in The Top 50 Construction Accounting Firms™ for 20218/19/2021
Anchin has once again been recognized by Construction Executive in The Top 50 Construction Accounting Firms.™
- New Jersey to Roll Back COVID-era Tax Relief Measures in Less Than Six Weeks8/18/2021
Beginning on October 1, 2021, New Jersey will join the list of states rolling back their COVID-era tax relief measures as the United States sees higher levels of vaccination.
- Potential Benefits for California Pass-Through Entities (PTEs) as State Implements SALT Workaround8/10/2021
California has joined the growing list of states that are implementing new Pass-Through Entity (PTE) taxes as a workaround to the federal state and local tax (SALT) deduction cap of $10,000. The new law applies to S corporations, as well as partnerships and limited liability companies, which were initially left out of the proposed legislation. For tax years beginning on or after January 1, 2021, and ending on December 31, 2025, entities will be paying an entity-level tax on the electing owners’ income, for which they are granted a full credit against their personal California income tax liability. The PTEs are entitled to a federal deduction for the payment of the California tax.
- How the Biden Administration’s Proposed Tax Plan Could Affect Your Real Estate Business8/9/2021
There’s no telling what policies from President Biden’s new tax plan will pass through Congress, but what we do know is that there are some key items you should be aware of if your business is in the real estate industry.
- Hiring a Forensic Accountant for Your Matrimonial Case: Weighing the Option of a Neutral Expert8/3/2021
During a divorce, many hard decisions have to be made by the parties involved. One of those decisions will be determining whether to hire a forensic accountant with experience in the financial aspects of divorce. Then you need to decide whether to hire the forensic accountant as a neutral joint expert or to advise only one party.
- President Biden’s Tax Proposal and “The Perfect Storm” - What it means for real estate 8/3/2021
In the movie, The Perfect Storm, based on a true story, the captain of the commercial fishing vessel, the Andrea Gail, made the fateful decision to head to the Flemish Cap where he expected his luck would improve. He was right—the catch was great—and wrong—there was a perfect storm straight ahead. He attempted to ride through it, however, two colliding weather fronts and a strong hurricane were more than the Andrea Gail could weather, and the entire crew was lost at sea.
- Donor Identity Protected from California Regulators7/29/2021
In many states, when a large charitable donation is made to a nonprofit organization, the donor’s identity may have to be disclosed by the charity. However, in California the donor’s anonymity has been protected at the state level.
- Cryptocurrency Transactions Face Further IRS Scrutiny – What You Need to Know7/29/2021
The IRS is cracking down on taxpayers who do not report their virtual currency transactions on their income
- Interest in Opportunity Zones Peaks as Higher Rates Loom7/27/2021
The real possibility of higher capital gains rates has fueled interest by investors in opportunity zone funds. While Code Section 1400Z, providing for the funds, was slipped into the Tax Cuts and Jobs Act late in the legislative process and with little fanfare, it quickly became popular with investment advisors.
- Employee versus Independent Contractor Misclassification: A Costly Post-Pandemic Mistake7/22/2021
As the U.S. economy continues to recover, many businesses are increasing employment to pre-pandemic levels. However, according to various surveys, job seekers across a variety of industries are now prioritizing flexible work arrangements, including part-time and telecommuting opportunities. There seems to be a strong sentiment against the more traditional “in-office, nine to five” career. While many businesses appear to be adapting to the workforce’s desires, these new employment models raise concerns with respect to employment classification, specifically employees versus independent contractors.
- Planning Ahead: Expected Changes for the Real Estate Industry 7/15/2021
The Trump Administration enacted one of the largest changes to the tax code when it passed the Tax Cuts and Jobs of 2017 (“TCJA”), which contained various provisions that resulted in significant benefits to the real estate industry, such as the pass-through deduction and the extension of bonus depreciation, to name a few. The question now is, how will this, and other long-standing federal policy norms that the real estate industry relies on to do business, all change under the Biden Administration?
- Puerto Rico Act 60: How You Can Lower Your Federal and State Tax Rates Under the Resident Tax Incentive Code7/12/2021
The Tax Incentive Code, known as “Act 60”, provides tax exemptions to businesses and investors that relocate to, or are established in, Puerto Rico. The incentives are particularly attractive to U.S. citizens who move to Puerto Rico because they do not need a residency permit, their Puerto Rico income is exempt from U.S. federal and state income taxes and they get to keep benefits such as Medicare and Social Security. Furthermore, the Puerto Rico tax code mirrors the U.S. Internal Revenue Code, making the transition much easier for those who become bona fide residents of Puerto Rico.
- Can New York State’s Pass-Through Entity Tax Program Help Reduce your Overall Tax Burden?7/8/2021
On April 19, 2021, New York Governor Andrew Cuomo signed the 2021-2022 budget bill into law. The budget supports through significant tax increases, the Governor's $311 billion infrastructure plan, which is the largest and the most expansive in New York State's history. One of the key favorable provisions of the law is a new, elective Pass-through Entity (“PTE”) Tax. This new tax is enacted as a work around to the $10,000 state and local tax (“SALT”) deduction limitation, which was implemented under the Tax Cuts and Jobs Act (“TCJA”). Since state income tax is imposed directly on the Pass-through Entity, the income tax paid is fully deductible by the entity for federal income tax purposes and not limited by the $10,000 cap, which does not apply to business entities. In addition, electing taxpayers provide their owners with a credit to be utilized on their New York State (“NYS”) income tax return equal to such owners’ appropriate share of the tax paid by the PTE.
- Financial Statements Do’s and Don’ts for Private Equity Firms7/7/2021
Financial statements are a tool that investors, creditors, and management use as a financial dashboard of the business. It is important that these users find the relevant financial statements easy to understand. In financial reporting, it is strongly advised that the financial statements should present information in a clear and simple manner without omitting useful information.
- ‘Totally Inadequate’: CRE Tax Experts Say City Underestimating Extent Of Fallout7/2/2021
New York City slashed property values this year, drastically reducing tax obligations for many commercial landlords across the city. But even with assessments down by more than 20% in some cases, some owners say the reductions are not nearly enough relief, given the circumstances, and are squaring up to fight the city with greater force than ever before.
- Caution: COVID-Era Remote Worker Tax Relief Coming to an End6/30/2021
At the onset of the COVID-19 pandemic and subsequent shelter in place orders, many states extended temporary relief from state tax nexus and payroll withholding obligations to out-of-state employers with remote employees working within a state. While under normal circumstances, the physical presence of remote employees in a state often creates income and sales tax nexus and employer payroll withholding tax responsibilities, the relief provisions allowed companies to disregard the presence of remote workers in their state for these tax purposes. However, as the pandemic comes to a close in the United States, businesses should be aware that states will begin to roll back these exemptions, which were granted solely on the basis that they were temporary.
- Business & Finance Awards6/30/2021
Robert S. Gilman, CPA, CGMA, is an accounting and audit partner at Anchin and co-leader of the firm’s real estate group. He has extensive experience serving real estate owners, developers, and operators in both the commercial and residential sectors. Gilman advises his clients on day-today operations, tax saving opportunities, and transactional support that includes due diligence on the acquisition and disposition of real estate, 1031 exchanges, and opportunity zones. His experience extends to tax structuring on deals, securing financing, reviewing, and analyzing operating agreements and assisting with client investor relations for both domestic and international investors. Gilman also advises clients on financial and estate planning, budgeting, tax planning, and cash flow strategies. Many of his clients’ projects are built from the ground up and require intensive reviews of construction and ancillary costs. He also consults on compliance, accounting, and tax issues that impact the real estate industry.
- Communication Is Key to the Successful Transfer of Wealth6/29/2021
In our experience, surprises can often be avoided by having a family meeting to explain the main goals of the estate distributions well before the grantor passes.
- Have you considered adding a tax apportionment clause to your estate plan?6/29/2021
If your estate could be subject to estate tax, it’s important to consider how the tax will be apportioned – that is, who will bear the burden of the tax. Including a carefully worded apportionment clause in your estate plan may be beneficial.
- Five Things You Didn’t Know About Client Accounting Advisory Services6/22/2021
Interested in learning more about specific ways CAS can support your high-level accounting and finance efforts? Here are five things you might not have known that CAS covers.
- Securing Your Data: Practical Cybersecurity Steps for the Architecture, Engineering and Construction (A/E/C) Industries6/22/2021
As the corporate world is evolving and becoming more accepting of working remotely, every company is facing an increased threat of cybercrimes. The average cost of a data breach continues to rise and was more than $8 million last year. Many of our clients ask us what they can practically do to help protect their organizations.
- Anchin: Personalized Accounting Services for Holistic Growth6/18/2021
The COVID-19 pandemic has presented challenges to accounting firms and their clients, many of whom are still working on a strategy to combat this unprecedented situation. While CFOs and other finance professionals spent much of 2020 addressing the pandemic's hardships, in 2021 they will likely be shifting their focus toward implementing long-term plans to position their organizations for growth and profitability. Despite its toll on people and businesses, the pandemic has created an opportunity for accounting firm leaders to influence positive outcomes by reevaluating and adjusting their goals and executing wellthought-out strategies. As a result, advisory services are among the fastest-growing segments for firms such as Anchin, one of the country's leading accounting and advisory firms. Since the onset of the pandemic, Anchin’s team of professionals have made it a priority to assist their clients through COVID-19 related hardships including guiding clients through the transition to remote working, evaluating cash flow and costs, and providing them with continuous information and updates on the Paycheck Protection Program (PPP) and other incentives and programs.
- Supreme Court Leaves Affordable Care Act in Place6/17/2021
Last year, the Affordable Care Act was challenged by certain states in the U.S. Supreme Court.
- Key Considerations for Starting a Real Estate Fund – Part 26/16/2021
Sponsoring a real estate fund can be highly rewarding, both financially and personally, but it can also be a costly and complex undertaking. As you start planning, keep in mind these steps that managers should follow to successfully launch a real estate fund.
- The Mergers and Acquisitions Market is Bouncing Back!6/16/2021
Deals are back in full force! Global M&A activity through May 2021 was over $1.0 trillion, compared to just $550 billion over the same period in 2020.
- NYC Real Estate Biz is Fighting Bevy of New Taxes, Regulations6/15/2021
The real estate industry is reeling in the face of new legislation, extended eviction moratoriums, environmental regulation and higher taxes. Now, trade organization and industry leaders vow to fight back.Most recently, industry executives are warning that the Biden administration’s plans to hike the tax on long term capital gains above $1 million from 20% to the top bracket would result in a top bracket rate of 43.4%. In late May, the administration also revealed that the capital gains tax hike would be retroactively applied to assets sold after April 2021.
- New FASB lease accounting standard could impact bank debt agreements 6/14/2021
The new requirements are effective for private companies with annual reporting periods beginning after Dec. 15. For companies with calendar-year reporting, the standard goes into effect Jan. 1, 2022. It impacts financial institutions in two ways.
- Key Considerations for Starting a Real Estate Fund6/9/2021
As real estate funds continue to succeed and become more prevalent in the alternative investment industry, and with more institutional investors increasing allocations to real estate, an increasing number of aspiring portfolio managers are joining the race to launch their own real estate funds. For many successful real estate investors and syndicators with several single-asset deals under their belt, starting a real estate fund is the logical next step.
- Can You Benefit from New Jersey’s New Emerge Program?6/9/2021
On January 7, 2021, New Jersey passed the Economic Recovery Act of 2020 (the “Act”), which contains a comprehensive recovery package addressing the ongoing economic impact of the COVID-19 pandemic. Specifically, the Act includes over 15 different economic development programs incentivizing job creation, capital investment and community revitalization. Recently, the New Jersey Economic Development Authority (“NJEDA”) approved details regarding the Act’s new Emerge Program (the “Program”), a jobs-based tax credit program for businesses that invest private capital in the state and target priority industries. These tax credits are available for up to seven years.
- What are SOC Audit Reports and Why Do You Need SOC Readiness Assessments?6/3/2021
Many service organizations receive requests from their clients for a System and Organization Controls (SOC) report. However, it is often difficult to comply with SOC guidelines or determine if you are ready for a SOC audit.
- Is Your Construction Company Ready for Transition?6/2/2021
Successfully transitioning a closely held construction business to the next generation while providing an exit strategy to the current owners is one of the most important and challenging tasks faced by ownership.
- Time is (Like) Money - How to Make Sure You Have Enough6/1/2021
Successful people have busy lives. Entrepreneurs, C-Level and financial service executives’ days (and nights) are filled with making important business decisions and attending client, investor and board meetings. They typically have a sophisticated and complicated financial picture. weekends creating spreadsheets to track investments and personal financial obligations should not be the reward for creating multi-generational wealth.
- Proposed Tax Changes Are in Play – How Can You Prepare? 5/28/2021
While we have all been focusing on the various pandemic-related relief programs for businesses and individuals, it is now time to prepare for possible changes to the tax code. Planning and preparation for these changes is challenging due to the uncertainty around which provisions will change, but the more knowledgeable you are about the possibilities, the more you can do to plan. The Biden tax proposals may impact individuals, families, and businesses. Read this brief overview of some of the more important proposals, which are focused on high-income taxpayers.
- Blockchain and its Effect on the Art Market5/28/2021
It’s difficult to find an aspect of life that remains unaffected by technology. While many people may associate art collections with paintings and sculptures, art is a space where technology continues to make its mark. This article, the first in a series, will discuss some of those impacts, specifically regarding blockchain technology as a possible solution for the problems of provenance and forgery.
- Key Considerations for Starting a Private Equity Fund: What You Need to Know – Part 35/26/2021
Starting your own private equity fund requires many steps to succeed and prevail in the alternative investment space. A few of these steps have many financial considerations to keep in mind. While today there are many successful and large private equity firms, many of the firms in this space are small-to-midsize shops with the number of employees ranging from just a few to several hundred. Part 3 summarizes financial implications that managers should keep in mind when launching a private equity fund.
- Key Considerations for Starting a Private Equity Fund: What You Need to Know – Part 25/20/2021
As private equity firms continue to succeed and become ever prevalent in the alternative investment space, more aspiring portfolio mangers are joining the race to launch their own private equity fund. After refining your business strategy, setting up operations, strategizing a business plan and legal considerations, the next step would be focusing on the structure of your fund. Part 2 summarizes several aspects of setting up your fund structure.
- The CRE Industry is Battling Back Against Proposed Tax Reforms5/17/2021
Commercial real estate stakeholders are rolling up their sleeves and digging in to battle proposed tax reforms that could deal a devastating blow to the investment marketplace.
- Pittsburgh Mayor Cracks Down on Construction Fraud5/14/2021
In light of recent incidents involving unreported cash payments by subcontractors on construction projects, Pittsburgh Mayor William Peduto has signed an executive order to combat construction fraud, promote worker safety and protect city tax revenue. The Construction Fraud Executive Order cracks down on fraudulent construction companies that commit tax, insurance and workers’ compensation fraud. It also aims to stop the practice of paying workers in cash to avoid taxes.
- Key Considerations for Starting a Private Equity Fund: What You Need to Know – Part 15/13/2021
As private equity firms continue to succeed and become ever prevalent in the alternative investment space, more aspiring portfolio managers are joining the race to launch their own private equity fund. This alert summarizes the foundational steps that managers should follow to launch a private equity fund.
- What Technology Companies Need to Know About the Enhanced NJEDA Technology Business Tax Certificate Transfer Program5/12/2021
The Technology Business Tax Certificate Transfer Program enables qualified, unprofitable, NJ-based technology or biotechnology companies with fewer than 225 U.S. employees (including parent company and all subsidiaries) to sell a percentage of their net operating losses (NOL) and research and development (R&D) tax credits to unrelated, profitable corporations.
- Biden Tax Proposal Would Squeeze Apartment-Building Owners5/11/2021
The Biden proposal has yet to become part of a bill and passed by Congress. But property investors already view it as the latest threat to their business after the pandemic undercut many of the biggest real-estate categories. Widespread work-from-home policies have reduced office demand while travel restrictions have hurt hotel owners.
- Is Your Business Eligible for the Employee Retention Credit under the New “Recovery Start-Up Business” Provision?5/11/2021
The American Rescue Plan Act of 2021 enacted in March 2021 added the “Recovery Start-Up Business” provision so that a new business that could not get the benefit of the Employee Retention Credit (ERC) under the CARES Act or the Consolidated Appropriations Act, may now qualify for up to $100,000 in refundable payroll tax credits.
- Is There Any End in Sight for the IRS Backlog of Tax Returns and Refunds?5/10/2021
As the May 17, 2021 tax deadline quickly approaches, the Internal Revenue Service (IRS) is struggling to catch up with the tremendous backlog of returns and other correspondence submitted since the start of the COVID-19 pandemic. According to the IRS’ Taxpayer Advocate Service, the agency is holding onto approximately 31 million tax returns, including amended returns and net operating loss carryback refund claims, for processing. This backlog has grown by about 2 million since last month alone.
- What A/E/C Firms Need to Know About the R&D Tax Credit and the Employee Retention Credit5/7/2021
In order to stimulate the U.S. economy during the pandemic, the federal government enacted stimulus initiatives including the Paycheck Protection Program (PPP). The PPP enabled a business to receive a loan, with the ability to be forgiven if used according to loan guidelines that were put in place to help businesses keep their workforce employed during the COVID crisis. While many architecture, engineering, and construction (A/E/C) businesses successfully participated in the program, receiving the loan and later applying for and receiving forgiveness, the tax ramifications of receiving a PPP loan initially were somewhat unclear. One area of uncertainty was the tax deductibility of expenses covered by the PPP, which would also impact and reduce the expenses that could be claimed for the Research and Development (R&D) tax credit.
- High Commitment to Clients' Needs Delivers Results5/6/2021
Anchin Private Client is honored to have been named “Best Tax Advisor” by the 8th annual Family Wealth Report Awards. This piece shares some thoughts from Jared Feldman, Leader of Anchin Private Client, on what makes the team successful and pays tribute to the many people, both within Anchin and among our clients’ other trusted advisors, that make excellent client service possible.
- Key Considerations for Starting a Hedge Fund - Part II5/5/2021
After setting out your initial steps with strategic planning, budgeting, raising capital and going over legal considerations, the next steps we outline will be crucial in the success of your fund.
- The U.S. Justice Department Takes Action Against COVID-19 Related Fraud5/3/2021
On criminal matters, the DOJ’s efforts to combat COVID-19 related fraud schemes have proceeded on several fronts.
- Keep it All in the Family: Make Sure You are Properly Planning for Your Vacation Home4/29/2021
Without a solid plan and ground rules that all family members agree to, conflict and tension may result in a ruined vacation — or worse yet, having to sell the home.
- SBA Opens Application Portal for Restaurant Revitalization Grants4/29/2021
On Friday, April 30 at 9:00 AM EST, the portal registration opens, signaling the start of the application process.
- Key Considerations for Starting a Hedge Fund4/29/2021
Hedge funds comprise the largest segment of the alternative asset market. With this status comes large profit potential. Many talented traders and investment professionals consider starting their own funds at some point during their careers. Launching a fund is not an easy or inexpensive undertaking, but it can be both personally and financially rewarding. Below, we will guide you on the first initial steps to take into consideration when starting your fund.
- Is Your Company Eligible for a Refundable Payroll Tax Credit for Missed Work Time Related to the COVID-19 Vaccination?4/26/2021
The American Rescue Plan extended and expanded the provisions of this credit to include employees who are experiencing symptoms, seeking a medical diagnosis or awaiting the results of the COVID test or are in the process of obtaining or recovering from the effects of any COVID-19 immunization.
- Call for Entry: Anchin Construction & Design Awards4/23/2021
Nominations are open for the 2021 Anchin Construction & Design Awards, presented in cooperation with the New York Building Congress (NYBC), the American Council of Engineering Companies of New York (ACEC New York) and the Subcontractors Trade Association (STA).
- SBA Releases Program Details of the Restaurant Revitalization Fund4/22/2021
Recent updates by the Small Business Administration (“SBA”) are captured here, and we expect the SBA to issue additional formal guidance in the next few weeks. The newly released rules may be significant to you and include updates on grant eligibility; calculation, amount, timing and use of grant funds; as well as information on how to apply.
- Key Updates Regarding the Expansion of COVID-19 Economic Injury Disaster Loans (EIDL)4/22/2021
The Small Business Association (SBA) has issued various updates related to the amount of disaster loans available to address the ongoing strife faced by many businesses in the wake of the COVID-19 pandemic, including the potential to request an increase to an existing loan.
- How Do You Value a Company with No Earnings (or Sales)?4/20/2021
Skilled business valuation experts have several ways to deal with this challenge.
- Protecting Your Business From Fraud in the “Pandemic Economy” 4/16/2021
Unfortunately, experience in prior crises shows that well-intentioned efforts to quickly provide aid in the form of large sums of funds to people in need can leave the door open to fraud.
- The Fiscal Year 2022 New York State Budget – The Benefits and Costs to You4/12/2021
New York Governor Andrew M. Cuomo and legislative leaders have announced an agreement on the state’s fiscal year 2022 budget, which, among its various provisions, will significantly raise tax rates and make New York City the highest taxing jurisdiction in the country. The notable changes are discussed below, and it is important for taxpayers to consider how they may be impacted going forward.
- Digging Deeper: Parkview Health granted $1.1M PPP loan… but officials say they never sought it4/9/2021
Brian Sanvidge tells ABC21 that the massive government-backed effort isn't designed for market-topping employers like Parkview Health.
- New York State’s Tax Increase: What High Earners Need to Know4/8/2021
Taxes are going up for New York’s highest earners. Legislation passed Wednesday raises income-tax rates on single filers with more than about $1.1 million of income and joint filers reporting more than about $2.2 million. The changes mean top earners in New York City will be subject to the highest combined local tax rate in the country.
- The $2.25 Trillion Infrastructure “American Jobs Plan” and What it Means for the Architecture, Engineering and Construction Community4/5/2021
President Biden has put forward the long-awaited $2.25 trillion “American Jobs Plan” spending proposal for a massive infrastructure renovation. The “American Jobs Plan” lays out a budget of $621 billion for transportation infrastructure; $689 billion for building and utilities; and $500 billion for worker training, research and development, and domestic manufacturing initiatives.
- Best Bosses 20214/5/2021
MARC WIEDER & ROBERT GILMAN Anchin, Block & Anchin As partners and co-leaders of the real estate practice group at Anchin, Block & Anchin, Marc Wieder and Robert Gilman lead a 36-member team that represents some of the biggest players in commercial real estate on everything from transactional guidance and 1031 exchanges to advisory on tax strategy to cash flow analysis. The duo has an impressive reputation among both clients and colleagues.
- What Does a Trustee Do?3/31/2021
Your estate plan may include several different trusts. The reason is that various types of trusts can accomplish a myriad of estate planning goals. Thus, it’s critical to understand the role of a trustee.
- How to Become an “Angel Investor”3/31/2021
Non-accredited investors or individuals can now participate in angel investing through various crowdfunding platforms and groups. If you are not currently investing in start-ups but are interested in providing funding, there are a few ways you can get started.
- What Happens When the Owner of a Pet Dies? Help Ensure Their Future Lives by Adding Them to Your Estate Plan!3/31/2021
If you are creating an estate plan, you might be overlooking one important family member: your pet! While pets might not show typical human emotional behavior, changes in routine and the absence of an owner’s presence will be evident to them.
- Want Commercial Property Tax Relief? Don't Hold Your Breath3/28/2021
Economic slumps traditionally set off battles between local governments trying to make up lost revenue by holding the line on property taxes and property owners trying to cut their taxes to be more in line with their diminished bottom lines. For many commercial property owners, the pandemic-inspired recession has set that dynamic in play once again but with some new twists. For one thing, not all owners have had a hard time, such as most industrial owners. More importantly, tax experts say the prospect of a relatively short downturn might give taxing authorities the upper hand.
- Groups See Target on 1031 Exchanges3/26/2021
Concern is mounting that the Biden Administration’s next policy package could eliminate a crucial tax break for commercial real estate owners, which could translate into lower transaction volumes and demand for lending.
- What Architecture, Engineering and Construction Firm Owners Need to Know About the Impact of a Full or Partial Suspension on the Employee Retention Credit3/25/2021
A/E/C firms that experienced some type of government suspension in 2020 may qualify for this credit even if they did not have the required reduction in Gross Receipts. Even if you were considered an essential contractor, you may still qualify as having experienced a partial government suspension.
- IRS Extends Some April 15th Filing Deadlines3/18/2021
In a news release, the IRS and Treasury Department announced an extension of the April 15th deadline to May 17th for the filing of 2020 individual income tax returns and the associated tax payments.
- Changes to R&D Expensing—Unpleasant Surprise to Taxpayers and Great Opportunity for Bipartisanship3/18/2021
Among the less taxpayer-friendly provisions in the 2017 tax law is a requirement to amortize research and development expenses over a period of at least five years effective for tax years beginning after Dec. 31, 2021. Currently, taxpayers can elect to immediately expense such costs. Yair Holtzman and Gleb Gorkhover of Anchin explain why eliminating the immediate expensing option discourages taxpayers from keeping R&D activities in the U.S.
- What Companies and Their Financial Partners Need to Know Related to the Paycheck Protection Program (PPP)3/17/2021
Now that many companies are in the midst of preparing their financial reports for 2020, it is time to understand how banks will evaluate the PPP loans that may be included as liabilities on balance sheets at December 31, 2020. How will banks view PPP loans in light of an entity’s equity value and loan covenants?
- UpClose With Anchin: Supporting Growth From Inside3/17/2021
NEW YORK CITY—Founded in 1923 in New York, Anchin is recognized as a top-tier firm nationwide in terms of its quality, management, scope of services and work environment. The firm provides privately-held businesses and high net-worth individuals with a wide range of traditional and traditional advisory services, which include accounting and audit; tax planning and compliance; tax credits and incentives; management and succession advisory; and litigation support, forensic accounting and valuation.
- The 30% Participation Goal for MWBEs: Challenges and Opportunities3/16/2021
Previously, New York Governor Andrew Cuomo reauthorized the Executive Law Article 15-A to extend until December 31, 2024. Originally signed into law in July of 1988, this law seeks to level the playing field for minority and women-owned business enterprises (MWBEs) by establishing goals for MWBE involvement in construction projects. The newest participation goal is 30% of the budget for each year of your grant and is established based on the results of a 2016 disparity study.
- SEC Division of Examinations Announces 2021 Examination Priorities3/16/2021
The Securities and Exchange Commission’s Division of Examinations (formerly known as the Office of Compliance Inspections and Examinations or OCIE) announced its 2021 examination priorities. This report is published annually to provide insight into what the Division will prioritize for the coming year. The report includes the areas believed to be potential risks to the integrity of the U.S. capital markets and to investors.
- American Rescue Plan Provides $28.6 Billion in Relief for Restaurants via the Restaurant Revitalization Grant3/15/2021
On March 11, 2021, President Biden signed into law the $1.9 trillion coronavirus relief bill entitled American Rescue Plan Act of 2021 (“ARP”), which includes a $28.6 billion grant program under Section 5003, Support for Restaurants. The focus of this Alert is on the key clauses of the Restaurant Revitalization Grant pursuant to the ARP. We expect the Small Business Administration (“SBA”) to issue additional formal guidance in the next few weeks.
- What You Need to Know About the American Rescue Plan Act of 20213/12/2021
On March 11, 2021, the American Rescue Plan Act of 2021 (ARP) was signed into law by President Biden. The contents of the $1.9 trillion bill are mostly in line with the plan set forth by President Biden before he was inaugurated on January 20. The package is intended to provide additional economic relief related to the ongoing COVID-19 pandemic, and the majority of funds are allocated towards enhanced unemployment relief, expanded funding for COVID-19 relief programs, aid to state and local governments, and assistance to schools. From a taxpayer perspective, the bill included tax provisions that provide relief both to businesses and individuals through enhancements, and expansions of credits and programs that were put in place to keep families and small businesses afloat through the ongoing crisis. This includes an extension of payroll tax credits first instituted at the start of the pandemic for businesses.
- Do You Qualify for the Tax Benefit of Home Office Deductions?3/9/2021
Are you one of the millions of people working from home during the COVID-19 pandemic? To contain the spread of the COVID-19 virus, many business owners and their employees were required to work from home. After incurring the costs to set up a workstation, you may have noticed that you are using more electricity and water, talking more on the phone, and relying on an extra cost super-fast internet connection to get your work done. How should you treat these extra costs? Have you been wondering whether you can claim a federal tax deduction for home office expenses? Here is what you need to know about qualifying for home office tax deductions.
- Paycheck Protection Program (PPP) – What You Need to Know About the Certification for Economic Uncertainty for First Draw and Second Draw Loans3/8/2021
On March 3, 2021, the Small Business Administration (SBA) updated its Frequently Asked Questions (FAQs) for Lenders and Borrowers. There are now 65 FAQs that address various issues impacting the PPP loan program. There is a separate set of FAQs specifically focused on PPP Loan Forgiveness. This Alert is focused on FAQ 46, which was revised on March 3, 2021 to include a response for Second Draw loans.
- Brands and Retailers Will Discover More Fraud Schemes When Workers Return To Offices3/8/2021
Anchin's Consumer Products Group Leader Marc Federbush spoke about fraud in the pandemic environment in this Forbes piece.
- Anchin Opens Long Island Office to Accommodate Growing Team of Industry Experts 3/4/2021
Anchin is pleased to announce that it has opened an office on Long Island, in Uniondale, New York.
- Be Careful of the Hidden Impact of PPP Loan Forgiveness on FAR Overhead Rates3/2/2021
At first glance, it may seem like a no-brainer for architecture, engineering or construction (“AEC”) companies to apply for forgiveness of their Paycheck Protection Program (“PPP”) loan. If the loan qualifies for forgiveness, the forgiveness is not taxable, and, thanks to recently passed legislation, the expenses paid with the loan proceeds are deductible. In effect, this would be tax-free money from the government. However, an AEC company that participates in government contracts has other considerations related to PPP loan forgiveness – primarily the potential impact of forgiveness on Federal Acquisition Regulation (“FAR”) overhead rates. An AEC company that participates in government contracts must frequently calculate indirect costs (overhead) rates before submitting a bid for a contract.These rates must be compliant with the FAR, a complex set of rules governing the federal government's contract process and the rates to be billed under the contract.
- When Should a Landlord Accrue Rents?2/26/2021
As the COVID-19 pandemic affects every aspect of our lives, we continue to see how the outbreak has negatively affected our economy too. Every industry has been impacted by Coronavirus shutdowns. One of the hardest hit industries is the real estate rental market. Whether you are a landlord or a tenant, you are feeling the impact.
- What Contractors and Their Financial Partners Need to Know Related to PPP2/25/2021
Now that calendar year contractors are in the midst of preparing their financial reports for 2020, it is time to understand how banks and sureties will evaluate the PPP loans that may be included as liabilities on the contractors’ balance sheets at December 31, 2020. How will banks and sureties view PPP loans in light of an entity’s equity value and loan covenants?
- Five Financial Steps for the “Suddenly Single”2/24/2021
Becoming “suddenly single” due to divorce or death of a spouse is challenging both emotionally and financially. This is true in any environment, but it is even more so during a pandemic when there is already so much uncertainty.
- What to Consider Before Relocating Overseas 2/24/2021
COVID-19 has caused many to rethink where they want to shelter during quarantine and for how long. Those who have the option are moving away from densely populated cities and some are even considering a move out of the country. If you are deliberating moving your family abroad, you are among many households that are considering a major change in lifestyle.
- New Jersey Follows Federal Tax Treatment of PPP Loans2/22/2021
New Jersey Governor Phil Murphy and State Treasurer Elizabeth Maher Muoio have announced that federal Paycheck Protection Program (PPP) loans will receive the same beneficial tax treatment in New Jersey as they do at the federal level. Following the federal government’s lead, PPP loans will be tax exempt for New Jersey state income tax purposes, and those who received the loans can also deduct business expenses paid for with the money from these tax-exempt loans.
- State Tax Implications of PPP Expense Deductibility and Loan Forgiveness2/18/2021
The Paycheck Protection Program (PPP), created as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act and extended under the Consolidated Appropriations Act of 2021, provided much-needed relief for businesses struggling to stay afloat during the COVID-19 pandemic. While the CARES Act specifically excluded forgiven loans from taxable income at the federal level, the deductibility of the associated expenses remained in question until the enactment of the Consolidated Appropriations Act which clarified the allowance of such deductions.
- 401(k) Plans to Admit Long-Term, Part-Time Employees2/12/2021
Under current law, sponsors of 401(k) plans may exclude from eligibility those employees who are under age 21 or who do not work at least 1,000 hours in a plan year. The latter provision, known as the service requirement, is about to change.
- Why Financial Advisors of Color Matter2/10/2021
Managing Director of Anchin’s TAS group, Olamide (Lami) Ajibesin was quoted in this piece speaking to the importance of diversity in the financial services industry.
- Flexible Spending Accounts: New Opportunities Are Available to Your Employees2/9/2021
Since Congress recognized that the forfeiture of account balances would place an unfair financial burden on taxpayers through no fault of their own, legislation was recently passed that offers relief to employees.
- Beware of Increased Fraud as a Result of COVID-19 2/4/2021
The Association of Certified Fraud Examiners (ACFE) recently published the results of its second benchmarking report, “Fraud in the Wake of COVID-19,” based on survey results from more than 2,000 Certified Fraud Examiners across various industries. This report, published in September 2020, indicates that cases of fraud have increased during the pandemic and that the trend is expected to continue.
- Changes to Accounting Rules Provide Alternatives to Costly Performance Record Verifications2/3/2021
Aspiring investment managers looking to raise capital often find a lack of a documented track record of past performance to be a roadblock. However, with recent changes to accounting rules, investment managers may have caught a break. The Statement on Standards for Attestation Engagements No. 19 - Agreed-Upon Procedures Engagements (“AUP” or “SSAE 19”), issued in December 2019 may provide alternatives to performance record verifications that have previously been accomplished through costly examinations or Global Investment Performance Standards (GIPS) verifications.
- What Does the New Stimulus Package Mean for Landlords? 2/3/2021
The highly anticipated second stimulus relief package, released shortly before the holidays, on December 22, 2020, has a provision that will finally provide benefits to property owners.
- QIP vs. Repair Regulations – Decisions, Decisions, Decisions…2/3/2021
Has your business been hit hard by the COVID-19 pandemic? While many business’s operations have been greatly affected by the pandemic, the good news is that much needed relief is now accessible to many. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020, providing widespread economic relief, including some significant tax law changes. The new CARES Act provision on qualified improvement property (QIP) tax treatment is particularly noteworthy for taxpayers in the real estate, restaurant, retail, and hospitality industries as these businesses have been hit hard by the COVID-19 pandemic.
- Anchin’s Real Estate Group’s Robert Gilman and Marc Wieder Named to Crain’s New York’s 2021 Most Notable in Real Estate2/2/2021
NEW YORK--(BUSINESS WIRE)--Anchin, Block & Anchin LLP (“Anchin”), a leading accounting, tax and advisory firm, today announced Robert Gilman and Marc Wieder, co-leaders of the Real Estate Group, have been recognized on Crain’s New York’s Notables in Real Estate list for 2021. The award honors real estate executives who have significantly impacted the New York City real estate industry, and celebrates their professional, civic and philanthropic achievements.
- Offensive vs. Defensive Cybersecurity2/2/2021
Amidst the COVID-19 pandemic and subsequent stay-at-home order, the global market has become increasingly reliant on Internet connectivity and, most importantly, their IT infrastructure, to operate remotely. However, cyber criminals and Advanced Persistent Threat (APT) groups have taken notice of this, and seek to exploit organizations that are not adequately prepared for a cyber attack. In fact, experts estimate that over 300,000 new variants of malware and potential unwanted programs are developed daily.
- Anchin’s Olamide Ajibesin Named to 2021 Top 25 Most Influential Women in Mid-Market M&A2/1/2021
Mergers & Acquisitions names 2021 Top 25 Most Influential Women in Mid-Market M&A, including Anchin’s Olamide Ajibesin.
- What do the “Final” Carried Interest Regulations Mean for You?1/26/2021
On January 7, 2021, the Internal Revenue Service (IRS) released final regulations (the Final Regulations) relating to the scope and applicability of Internal Revenue Code Section 1061. The Final Regulations retain the basic approach of the Proposed Regulations that were released on July 31, 2020, and published in the Federal Register on August 14, 2020, with certain significant changes. We previously discussed the Proposed Regulations in an earlier alert published here. This alert highlights certain changes made to the Proposed Regulations as well as certain provisions of the Proposed Regulations left unchanged in the Final Regulations.
- Anchin Expands Client Accounting Advisory Services (CAS) Group; Welcomes Peter Motsch as a Director and Co-Leader1/25/2021
We are pleased to announce that Peter Motsch has joined Anchin as a Director and Co-Leader of Anchin’s Client Accounting Advisory Services (CAS) Group. As co-leaders of the CAS group, Peter and Joseph Perotta focus on offering accounting services and financial expertise to clients across all industries. Peter has more than 10 years of financial reporting, audit and business advisory experience, and has led financial reporting and accounting services projects for clients of all sizes, giving him insight into operations across a wide range of industries.
- Hedge Fund Investors Expect Continued Due Diligence Challenges in 20211/25/2021
With the COVID-19 vaccine rollout underway, it is possible that life could begin returning to “normal” in 2021. However, hedge fund investors do not expect a return to pre-pandemic operations for due diligence just yet. We took a look at the continued challenges and possible opportunities investors see related to virtual due diligence.
- A Tax Checklist for Newly Married Couples1/21/2021
Marriage changes a lot of things, taxes and other matters are on that list. Newlyweds should know how saying “I do” can affect their tax situation and other matters.
- What to Consider Before Purchasing High Net Worth Insurance1/21/2021
Purchasing insurance can be a daunting task for any individual, given the myriad of providers and customizations available. Yet purchasing insurance is even more complicated for High Net Worth Individuals (HNWI), as they tend to have more complex risks and insurance needs.
- The Financial Changes High Net Worth Women Need to Plan for as Joe Biden Takes Office1/19/2021
Worth sat down with Anchin Tax Partner Tara Burek to discuss the changing relationship between women and wealth, what high net worth women need to keep in mind as they do their financial planning and what we all need to know about how tax policy might be changing with Biden at the helm.
- Additional Relief For Businesses: First Draw PPP Loans and Changes to the Forgiveness Rules1/12/2021
The focus of this Alert is to summarize the rules and regulations for Borrowers who either will be applying for their First Draw PPP Loan or who want to amend their existing PPP loan by applying for additional funding. In addition, we will outline some changes to PPP loan forgiveness.
- New Stimulus: Careful Planning Is Required To Maximize Benefits from the Enhanced Employee Retention Credit (ERC)1/11/2021
The ERC is a refundable payroll tax credit available to businesses affected by COVID-19 that continue to pay salaries to their employees. Whereas the original version of this provision (from the CARES Act) was very limited in scope, the current version has expanded the universe of taxpayers who qualify for the credit and, at the same time, has increased the amount of the credit.
- Round 2 – What the Latest SBA Guidance on the Paycheck Protection Program (PPP) Means For You When It Comes to Drawing a Second Loan1/11/2021
The focus of this Alert is to summarize the rules and regulations for PPP Second Draw Loans regarding eligibility, applications, and forgiveness. This Alert will be followed with one that addresses rules and regulations for Borrowers who either will be applying for their First Draw PPP loan or for Borrowers who want to amend their existing PPP loan and apply for additional funding.
- New York Resident State Credits for Pass-Through Entity Taxes1/7/2021
With the release of IRS Notice 2020-75 permitting the deduction of state pass-through entity (PTE) tax payments, many taxpayers are considering electing into PTE tax regimes as a workaround for the $10,000 cap on state and local tax deductions on federal tax returns. To date, New Jersey, Maryland, Louisiana, Oklahoma, Rhode Island and Wisconsin have enacted elective PTE taxes. Connecticut is the only state with a mandatory PTE tax. A number of other states, including New York, are debating the enactment of PTE taxes in 2021.
- Accelerate Innovation As the Pandemic Lingers, But Keep Your Firm's Adoption Rigor12/31/2020
ConTech startups need to clear a high bar and demonstrate tested, added value in construction.
- New Stimulus: What You Need to Know about the Tax Provisions of the Consolidated Appropriations Act, 2021 (The Act) 12/30/2020
Additional relief is on the way for individuals and businesses. Here are the key provisions of the additional round of stimulus in The Act passed by Congress and signed by the President.
- How Class C Apartment Residents are Getting By12/29/2020
The pandemic’s impact on apartment dwellers hasn’t been uniform.
- Paycheck Protection Program (PPP) – Round 2 12/28/2020
On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021, (the “Relief Act”), which includes a relief package consisting of $900 billion in aid to small businesses and individuals impacted by COVID-19. The focus of this Alert is to address changes made to the Paycheck Protection Program (PPP) through Title III – Continuing the Paycheck Protection Program and Other Small Business Support (Section 301-348) of the Relief Act.
- Expenses Paid for with PPP Loan Funds are Now Deductible12/28/2020
After many months of debate and consternation, Congress has finally overridden the guidance issued by the IRS and Secretary Mnuchin regarding deducibility of expenses paid for with PPP loan funds.
- The Nitty Gritty on Federal Rent Relief12/22/2020
As the multifamily sector welcomed the inclusion of $25 billion in rental assistance in the federal relief package, it rushed to decipher the 5,000-page bill.
- Anchin's Year End Trusts & Estates Series12/17/2020
This series provides insights on how estate and trust planners may capitalize on the market’s historically low interest rates, and how high net-worth families could take advantage of trust and estate planning strategies before the new administration takes office in January.
- Five Financial Moves You Should Make Before the End of the Year12/17/2020
The end of the year is the perfect time to review your finances and make sure you are well-positioned for the coming year. With that in mind, here are five financial moves that will help ensure that you are on top of your current financial situation and maximizing potential benefits.
- Anchin Ranked in Top 8 on Crain's New York Business's 2020 Best Places to Work in New York City12/14/2020
Anchin, Block & Anchin LLP ("Anchin") announced that it has again been included among the winners of Crain's New York Business's annual Best Places to Work in New York City rankings. Anchin has been awarded the distinction for 11 years, and this year achieved its best ranking yet, 8th out of the 46 winning companies in the large employer category (100 or more NYC employees). This is the highest ranking of any accounting firm.
- Grantor Retained Annuity Trusts (GRATs), a Proven Estate Planning Strategy12/11/2020
As we approach year end, many are capitalizing on today’s low interest rates and values using estate planning techniques that may be unavailable under a new U.S. administration. Setting up a Grantor Retained Annuity Trust (GRAT) is a proven and regulated approach that should be considered before it is too late.
- The Private Equity Secondary Market – Has COVID-19 Created a New Buying Opportunity?12/10/2020
The typical way to invest in private equity is by investing when a fund initially raises capital. However, it is also possible to invest by taking over the position of an existing investor by purchasing the position on a secondary market. Under the right conditions, there can be significant advantages to investing through the secondary market - and the COVID-19 crisis may have created such an opportunity.
- Reducing Your New Jersey Tax Liability with BAIT12/9/2020
The $10,000 federal limitation on the deductibility of state and local taxes, known as the State and Local Tax (SALT) deduction, continues to be a major concern for many taxpayers, particularly those in high-tax jurisdictions. To circumvent this cap, several states have introduced entity-level taxes on pass-through entities (PTEs), which ostensibly treat the entity tax as a deduction by the trade or business rather than an itemized deduction at the individual partner level, which would be subject to the SALT limitation. Individual partners, in turn, receive a credit for the entity-level taxes paid. Questions loomed regarding whether the Internal Revenue Service would respect such deductions until it released Notice 2020-75 in November, indicating that the deductions of these tax payments are in fact permitted. New Jersey joined the SALT workaround bandwagon this year by establishing its Business Alternative Income Tax (BAIT).
- 2020 Financial Services Year-End Tax Planning Alert12/8/2020
As we publish our annual year-end tax planning alert, we are frequently reminded that 2020 is no ordinary year. What began as a normal filing season was extended to July 15, 2020, and came with other ramifications of the COVID-19 pandemic -- quarantine in place, working from home, CARES Act, social and economic turmoil as well as a still-unsettled election and political environment.
- Where Can You Find “Lost” Money in the Pandemic?12/8/2020
The COVID-19 pandemic has caused financial hardships for many businesses and taxpayers. Shelter-in-place orders closed companies’ doors for months resulting in significant losses of revenue and job cuts. Businesses are now adapting to new ways of operating and are seeking alternative avenues to generate much-needed revenue. However, in doing so, many companies and taxpayers are overlooking a $40 billion cache of money that’s already theirs.
- What I Learned: Women Working through the Pandemic 12/2/2020
Just as many others likely did, I left my office in March thinking I would not be back for a few weeks. I had no clue that this would be the new normal for the foreseeable future.
- When Opportunity Knocks: Dealing With Recruiters12/2/2020
Anchin Executive Network Relationship Senior Manager Steve Mandell spoke with CFO Magazine about how to make the most of these career connections.
- Combating Deep Fakes12/1/2020
As cyberwarfare becomes a traditional war fighting capability, concerted disinformation campaigns are no longer bound to the physical realm but creeping into the digital space.
- What IRS Guidance on Deductibility of PPP Expenses Means To You11/30/2020
The forgiveness of a Paycheck Protection Program (PPP) loan is excludible from taxable income. Earlier this year, the Treasury Department released Notice 2020-32 which states that expenses paid with the proceeds of a forgiven loan should not be deductible for tax purposes, as that would result in a double tax benefit. Many professional tax advisors thought the IRS reasoning behind Notice 2020-32 was not sound and did not match the original intent of Congress when they made forgiven PPP loan proceeds excludible from income. Indeed, the Congressional Budget Office had to “rescore” the cost of the legislation as they assumed the expenses would be allowed as a deduction. All are waiting for additional legislative guidance to clarify this matter. While certain members of Congress, on both sides of the aisle, have voiced opposition to the IRS position, no legislation has been forthcoming to date.
- Two Easy Ways to Use Low Interest Rates in Your Estate Plan11/24/2020
Current estate planning has focused on utilizing a taxpayer’s historically large lifetime exemption because this amount is slated to decrease under the current law in a few years (and possibly sooner by government action). When the exemption has already been used, here are two more planning techniques that will also help the taxpayer benefit from the unusually low interest rate environment.
- Biden Presidency May See Higher Individual Tax Rates, 1031 Repeal11/23/2020
While an increase in individual tax rates could be on the horizon in a Biden administration, the wealth of challenges he’ll have to tackle upon taking office could put this on the back burner.
- U.S. Retail Industry Experiences the Worst and Best of Times Amid COVID-19 Pandemic11/19/2020
In this article, Anchin's Marc Federbush shares the varying experiences that U.S. retailers have had during the COVID-19 pandemic, and how some companies have been able to adapt, innovate and persevere in the face of these challenges.
- Multifamily Beats the Odds11/18/2020
While hotels, retail and offices sink, the multifamily sector is sailing along.
- Philanthropy and Your Taxes: Doing Well by Doing Good11/17/2020
Some of the nation’s wealthiest families and individuals are among the most philanthropically inclined. Understanding that they did not achieve their level of success without a supporting cast, many families believe that it is important to give back to the communities and causes that are nearest to their hearts. Here are a few tax-related strategies to consider to ensure that you are doing well by doing good.
- Considerations When Building an Art Portfolio11/17/2020
Fine Art has played an important role in the lives of high-net-worth individuals and families for generations, adorning homes and nurturing souls. Fine Art taps a variety of passions very personal to the observer. At the same time, an increasing number of ultra-high-net-worth individuals have embraced Fine Art as an important part of their investment holdings.
- Fringe Benefits That May Affect Your Payroll Reporting and Tax Withholding11/17/2020
To Our Business Clients: Attached for your convenience is a summary of the tax treatment of certain fringe benefits for payroll tax and income tax reporting purposes, plus detailed information regarding company automobiles and health and accident insurance premiums for S corporations. If any of these items
- Anchin Announces Management Group Promotions with four new Directors and six new Senior Managers11/17/2020
Anchin is pleased to announce the promotions of ten professionals. Four professionals were promoted to Director and six were promoted to Senior Manager effective October 1, 2020.
- Anchin’s Post-Election Insights: To Carryforward or Carryback Losses…That Is the Question11/16/2020
The CARES Act allows a five-year carryback of any tax losses generated in a taxable year beginning after December 31, 2017 and before January 1, 2021. Alternatively, a taxpayer can make an election to waive these tax loss carrybacks on their 2020 return and instead carry the tax losses forward to future years. With a Biden Administration approaching, an increase in tax rates is possible. Changes may include raising taxes on corporations to 28% (from 21%), increasing the top personal income tax rate back to 39.6% (from 37%) and eliminating the 20% qualified business income deduction for those making $400,000 or higher.
- Preserving Your Family Legacy with Spousal Lifetime Access Trusts (SLATs)11/13/2020
We are currently experiencing a perfect storm for estate planning – a historically high Federal gift tax exemption coupled with depressed values, largely attributable to the pandemic. A married couple has the ability to transfer up to $23 million out of their estate with no gift tax payable. This exemption is scheduled to be reduced by half in five years, or sooner, through new legislation. While taking advantage of this significant estate planning opportunity is very appealing, many people are reluctant to part with this level of assets. Fortunately, there is a vehicle which allows for assets to be transferred to a trust, removing them from the estate, while still allowing access if needed.
- Opportunity For Tax Savings: State and Local Pass-Through Entity Taxes Not Subject to the Federal Deduction Cap11/12/2020
Earlier this week, the Department of the Treasury and IRS announced that state and local taxes imposed at the entity level on pass-through entities are permitted as a federal tax deduction. Forthcoming proposed regulations will clarify that state and local income taxes imposed on and paid by a pass-through entity are allowed as a tax deduction by the pass-through entity in computing its taxable income. Such tax payments are not subject to the $10,000 state and local tax (SALT) deduction limitation on individual partners and shareholders who itemize deductions.
- Non-qualified Stock Options vs. Incentive Stock Options: Which is right for your company?11/12/2020
Being able to attract and retain key talent can substantially aid a company’s ability to succeed and grow. There are many offerings that can appeal to key employees, and one that tends to be popular is a stock option plan. If you are looking to provide your employees with an incentive stock option (“ISO”) plan or a non-qualified stock option (“NSO”) plan, you will want to make a careful and informed choice.
- Anchin’s Post-Election Insights: Planning for Upcoming Capital Gains11/11/2020
Next year may be one with many changes to the tax law. One key area of focus is how capital gains are taxed. While control of Congress may not be decided until January, now is the time to review your future capital gains related transactions and lay out your plan to minimize potential significant increases in tax.
- The SBA Issues PPP Loan Necessity Questionnaires for Loans of $2 Million or Greater for Comment11/10/2020
On October 26, 2020, the Small Business Administration (SBA) announced in the Federal Register two new forms: Form 3509, PPP Loan Necessity Questionnaire (For-Profit Borrowers), and Form 3510, Loan Necessity Questionnaire (Non-Profit Borrowers). Although these forms have not been widely distributed, the SBA is accepting public comment on them through November 25, 2020.
- Anchin’s Post-Election Insights: Tax Considerations11/9/2020
Here are a few thoughts to consider as we look to a new administration with new tax plans for 2021. Now is the time to start to plan for tax changes while there is still time to act in 2020.
- Tax Basis Method Capital Reporting Requirement and What It Means to You11/4/2020
This reporting requirement is no small undertaking and may require a review of all prior year tax returns and Schedule K-1s starting from a partnership's inception.
- How the Loss of Additional $600 Weekly Unemployment Checks Affected the Real Estate Market11/4/2020
This additional $600 benefit expired on July 31, 2020. While tenants had collected enough for their August rents, without the additional benefits in August, landlords were bracing for a downturn when it came to September rent.
- Key Accounting and Financial Reporting Disclosure Considerations for 2020 11/4/2020
With so many changes and challenges, now is the time to start assessing the impact on your financial reporting. Addressing these issues early will save time later and give you adequate time to prepare.
- Compliance with Advisers Act Rule 206(4)-2: Combined Financial Statements - What You Need to Know11/4/2020
Rule 206(4)-2, referred to as the “Custody Rule”, is regarded as an integral component of the Investment Advisers Act of 1940. On October 23, 2020, the Chief Accountant’s Office of the Division of Investment Management released a “Dear CFO Letter” that provides guidance on the use of combined financial statements to comply with the Custody Rule.
- Anchin’s Financial Services Practice Awarded Best Accounting Firm for Start-Up & Emerging Funds by Hedgeweek11/3/2020
“Anchin is truly honored to be chosen for this award,” said Jeffrey I. Rosenthal, CPA, Partner-In-Charge of the Firm’s Financial Services Practice. “Anchin prides itself on the excellent service and added value we provide to clients, and we are immensely proud to accept such awards which result directly from the efforts of our team.”
- Investing for the Future: Creating a Lasting Legacy for Investors in the New World11/2/2020
Traditionally, investors have used fiscal indicators such as P/E ratios, debt-to-equity ratios, EBITDA and other metrics to make informed investment decisions. However, as the next generation takes over the investing mantle, there is a psychographic shift in investing behavior and more attention is being paid to the environmental, social and governance (ESG) effects of their choices. While a family should work with an investment advisor to determine the value of ESG investment options, below are data and other considerations to help frame the discussion surrounding the ESG investment world.
- How CAS Can Help You In This Remote Working and Technology-Enabled Landscape11/2/2020
Since its inception, Anchin’s Client Accounting and Advisory Services (CAS) group has operated as an extension of a company’s finance function, with remote work and technology at the core of our strategic model. We have a proven track record of efficiently and effectively managing accounting functions remotely for many years, not just the months since the COVID-19 pandemic struck at the heart of the traditional brick and mortar business model. Anchin CAS can assist businesses of all sizes with the shift to a prospective, forward thinking and strategic business model that fills workforce gaps, without the need for extensive training and transitioning of employees, all while embracing remote work.
- U.S. Retail Industry Experiences the Worst and Best of Times Amid COVID-19 Pandemic10/30/2020
U.S. retail businesses have never faced challenges as severe as those of the past half-year, with the Coronavirus disease (COVID-19) pandemic massively disrupting the global supply chain of merchandise just as businesses sought to adapt themselves to the rise in e-commerce.
- Key Takeaways from Anchin's CPG Roundtable – Fashion Companies10/30/2020
On Wednesday, October 21, Anchin hosted a virtual roundtable featuring professionals in the fashion industry discussing their experiences navigating through COVID’s unprecedented challenges, and providing insights into what the future may entail as we embrace the new “normal”.
- Is Your Business Eligible for State and Local Tax Savings during the Pandemic?10/27/2020
One of the looming state tax issues created by the COVID-19 pandemic is how businesses allocate their service revenues among states and localities in light of current telecommuting and shelter-in-place orders. Typically, state laws source service revenues using one of two basic approaches: cost of performance or market-based. Depending on which option a state utilizes, how these provisions are applied will have a significant impact on a business’ overall tax liability and could actually lead to state tax savings in 2020.
- SEC Proposes New Exemption Regarding “Finders” to Benefit Small Issuers and Businesses10/22/2020
On October 7, 2020, the Securities and Exchange Commission (SEC) issued a Notice of Proposed Exemptive Order Granting Conditional Exemption from the Broker Registration Requirements of Section 15(a) of the Securities Exchange Act of 1934 for Certain Activities of Finders. This conditional exemptive order would permit persons whose role is to assist issuers by providing capital growth in private markets provided by investors, commonly referred to as “finders”, to engage in specific restricted actions without having to register as broker-dealers.
- Worthless Investments – Not Ideal, but There Is a Silver Lining10/19/2020
While minimizing tax exposure is by no means a unique planning goal, there has been an increased interest in discussing certain strategies. One of many tax concepts that have been highlighted recently is the topic of how worthless investments work and play into the planning discussion.
- GRATs: An Appealing Estate Planning Technique When Interest Rates or Asset Values are Low10/19/2020
The financial crisis has created an interest rate environment that is very favorable to estate planning. One of the most compelling estate planning opportunities amidst low interest rates is the establishment of a Grantor Retained Annuity Trust (GRAT).
- The Hidden Value of Your Art Collection During Economic Uncertainty10/19/2020
A recent Wall Street Journal headline called 2020 a “bad year for art” but likely a “good year for art-backed loans.” Bloomberg ran a similar article earlier in the pandemic, saying that the “business of providing credit against Picassos and Warhols is expanding even as the art market grinds to a halt.”
- Engaging Employees and Earning Trust in the COVID Economy 10/19/2020
Employers need to demonstrate an understanding of, and compassion for, the challenges that their employees and their families are facing during these unprecedented times. This is truly a referendum on the leadership of every business or organization and how it will be managed in the future. I would like to share a few of the approaches we’re taking at Anchin to combat the emotional impact of the pandemic on our team.
- Pandemic Planning: What Should Businesses with Remote Employees Know About State Taxes?10/14/2020
With states of emergency and telecommuting stretching through more than half of 2020, businesses are facing serious concerns about state taxes. Below are some of the more significant factors businesses need to consider as they evaluate their state tax footprint for 2020 and beyond. Also discussed are recommended actions companies should adopt to help navigate their state tax compliance obligations. Uncertainty over state tax positions persists as the authorities continue to assess their fiscal responses to the pandemic. However, taxpayers should proactively prepare for whenever guidance is ultimately provided.
- 2020: An Even More Challenging Technology Environment for Business of All Sizes10/12/2020
In February, ADRS made some predictions about cyber threats, data privacy, the gig economy and new technology, but in February no one expected that the world would be flipped upside down in a matter of weeks. 2020 has definitely changed how businesses operate and how they need to protect themselves.
- Three Anchin Professionals Named to Crain’s New York Business 2020 List of Notable Women in Accounting and Consulting10/8/2020
Anchin is proud to recognize Lami Ajibesin, Mela Garber and Terry Pissi for being awarded inclusion on Crain’s Notable Women in Accounting and Consulting list for 2020.
- Anchin Names Russell B. Shinsky as Managing Partner10/1/2020
Anchin announced that Russell B. Shinsky has been elected as Anchin's Managing Partner, effective October 1st. Mr. Shinsky has served as Co-Managing Partner alongside Frank A. Schettino during the past year. Mr. Shinsky is only the seventh Managing Partner in Anchin's nearly 100-year history, and has spent his entire career with the firm.
- What Does the New Jersey 2021 Fiscal Year Budget Mean for You? 10/1/2020
On Tuesday, September 29th, New Jersey Governor Phil Murphy signed a $32.7 billion budget into law, further increasing taxes on millionaires and businesses.
- Five Things You Should Consider When Retaining a Financial Expert 10/1/2020
Practitioners need to be keenly aware of how to best go about retaining a financial expert in a commercial litigation. Fresh from our recent virtual CLE presentation to the Nassau County Bar Association, here are five best practices to follow.
- Paycheck Protection Program (PPP) Loan Forgiveness – A Focus on Calculating FTEs 9/29/2020
Many Borrowers are still in the process of gathering payroll data, health and retirement costs, rent, utilities and mortgage interest costs so that they can file their PPP Loan Forgiveness Application. Although there may be many questions on various facets of how to calculate eligible payroll and non-payroll costs, the focus of this Alert is on the definition of average Full-Time Equivalent (“FTE”) Employees and how this is calculated.
- Considerations for starting a hedge fund in the U.S.9/29/2020
Hedge funds comprise the largest share of the alternative asset market. With this status comes large profit potential. Many talented traders consider launching their own funds during their careers. Getting a fund started is not easy or inexpensive but can be personally and financially rewarding. This article will guide you through some of the necessary steps.
- Considering the Benefits of ESG Investing for Both Your Financial Plan and Worthy Causes9/25/2020
Environment, Social and Governance (ESG) investing is a way to evaluate how a company’s practices in these areas may impact its stock return potential.
- Reading Ideas for Success Throughout the Year 9/25/2020
Reading can be a valuable and rewarding usage of time, and while there is knowledge to be gained in almost every book, here are a few ideas to inspire your reading list.
- What Is a Limited Liability Partnership?9/21/2020
LLP STANDS FOR LIMITED liability partnership. As the name suggests, an LLP provides its members with a degree of liability protection, shielding them and their personal assets.
- The NY Shield Act: It’s Time to Take Things Seriously9/16/2020
Effective as of March 21, 2020, New York enacted one of the most aggressive state data breach notification laws in the United States, the “Stop Hacks and Improve Electronic Data Security" (SHIELD) Act. This law applies to any person or business (even those operating outside of New York) that collects and maintains New York residents’ “private information.”
- Ins and Outs of Tax-Loss Harvesting9/14/2020
Tax-loss harvesting isn’t new, but robo-advisors have brought more awareness of the concept in recent years. New portfolio management tools are also helping automate the process further, making it easier for advisors to exercise ever-more-sophisticated strategies.
- What the SEC’s Amendments to the Definition of “Accredited Investor” Mean for You9/10/2020
The amendments will now allow individuals possessing a measure of sophistication based on their professional knowledge and expertise, or certifications to qualify. The amendments also expand the list of entities that qualify as accredited investors by allowing any entity that meets an investments test to qualify. The amendments will become effective 60 days after the SEC’s rule release is published in the Federal Register.
- Social Security Tax Deferral Raises Questions and Concerns9/8/2020
In our previous communication, we wrote about President Trump’s executive order allowing a deferral of the employee’s portion of FICA or social security tax (6.2% of wages). The Treasury just released Notice 2020-65 providing some additional guidance on the topic. Unfortunately, many questions remain unanswered.
- How Lenders Are Helping AEC Firms Cross COVID Hurdles9/3/2020
Financially stable architecture, engineering and construction firms have been able to roll with work stoppages and workforce issues, says Phillip Ross of Anchin.
- Smartphones or Tracking Devices?9/2/2020
Smartphones are ubiquitous, contain volumes of private personal information, have built-in cameras and microphones, and can easily connect to the internet. While this makes them very convenient and useful for us, it also makes them an attractive target for cyber criminals.
- Anchin named among "Best Companies to Work for in New York" for 13 years running9/1/2020
This is the 13th straight year that Anchin has achieved this recognition, and it is one of only five companies in New York to be named to the list every year since the ranking's inception. For 2020, Anchin ranked #7 among the large-sized employers in the state.
- What A/E/C Firms Need to Remember About the CARES Act8/31/2020
At this point, so much has happened this year that the CARES Act may seem like old news, yet its tax provisions remain in effect and, in some cases, beyond 2020 (unless subsequent legislation changes them). Careful planning may allow architecture, engineering and construction (A/E/C) firms to fully benefit from the wide and varying tax relief offered.
- Paycheck Protection Fraud Is Massive And Unsurprising8/29/2020
Brian Sanvidge, Leader of Anchin's Regulatory Compliance and Investigations Group, was interviewed by Peter J. Reilly of Forbes.
- Tax pros’ top grumbles about the IRS Coronavirus slowdown8/28/2020
Anchin's Paul Gevertzman comments on the impact of the pandemic on the IRS and tax filers.
- OCIE Risk Alert: How to Avoid Regulatory Backlash During Prolonged Periods of Remote Work8/27/2020
In its most recent Risk Alert, the U.S. Securities and Exchange Commission (SEC) Office of Compliance Inspections and Examinations (OCIE) provided guidance on best practices during the prolonged periods of remote work that many firms are experiencing during the COVID-19 pandemic.
- INSIGHT: Financing Innovations in Emerging Technologies With R&D Tax Credits8/27/2020
The research and development tax credit can help finance emerging technologies. Yair Holtzman and Joseph Lally list multiple technologies that could be eligible for the credit and outline requirements to claim the credit.
- How the New Interim Final Rule May Impact Your PPP Loan Forgiveness8/26/2020
This week, the SBA issued a new Interim Final Rule (IFR) on the Treatment of Owners and Certain Nonpayroll Costs that greatly impacts many PPP borrowers.
- Anchin Welcomes Alan Goldenberg as the Firm’s New SALT Principal State and Local Tax expert brings new leadership to Anchin’s growing team8/26/2020
NEW YORK, NY, August 2020 – Anchin, Block & Anchin LLP (“Anchin”), a leading accounting and advisory firm based in New York City, announced that Alan Goldenberg has joined the firm to lead its State and Local Tax (SALT) practice.
- Anchin is recognized by Construction Executive in The Top 50 Construction Accounting Firms™8/24/2020
Anchin has once again been recognized by Construction Executive in The Top 50 Construction Accounting Firms.™
- IRS Will Suspend the Mailing of Delinquent Notices Until Backlog Is Cleared8/24/2020
The IRS will stop mailing certain notices to taxpayers about their overdue taxes until it clears its 12 million pieces of mail backlog that accumulated while its processing centers were closed during the peak of the COVID-19 outbreak.
- Sending Children to College During COVID-19: What You Need to Know 8/21/2020
Even under typical circumstances, sending your child to college can bring on a mix of emotions. However, the coronavirus pandemic has added new variables to consider when prepping your child to go back to school.
- What do the Proposed Carried Interest Regulations Mean for You? 8/20/2020
On July 31, 2020, the Internal Revenue Service (IRS) released proposed regulations (the Proposed Regulations) relating to the scope and applicability of Internal Revenue Code Section 1061. This alert will provide an overview of the Proposed Regulations and how they may affect hedge, private equity and other investment funds.
- Two Important Tax Opportunities Are About to Expire8/19/2020
The Coronavirus Aid, Relief and Economic Security (“CARES”) Act provided numerous opportunities for tax relief, two of which are about to lapse.
- What Does the Executive Order Deferring Payroll Tax Mean For You?8/18/2020
President Trump recently released a memorandum on deferring the withholding, deposit and payment of the employee’s share of the 6.2% social security tax on wages paid during the period of September 1, 2020 through December 31, 2020. This deferral only applies to employees with bi-weekly pre-tax income of less than $4,000. This approximates an annual salary of $104,000. Treasury Secretary Mnuchin recently stated that participation in this program is optional for an employer. Should you participate? Here are a few concerns and considerations to help you make that decision while additional details are released.
- Anchin Welcomes Construction Industry Tax Specialist Joseph Molloy to the Architecture & Engineering and Construction Industry Groups8/18/2020
Joseph is the latest addition to the AEC team and will provide resources to support the team's ongoing growth. His focus on delivering timely and valuable tax strategies fits well with the breadth of tax services provided by the team, including Federal and State Tax Credits, and accounting method options.
- Beware of Erroneous IRS Tax Notices8/14/2020
Following this year’s July 15th deadline, you may have received an erroneous notice from the IRS regarding a balance due, tax penalties or interest related to a payment you made by check.
- The Delaware Supreme Court’s Clarification of Limited Partner Rights to Books and Records, and What It Means for You8/12/2020
In a recent ruling on the case of Murfey v. WHC Ventures, LLC, the Delaware Supreme Court concluded that a limited partner seeking the books and records of a Delaware limited partnership is not required to show that the materials requested are “necessary and essential” unless those terms are expressly stated in the limited partnership agreement.
- How COVID-19 Impacts Alternative Fund Operations8/10/2020
COVID-19 has disrupted the alternative assets industry just as it has the rest of the world. Between high market volatility, spooked investors, travel restrictions and rapidly changing government regulation, it certainly is an unusual time to live and to operate in. How have fund managers changed their operations to respond? Preqin recently surveyed alternative fund managers to see what they are doing differently during the COVID-19 pandemic. The survey included hedge funds, private equity funds, venture capital funds, private debt and real estate investors from around the world. Here are some key results.
- How the Most Recent FAQs on PPP Loan Forgiveness May Impact You8/10/2020
On August 4, 2020, the Small Business Administration (the “SBA”), in consultation with the U.S. Department of the Treasury (the “Treasury”), issued guidance in the form of Frequently Asked Questions (“FAQs”) on PPP Loan Forgiveness. Some longstanding questions were answered (e.g., what is transportation under utilities? See below for the answer), other questions were not, and some FAQ answers raise new questions. The FAQs are structured in four categories: (i) General Loan Forgiveness FAQs (3 in this section), (ii) Loan Forgiveness Payroll Cost FAQs (8 in this section), (iii) Loan Forgiveness Nonpayroll Costs FAQs (7 in this section), and (iv) Loan Forgiveness Reductions FAQs (5 in this section). In this outline, we will revisit how we got here and address some of the key FAQs that resolve questions related to the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).
- Video Highlights from Food and Beverage “Post-COVID Reality Panel and Networking” Event8/6/2020
Last week, we had the pleasure of hosting a virtual networking and panel event on “Post-COVID Reality: Changes Expected in the Food and Beverage Industry and What the Data is Forecasting.” We are delighted to share some key takeaways from the program with you.
- City Landlords' Biggest Property Tax Hurdle Still to Come8/6/2020
Property owners have been pleading with city and state officials to offer tax relief ahead of the July 1 deadline amid waves of rent nonpayment from tenants and empty properties. Lawsuits between tenants and their landlords are clogging up the courts, and the future of retail remains murky. Still, landlords have been putting aside money for taxes for months and collecting enough rents over the course of the pandemic to foot their July 1 property tax bill, said Robert Gilman, head of accounting firm Anchin, Block & Anchin's real estate practice.
- Brian Sanvidge discusses PPP Fraud with Fox News8/5/2020
Brian Sanvidge, Leader of Anchin's Regulatory, Compliance and Investigation Group, told Fox News it's estimated that there will be 5 percent PPP fraud which translates into BILLIONS of dollars.
- Anchin Names Sharon J. Franklin as the Firm's First Chief Operating Officer8/4/2020
We are pleased to announce that Sharon J. Franklin will be Anchin's first Chief Operating Officer (COO). Sharon will work with the firm's Executive Committee to further the growth of the firm.
- INSIGHT: Taking Another Look at the Foreign-Derived Intangible Income Deduction7/24/2020
The Foreign-Derived Intangible Income (FDII) income deduction is not the simplest of calculations. Gwayne Lai, Amanda Scott, and Yair Holtzman of Anchin show how some taxpayers can use existing R&D data to get a head start.
- Are You Rich? How the Wealthy Are Defined7/20/2020
"Wealth should make it easier to stop working if you want to or need to, and ensure that your standard of living can be matched or exceeded by your heirs," says Jared Feldman, CPA, partner and leader of Anchin Private Client. How much money do you need to be rich? According to respondents of a 2019 Modern Wealth Survey from Charles Schwab, once you have $2.3 million in personal net worth, you can call yourself wealthy.
- Industry Executives Take Long View on COVID Recovery7/17/2020
The coronavirus pandemic is likely to infect the city’s real estate sector well into next year, according to a new survey of C-Suite executives.
- Qualified Improvement Property (QIP)7/15/2020
As many of you may recall, Congress made a technical error when drafting the Qualified Improvement Property (QIP) section of the CARES Act. Qualified Improvement Property (QIP) is defined as any improvement to an interior portion of a building which is nonresidential real property if the improvement is placed in service after the date the building was first placed in service by any taxpayer. This drafting error, referred to as the “retail glitch,” intended QIP to be defined as 15-year property eligible for bonus depreciation. However, the law was incorrectly written and QIP was defined as 39-year property, making it ineligible for bonus depreciation.
- Qualified Improvement Property (QIP) Opportunities7/15/2020
The new QIP guidance issued by the CARES act provides a wide range of flexibility and options for building owners. See below for more information on the various QIP opportunities and helpful hints to maximizing your tax relief.
- The Transition Away From LIBOR7/15/2020
The use of the London Interbank Offered Rate (LIBOR) as a benchmark rate has become ubiquitous over the last several decades. Yet LIBOR will cease to exist beyond 2021 without a single universal rate to replace it. The potential disruption has the financial markets worried and implications will be vast. Is your company prepared for this transition?
- Global High-Wealth Exams among IRS July Priorities7/15/2020
July 15th is an important date this year since it is the updated deadline to file individual tax returns. Furthermore, the IRS recently announced its campaign to audit High Net Worth (HNW) individuals is starting on that date.
- Prenups and Late-in-Life Marriages7/15/2020
Late–in-life marriages are becoming increasingly common as some couples wait longer to get married for the first time and others choose to try marriage again following a divorce or death. But whether it is a first marriage or second -- or third -- there are unique financial planning issues that come with late-in-life marriages.
- Concealing a Trust Could Run Afoul of State Law7/15/2020
You may have good intentions in keeping a trust a secret from its beneficiaries. Be aware, however, that the law in many states forbids this practice by requiring trustees to disclose certain information about the trust to the beneficiaries.
- Credit managers to exploit market dislocations - firms raising capital and preparing to pounce on opportunities they see in distressed sectors7/13/2020
"We have a health crisis and an economic crisis and they go hand in hand... It's hard to predict where the markets are going to end up," said Olamide "Lami" Ajibesin.
- OCIE Warns Private Fund Advisers About Common Compliance Issues7/9/2020
On June 23rd, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert for private fund advisers, including those that manage hedge funds or private equity funds. The report cautioned about common compliance issues that increase fees for investors and put them at risk. OCIE broke these issues down into three categories.
- U.S. Tax Court Reaffirms Architecture, Engineering and Construction Industry’s Right to Claim R&D Tax Credits7/7/2020
Taxpayers within the Architecture, Engineering and Construction (AEC) industry received a big win from the U.S. Tax Court this past December. The Tax Court’s decision reaffirmed that AEC industry companies contracted by developers or other clients are indeed eligible to claim R&D tax credits for research activities they perform. This has long been a contentious issue between the IRS and AEC Industry taxpayers. Populous Holdings, an architectural design services company, had claimed R&D tax credits on its 2010 and 2011 tax returns totaling nearly $300,000. The IRS disallowed these claims, arguing that the research activities were funded by Populous clients who contracted with the company for its services.
- 20 Things To Know About the New Tax Deadline7/2/2020
In response to the coronavirus pandemic, the Internal Revenue Service has extended the deadline to file and pay any taxes owed from the original date of April 15 to July 15. everything you need to know." data-reactid="18">If you’re planning on taking advantage of the new deadline, here’s everything you need to know.
- REMINDER: Required Minimum Distributions From Retirement Plans Are Waived for 20207/1/2020
One of the many provisions of the “CARES” Act is that required minimum distributions (RMDs) from retirement plans are waived for the 2020 tax year. RMDs usually impact those who were at least 70 ½ years of age at the end of 2019, or who will be at least 72 years of age at the end of 2020. It can also impact younger persons who have inherited a retirement plan, such as an IRA, from a decedent.
- Donor-Advised Funds: Their Place in Today’s Climate6/30/2020
Citizens have been quick to expand their philanthropic focus and do whatever they can to help those hit hard by the pandemic and its financial fallout.
- How to Help Your Alma Mater during the Pandemic6/30/2020
If you would like to help, the most commonly utilized method is donating money, but in today’s COVID-19 world, that’s not the only option.
- Cerberus Exits Albertsons via Discounted IPO6/29/2020
A reduced price for supermarket giant Albertsons Companies Inc. (ACI) by Cerberus Capital Management LP got the initial public offering from the supermarket giant to the finish line on Friday, June 26. Cerberus sold all 50 million shares in the IPO for the Boise, Idaho supermarket chain for $800 million in proceeds, about seven years after the New York private equity firm acquired the company.
- Paycheck Protection Program (PPP) Loan Forgiveness Interim Final Rules Released6/26/2020
Additional guidance has been released on the PPP Loan Forgiveness process. This guidance is critical to converting PPP Loans into the “grants” that many businesses need to survive. Carefully following the guidelines will allow you to maximize loan forgiveness.
- Will Americans keep snacking at higher levels post-lockdown?6/25/2020
Consumer packaged goods companies were realizing an “incredible bump to their business” in two ways, according to Greg Wank, practice leader in food and beverage for Anchin.
- Rebuilding Your Business in the Face of COVID-19 6/25/2020
Rebuilding your business in the face of COVID-19
- Bridging the Post-Pandemic Gaps in Your Accounting Team with Client Accounting Advisory Services (CAS)6/24/2020
COVID-19 has dramatically affected the world economy, consumer spending, business management and operations. Businesses around the world have had to mobilize quickly to make changes to be able to stay open and be profitable during this crisis. They have had to call upon their trusted tax and legal advisors to best decide how to make the necessary adjustments to their operations to stay afloat. Anchin’s Client Accounting Advisory Services (CAS) team can help you get through this crisis and beyond.
- Economic Injury Disaster Loans (EIDL) Portal Reopening Offers Additional Relief For Businesses6/23/2020
Last week, the Small Business Administration (SBA) resumed accepting new online applications for EIDL and related emergency grants.
- Key Insights for Fund Managers on Raising Capital in the Current Climate6/22/2020
While raising capital for hedge funds has always been a challenge, the COVID-19 pandemic has made doing so even more difficult. New limits on travel and face-to-face contact are making it difficult to reach investors and complete the required due diligence for fundraising. In this article, we look at how investor expectations have changed in this new environment, and what managers can do to meet these challenges.
- New EZ and Revised PPP Forgiveness Applications for the Paycheck Protection Program (PPP) Released6/18/2020
On June 17, 2020, the Small Business Association (SBA) in consultation with the Department of the Treasury, posted a revised PPP loan forgiveness application and instructions (Form 3508 - revised June 16, 2020), which implements the PPP Flexibility Act of 2020 that was signed into law on June 5, 2020. In addition, the SBA also published a new “EZ” version of the loan forgiveness application – Form 3508EZ.
- Owners Call On Cuomo to Scrap RGB After It Delivers Another Rent Freeze6/18/2020
The Real Estate Board of New York (REBNY) is calling on the State to scrap the city’s Rent Guidelines Board after it voted to freeze rents for one million New Yorkers.
- Which Hedge Funds Strategies Performed Best During the Recent Financial Crisis?6/12/2020
The immediate shock of the COVID-19 crisis sent markets tumbling. In this tough environment, the defensive strategies of hedge funds revealed their value. We looked at the results to see how the industry did overall, along with the fund strategies that performed best during these unusual conditions.
- New York State Announcement on June 15th Estimated Income Tax Payments6/12/2020
On the evening of June 11th, New York State came out with announcement N-20-8 which states that it will be treating the estimated payments made by individuals, corporations or fiduciaries on June 15th as the first quarterly installment previously due on April 15th, and the payment on July 15th as the second installment previously due on June 15th. New York State had not given any indication prior to this time that they were going to take this position.
- Anchin: The Virtual Strategist CFO6/12/2020
Chris Noble explains how Anchin's outsourced accounting services group, now rebranded as the Client Accounting Advisory Services Group (CAS), is a natural extension of Anchin's proactive client service model.
- Seeing Around Corners: Positioning Your Business For A Post-Lockdown Environment 6/11/2020
Managing Partner Russell B. Shinsky shares what considerations business leaders should make as the economy gradually begins to reopen.
- The Latest Updates on the Paycheck Protection Program Flexibility Act and the Main Street Lending Program6/10/2020
Late Monday, the SBA and Treasury issued a joint press release that was followed by a press release from the Federal Reserve (“The Fed”).
- Guidance on Cyber Threats to Private Equity and Hedge Funds6/8/2020
As the corporate world is evolving and becoming more accepting of working remotely, every company is facing the increased threat of cybercrimes. In 2019, the average cost of a data breach in the U.S. was more than $8 million, and the average time spent to identify and contain a breach was around 245 days. These numbers will continue to grow as cyber criminals become even more sophisticated.
- PPP Flexibility Act Becomes Law6/8/2020
The U.S. government has enacted changes to the Paycheck Protection Program (“PPP”) including the relaxation of PPP Loan Forgiveness rules with the goal of making it easier for many businesses to qualify for loan forgiveness on a larger portion of their loans. These changes were signed into law on Friday, June 5, 2020 through the Paycheck Protection Program Flexibility Act of 2020 (PPPFA). This new legislation contains many important changes to the PPP.
- Proposed Carried Interest Regulations Are Back at OIRA for a Second Look6/5/2020
The Office of Management and Budget’s (OMB) Office of Information and Regulatory Affairs (OIRA) has again received for review, proposed regulations with respect to section 1061— often referred to as the carried interest rules. The battle over carried interest continues as proposed rules are back at the OMB for review after the OMB initially signed off on them in late February 2020.
- What You Need to Know about Additional Opportunity Zone Relief Available due to COVID-19 Pandemic6/5/2020
Qualified Opportunity Funds (“QOF”) and their investors have been working diligently to try and meet certain time-sensitive deadlines in order to comply with various Opportunity Zone rules. Due to the COVID-19 pandemic and the quarantine restrictions instituted by local governments, meeting these deadlines has been challenging, if not impossible. The Internal Revenue Service has released Notice 2020-39 (“the Notice”) providing much-needed relief for QOFs and their investors. The Notice provides relief for the 180 day investment requirement for QOF Investors, the 90 percent investment standard for QOFs, and the 30 month substantial improvement period. The Notice also confirms the 24-month extension of the working capital safe harbor and the 12-month extension for QOFs to reinvest certain proceeds.
- Bracing for More Job Losses, Looking Toward Better Days6/4/2020
As tomorrow’s U.S. unemployment numbers are predicted to hit at least 20 percent due to the COVID-19 shutdowns, economists and commercial real estate experts say there will be post-pandemic changes on the commercial real estate landscape during the slow road to recovery.
- Congress Provides Welcome Modifications to PPP In New Bill6/4/2020
Congress has acted to change the Paycheck Protection Program (“PPP”) including to relax PPP Loan Forgiveness rules with the goal of making it easier for many businesses to qualify for loan forgiveness on a larger portion of their loans. The extended “shutdown” of many areas begged for an extension to the forgiveness period as well as an easing of other requirements of the program. The President’s approval is still required to enact this legislation.
- Work From Home Is Complicating Cybersecurity Investigations6/4/2020
Before the pandemic, Redpoint Cybersecurity, a subsidiary of New York-based accounting and advisory firm Anchin, Block & Anchin LLP, did roughly 85% of its work at clients' offices, Chief Operating Officer Tab Bradshaw said. The proportions have flipped: about 95% of the incident-response team's work is now offsite, he said. The company works mainly with small or medium-size businesses.
- Anchin Eyes Impact of Lower Than Expected Rents on Valuations, Profitability6/4/2020
Anchin, Block & Anchin is talking with its clients about the impact that potential declines in office rental rates could have on commercial real estate valuations and profitability. The question is an important one for real estate fund managers and other institutional-backed capital focus on the office market, which has traditionally been a core asset class fo real estate fund managers and other institutional-backed capital focus on he office market, which has traditionally been a core asset class for investment, noted Rob Gilman, partner.
- Federal Reserve Releases Further Guidance on $600 Billion Main Street Lending Program6/1/2020
On May 27, 2020, the Federal Reserve Bank of Boston released FAQs and form documents for the Main Street Lending Program, signaling that loans under this program will be made available soon. This Anchin Alert updates and supplements our previous Anchin Alert regarding the Main Street Lending Program issued on May 5, 2020.
- Favorable New Options Are Available for Employer-Sponsored Health Plans6/1/2020
If you are an employer, it is likely that your firm sponsors one or more tax-advantaged health plan options for employees. Examples are traditional medical coverage, Flexible Spending Arrangements (FSAs) and dependent care assistance (DCA) programs. Normally, employees must elect whether to participate in such plans, and to what extent, before the year begins. The ability to make mid-year changes is very limited. COVID-19 has changed this.
- Achieving a Self-Sustaining Business Model5/29/2020
In The Food Institute's recent webinar "Achieving a self-sustaining business model: Top 3 trends companies need to think about post-COVID-19," Greg Wank, CPA, CGMA, partner and leader of Anchin's food and beverage group discussed how to have a more successful business while burning less capital and attaining self-sustainability.
- Key Tax Considerations When Deciding to Make a Pandemic Re-location into a Permanent Move 5/28/2020
Many of you have vacated your homes in the New York City area and other high-traffic areas in response to the COVID-19 outbreak. Now, phased re-openings and a slow return to normalcy bring a lot of questions about the end date for what was expected to be a short-term re-location. As a result, many of you are thinking of staying where you are and wondering if there could be tax benefits to doing so.
- Keeping up with Arts & Culture during COVID-195/28/2020
In a time of confusion and monotony, art and culture are where we turn to calm our nerves and learn more about the world. In many ways, COVID-19 has taken this option from us, but Anchin Private Client wants to help you explore several ways you can continue to enjoy art and culture while staying safe at home.
- What You Need to Know about the Paycheck Protection Program (“PPP”) and the Tax Deductibility of Expenses Related to Loan Forgiveness5/27/2020
The PPP Loan Program offers much needed relief to qualified businesses struggling with the challenges of the COVID-19 crisis. Yet the ongoing changes to the rules for borrowing and loan forgiveness have made navigating the program and claiming benefits challenging as well. Let’s review a key topic - the taxation of both loan forgiveness and the expenses paid with PPP Loan proceeds.
- A Timely Message from Marc Federbush and Anchin’s Fashion Group5/26/2020
In continuing to provide relevant and useful information with the fashion industry in mind, these pieces highlight M&A, which is widely predicted to bring about major, rapid changes in the fashion industry in the post-COVID landscape.
- Is There Opportunity for Private Equity and Hedge Funds on the Horizon?5/21/2020
The COVID-19 crisis has devastated the national economy. Tens of millions of Americans have lost their jobs and the stock market has fallen significantly. However, these brutal market conditions may have created an opportunity for private equity funds and hedge funds.
- Questions New York's CRE Companies Have for Their Accountants5/20/2020
NEW YORK CITY—The pandemic has caused a level of economic disruption never seen before. Not surprisingly, real estate companies have many questions for the professionals that they rely on, such as financial advisors and accountants. Marc Wieder, an accounting and audit partner at the real estate group at Anchin, Block and Anchin, one of North America’s largest public accounting firms, has been fielding queries from the firm’s New York’s owners, developers, fund managers, agents and brokers, since day one.
- Coronavirus PPP Exclusion Puts Landlords in Financial Jeopardy5/20/2020
While lawmakers provided aid to small businesses across the country through their multitrillion-dollar stimulus legislation, landlords have been unable to apply for funding – leaving some facing serious financial challenges.
- What You Need to Know About the Real Property Income and Expense (RPIE) Extension for Filing and the New Requirements5/19/2020
In response to the COVID-19 pandemic, the NYC Department of Finance (DOF) has extended the deadline for the submission of 2019 Real Property Income and Expense (RPIE) statements and storefront registry (new for this year - see below) filings from June 1, 2020 to July 1, 2020. Submissions must be filed electronically, unless you have previously been granted a waiver allowing you to file by mail. New York City continues to expand the type of information real estate owners are required to disclose. Here is a brief reminder of certain filings required to avoid penalties and maintain your rights to challenge assessments.
- What the PPP Forgiveness Guidelines Mean For You5/18/2020
The long awaited forgiveness procedures have been released after much delay and offer new details, yet leave many questions open. Here is an overview of what we know so far.
- What Partnerships and Seasonal Employers Need to Know About Requesting Additional PPP Loan Amounts5/15/2020
Anchin’s COVID-19 Resource Team continues to monitor ongoing updates to the PPP Program. Borrowers need to understand how these changes and clarifications may affect their application, loans and forgiveness. Here are new updates related to partnerships and seasonal employers.
- For Companies Retooling to Fight COVID-19, R&D Tax Credits Are Important Weapons5/14/2020
For many companies, catalyzing successful innovation is already critical to long-term strategy and success. Companies recognize the importance of tax credits and incentives as critical weapons in remaining competitive and harnessing innovation. This R&D tax credit may be increasingly attractive for companies that are redesigning their business processes and/or product innovation in the face of the pandemic.
- Important PPP Loan Update: FAQ #46 AND #47 Safe Harbor Guidance on Economic Uncertainty Certifications5/14/2020
Additional guidance has been released related to how borrowers' certification of necessity for Paycheck Protection Program (PPP) loans will be evaluated by the Treasury. This topic has caused concern among borrowers since additional restrictions and conditions have been placed on PPP loans throughout the application and borrowing process. Here is some key information to assist you. The Department of the Treasury (the “Treasury”) has issued further guidance to borrowers who are required to make good-faith certifications concerning the necessity of their PPP loan requests. Since the passing of the CARES Act on March 27, 2020, the Treasury has issued 47 Frequently Asked Questions (FAQs) for PPP loans and responses. On May 13, 2020, the Treasury published FAQ #46: How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request? The Treasury’s answer separates PPP borrowers into two groups based on their loan size: borrowers with loans less than $2 million and more than $2 million. In addition, the Treasury published FAQ #47 which addresses the interim final rule posted on May 8, 2020. That rule provided that any borrower who applied for a PPP loan and repays the loan in full by May 14, 2020 will be deemed by SBA to have made the required certification concerning the necessity of the loan request in good faith.
- An Overlooked Tax Benefit for Construction Firms: Business Interest Limitation Changes5/13/2020
The Tax Cuts and Jobs Act (TCJA) of 2017 was generally a taxpayer-friendly legislation for the business community. However, there were several provisions in that Act that were implemented as revenue raisers to partially offset the cost of those tax breaks. One of those revenue raising provisions was the business interest expense limitation. This limitation can potentially impact construction companies of all entity types. The recently passed Coronavirus Aid, Relief and Economic Security (CARES) Act modified and increased the existing 30% business interest limitation to 50% for the years beginning with 2019 and 2020. For partnerships, this will not apply to years beginning with 2019, but only for 2020.
- Important PPP Loan Update: FAQ #46 Safe Harbor Guidance on Economic Uncertainty Certifications5/13/2020
Additional guidance has been released related to how borrowers' certification of necessity for Paycheck Protection Program (PPP) loans will be evaluated by the Treasury. This topic has caused concern among borrowers since additional restrictions and conditions have been placed on PPP loans throughout the application and borrowing process. Here is some key information to assist you.
- Hunting Private Equity Opportunities In Stressed Times5/12/2020
“There will be a lot of distressed assets coming up for sale,” Olamide "Lami" Ajibesin, who leads transaction advisory for Anchin, a public accounting firm in North America, said. She advises private and public clients on M&A and PE transactions (including secondaries) and strategic investments in energy (E&P/oil and gas, power), consumer products, industrials, financial services and technology, among other industries.
- U.S. to Accuse China of Hacking COVID-19 Vaccine Research5/11/2020
Tab Bradshaw, COO of Redpoint Cybersecurity and a member of the Department of Homeland Security’s advanced information sharing working group, confirmed the planned warning in an interview Monday.
- NYS Sales Tax Filing and Payment Extension Deadline Approaches5/8/2020
Quarterly and annual New York State sales tax vendors who were unable to file or pay March 20, 2020 sales tax returns due to the COVID-19 outbreak must file these returns and make payments by May 19, 2020. Some may be eligible to have penalties and interest waived, but penalty abatements must be submitted for approval and are not automatic.
- What You Need To Know About Updates to the PPP Loan Program5/6/2020
The Treasury and the Internal Revenue Service continue to issue guidance on the PPP Loan Program and other COVID-19 relief programs. The updates have included additional FAQs, program reports and statements from the Treasury.
- Additional Relief: Federal Reserve Releases Additional Guidance on $600 Billion Main Street Lending Program5/5/2020
On Thursday, April 30, 2020, the Treasury Department and the Federal Reserve (the “Fed”) released updated guidance on the Main Street Lending Program, which is comprised of the Main Street Expanded Loan Facility (the “Expanded Loan” or “MSELF”), the Main Street New Loan Facility (the “New Loan” or “MSNLF), and a newly added third option, the Main Street Priority Loan Facility (the “Priority Loan” or “MSPLF”). Together, these three facilities comprise $600 billion of funding for loans to small and mid-sized companies on favorable terms in order to provide additional COVID-19-related financial relief.
- A Tax Credit for COVID-19 Innovation5/5/2020
Manufacturers repurposing production and research to support the relief effort may qualify.
- Key Considerations for Real Estate Entities on PPP Loan Ineligibility5/4/2020
If a business applies for and receives a PPP loan that they are ineligible for, they will be subject to civil or criminal penalties. On April 23rd, the SBA and the treasury stated that if a borrower made a false certification and returns the funds by May 7th, the government will not take any action against the borrower. Many believe that May 7th is a catch-all date to return funds for any reason, including ineligibility, to avoid the government from assessing any penalties, although this has not been stated by the government and therefore we suggest you consult your attorney.
- 19 Things To Know About the New Tax Deadline5/4/2020
In response to the coronavirus pandemic, the Internal Revenue Service has extended the deadline to file and pay any taxes owed from the original date of April 15 to July 15. If you’re planning on taking advantage of the new deadline, here’s everything you need to know.
- The CARES Act: Commonly Asked Questions for Technology Companies5/1/2020
With Congress swiftly passing the largest economic stimulus package in history, it’s no surprise that the provisions of the CARES Act raised a significant amount of questions. In the past week alone we’ve seen more guidance and continued confusion amongst taxpayers. We hope the confusion subsides as more guidance is released over the coming days. Although we have received many questions, here are some of the most commonly asked questions we have recently discussed with technology companies.
- What to Know About the Research & Development (R&D) Tax Credit and the IRS’ New Compliance Campaign5/1/2020
The R&D tax credit can be a powerful incentive, often providing a hidden source of cash from prior years’ expenses while also serving to significantly reduce current and future years’ federal and state tax liabilities. The R&D tax credit is also a tool for refueling a company’s R&D efforts. Planning ahead by creating an infrastructure that identifies qualifying research activities and collects contemporaneous documentation is essential to reducing future tax liabilities and synthesizing an R&D tax credit that will be sustainable on audit examination. There has been a new development related to this credit.
- IRS Update: Deductions Related to Forgiven PPP Loans Are Non-Deductible5/1/2020
Late yesterday, the Internal Revenue Service (“IRS”) issued Notice 2020-32, relating to the deductibility, for Federal Income Tax purposes, of the expenses paid with the proceeds of a PPP loan that is subsequently forgiven.
- Important Changes From the CARES Act Provide Relief to the Real Estate Industry4/30/2020
The recently passed CARES Act repealed provisions of The Tax Cuts and Jobs Act (TCJA) of 2017 that eliminated the ability to carryback Net Operating Losses (NOLs) and also limited the use of an NOL carryforward to 80% of taxable income. This important change now allows for NOLs incurred in tax years 2018, 2019 and 2020 to be carried back 5 years allowing for tax refund claims.
- IRS Unveils Online Application to Assist With Economic Impact Payments to Individuals4/30/2020
The recently enacted CARES Act provides recovery rebates of up to $1,200 for many individuals. These rebates are phased out based on an income limitation. For those who may be eligible for these payments, a newly created online application will allow taxpayers to provide direct deposit information to speed up the payments and also get payment dates.
- How Blackstone Will Get Troubled Assets 'To the Other Side'4/29/2020
Blackstone Group is using the new private equity playbook for sectors such as hospitality, retail, and entertainment hit hard by the coronavirus pandemic market –assessing damage and sorting through ways to get portfolio companies “to the other side.”
- Hedge Funds and Private Equity Firms Deemed Ineligible for PPP Loans by SBA4/27/2020
The same day that legislation (April 24th) increasing funding by $310 billion for the Paycheck Protection Program (“PPP”) was signed into law, the Treasury Department issued a new Interim Final Rule. This Final Rule clarified certain types of businesses that are eligible for PPP loans. Specifically, the Treasury has determined that hedge funds and private equity firms are ineligible businesses for purposes of PPP.
- Starting the Week with Critical Updates to the SBA Paycheck Protection Program4/27/2020
There have been additional developments over the last several days regarding the Paycheck Protection Program (PPP) and the only thing we can say with certainty is that more changes will come!
- Shared Work Programs Can Help Employers and Employees Navigate COVID-19 Business Disruption4/27/2020
In the past few weeks, much attention has been focused on programs established as part of The CARES Act to assist employers and employees suffering from the business disruption caused by COVID-19. In addition to the new programs that have been created, existing unemployment programs can also benefit employers and employees in managing the current environment.
- PPP Application Commonly Asked Questions4/24/2020
The Federal government approved $349 Billion for the Paycheck Protection Program (PPP), all of which has been allocated to loan applicants. As we anxiously await additional funding for this program, we thought it would be helpful for those that have yet to apply to learn from the trials and tribulations of those that have filed their applications. Here are some of the frequently asked questions we have received from applicants.
- Congress Approves $484 Billion Coronavirus Relief Bill4/24/2020
// Congress Approves $484 Billion Coronavirus Relief Bill // // // // The House of Representatives on Thursday passed a $484 billion interim coronavirus relief bill that provides an additional $310 billion for the Paycheck Protection Program (PPP), a new loan program for distressed small businesses that ran out of funding last week. The legislation, which is expected to be signed immediately by President Trump, is designed to supplement the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act that became law at the end of March.
- The CARES Act Provides New Refund Opportunities 4/23/2020
The Tax Cuts and Jobs Act (TCJA) of 2017 limited the amount of business losses that a non-corporate taxpayer can utilize to offset their non-business income.
- An Update from Anchin's Fashion Group on PPP Loans and Other Relief4/23/2020
The Fashion Group at Anchin encourages you to work with professionals that have a deep understanding of the CARES act, its updates and how they provide relief to fashion businesses.
- Planning in Parenthood: Considerations for Choosing a Guardian for your Child4/22/2020
There are many bittersweet realities along the journey of parenthood. One that carries more of a bitter tone is the understanding that no one is invincible, and that planning must be done with the children’s best interest in mind should the unthinkable occur.
- Keeping Your Wits About You4/22/2020
Americans have been drilled about the physical measures to take to avoid the virus, but that can have little impact on our up-and-down emotions, on top of our everyday pressures of investing and personal financial planning.
- The COVID-19-related Estate Planning Opportunity You Won’t See Anywhere in the CARES Act4/22/2020
On March 17, 2020, President Trump signed the Coronavirus Aid, Relief and Economic Security (CARES) Act into law. The CARES Act provides for billions of dollars in relief for American workers and businesses. However, mentioned nowhere in the bill is a major tax cut that in the long-term could be worth far more to owners of businesses and substantial estates than any of the short-term benefits in the CARES Act.
- Private Investment Funds, Related Entities and Individuals Can Benefit From COVID-19 Relief4/21/2020
The COVID-19 pandemic has put significant stress on the liquidity and profits of hedge funds, private equity/venture capital funds and their respective portfolio companies. On March 18, 2020, the Families First Coronavirus Response Act and on March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) were signed into law. Given these uncertain times and the multitude of changes, provisions and opportunities these laws present, we’ve prepared a general summary of certain relevant matters that private investment funds, related entities and individuals should consider in order to help navigate this crisis. Accordingly, please use this guide for general information purposes only, and please reach out to us with any specific questions or issues you have.
- NYC Apartment Landlords Seek Federal Help4/21/2020
New York City’s multifamily landlords say they need federal help to avoid a devastating blow to the housing system from the economic fallout of the COVID-19 pandemic.
- An Update on PPP Loan Forgiveness4/20/2020
The CARES Act provides that PPP loans can be forgiven, on a federally tax-free basis, up to 100% of the amount borrowed if the company meets certain criteria.
- Landlords Say Property Owners Shouldn't Be Excluded From Federal Relief4/20/2020
Landlords say they need federal help to avoid a devastating blow to the housing system, as unemployment surges and leaves hundreds of thousands of city households without the cash for rent.
- Anchin Architecture, Engineering & Construction Groups Update4/17/2020
Additional Guidance from SBA expands Eligibility Criteria for Partners & Self-Employed Individuals There are several updates to guidance on the PPP Loan Program that Architecture, Engineering, and Construction companies should take note of.
- More Relief Available for Technology Companies4/16/2020
The Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) includes a wide range of financial and tax relief for businesses and individuals. The Paycheck Protection Program (“PPP”) has been the recent focus for “small” businesses. The PPP allows qualifying small businesses to borrow up to $10,000,000 based on qualified compensation paid to employees. These loans are eligible for forgiveness if the loan proceeds are used for qualified purposes during the 8-week “benefit period” that begins with receipt of the funds, based on criteria defined in the CARES Act. Evaluating your PPP spending options is crucial and could hold the key to the future survival and success of your business. Click here for more information on PPP loan forgiveness and related documentation requirements.
- Anchin Law Firms Services Group Update4/16/2020
SBA Issues Additional Guidance on Eligibility Criteria for Partners & Self-Employed Individuals
- A Message from Anchin's Financial Services Group4/15/2020
We here at Anchin hope that you and your loved ones are healthy and staying safe during these trying times. Our team has been closely monitoring the latest COVID-19 developments, particularly the recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act and Paycheck Protection Program Loans (“PPP”). As a resource, we recommend you visit our COVID-19 Update Center which is updated daily and features a wide variety of informational articles about new programs, many of which are applicable to the Financial Services industry.
- Important Reminder – Update Your Calendar For New Tax Dates4/14/2020
The COVID-19 pandemic has changed so much about our personal and financial lives. One item to keep in mind is that the Internal Revenue Service, along with most states, have changed the due date for filing income tax returns and paying your balances for 2019, as well as your 1st and 2nd quarter estimated tax payments for 2020.
- Zoom Security & Privacy: Protecting Your Virtual Meetings and Protecting Yourself4/14/2020
During these days of increased remote work, many in-person meetings and events are going virtual and videoconferencing platforms are becoming more necessary to our daily routines. As Zoom has become more popular, limitations and security issues are being identified within the platform. Under certain circumstances,
- Important Guidance on Calculating PPP Loan Forgiveness and Related Documentation Requirements4/13/2020
Now that many eligible companies have applied for a PPP loan, and some have started to receive their loan proceeds, it is time to turn our attention to the rules for loan forgiveness.
- Additional Business Relief: Federal Reserve Releases Guidance on $600 Billion Main Street Lending Program4/13/2020
On Thursday, April 9, 2020, the Treasury Department and the Federal Reserve (the “Fed”) released details of the Main Street Lending Program, which is comprised of the Main Street Expanded Loan Facility (the “Expanded Loan Facility”) and the Main Street New Loan Facility (the “New Loan Facility”). Together, these two facilities will make up to $600 billion of funding available for loans to small and mid-sized companies on favorable terms in order to provide additional COVID-19-related financial relief. The Main Street Lending Program should provide much-needed liquidity to businesses that may not have qualified for a PPP loan under the CARES Act by having a special purpose vehicle created by the Fed purchase 95% of each loan from eligible lenders made under this program through September 30, 2020.
- Food and Beverage Industry Alert - PPP Clarifications from Treasury Department4/8/2020
We at Anchin hope that you-- our friends in the food and beverage industry-- are safe and healthy. We know that you are all having very different journeys on this COVID-19 rollercoaster. Some of you are having unprecedented success while others may be fighting to survive. We want to let you know that we are examining the government’s CARES Act package with you and your business in mind, and are committed to helping you to move forward in the best possible way.
- PPP Clarifications from Treasury Department4/7/2020
The Treasury Department has released FAQs providing further clarification of the PPP loan program. We suggest that you review this update carefully to determine how it may affect your application and the calculation of your loan amount.
- SoftBank's asset sales, COVID-19 portfolio hit to rattle Vision Fund 2 investors 4/7/2020
SoftBank Group Corp.'s latest efforts to pay down debt and stem portfolio company losses amid the coronavirus crisis are unlikely to be enough to attract outside investment for its upcoming second Vision Fund, experts told S&P Global Market Intelligence.
- Small Businesses Find Mixed Results Navigating Federal Relief4/7/2020
Small-business leaders in the federal government and across the nation dug into the details of the $349 billion Paycheck Protection Program on Monday, in a conversation that gave clarity to its loan requirements but led some panelists to criticize its initial rollout.
- Responding to COVID-19 Challenges of Technology Firms4/6/2020
Our Technology Group has been closely monitoring the latest COVID-19 developments, particularly the recently enacted Paycheck Protection Program Loans (“PPP”).
- Are Real Estate Businesses Eligible to Participate in the Paycheck Protection Program (‘PPP Loans’)?4/6/2020
There is a concern that several types of real estate businesses considered “passive” under the SBA rules may not qualify without further clarification from the Treasury. Real estate management companies are not considered passive and are therefore eligible for PPP.
- SBA Issues Interim Final Rule on PPP Loan Program4/3/2020
Last evening, the Treasury Department issued its first formal Rule related to the PPP Loan Program created by the CARES Act. In it, the SBA has waived the comment period and the normal 30-day delayed effective date, making this Rule effective immediately. The Interim Final Rule clarifies certain key components while other items remain unclear. Borrowers will need to carefully evaluate direction from the CARES Act, the Interim Final Rule and the Loan Application Instructions to determine the position that best fits their circumstances.
- PPP Loan Update – Urgent Matter4/2/2020
There are several areas of the PPP loan application process that are uncertain and that may require additional guidance. Until the Treasury and/or lenders provide additional clarification, business owners must evaluate whether they are able to file accurate applications which maximize benefits.
- Managing Cash Flow During COVID-194/1/2020
As COVID-19 is rapidly creating disruption in the economy, businesses of all sizes across the globe are facing severe economic challenges. Making smart strategic decisions now will better prepare you for the uncertainty and unpredictability of the future. Anchin has some helpful hints to minimize spending and maximize your cash flow.
- Treasury Provides Clarity on the Paycheck Protection Loan Program4/1/2020
Further clarity from the Treasury Department was released yesterday on the PPP Loan Process.
- A Message from Anchin's Real Estate Group4/1/2020
The Real Estate Group at Anchin encourages you to work with professionals that have a deep understanding of the CARES act and how it will affect the Real Estate market.
- A Message from Anchin's Law Firm Group4/1/2020
Our Law Firm Group has been closely monitoring the latest COVID-19 developments, particularly the recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act.
- Understanding How the Paycheck Protection Loan Program Can Provide Support For Your Business3/31/2020
On Friday, March 27, 2020, The Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), a $2 trillion stimulus bill, was signed into law. The CARES Act allocated approximately $350 billion to help small businesses keep workers employed and cover certain expenses while dealing with the impact the pandemic has had on the United States’ economy and its citizens’ health. The CARES Act established the Paycheck Protection Program (“PPP”) that enables qualifying small businesses to borrow up to $10 million. These loans are eligible to be forgiven, if the loan proceeds are used pursuant to criteria as defined in the CARES Act, and other requirements are met. Loans are available to eligible borrowers under this program through June 30, 2020. The CARES Act requires the Small Business Association (SBA) to draft regulations around implementation including a list of lenders regarding these loans. In addition, businesses who have taken out SBA Economic Injury Disaster Loans have further considerations as discussed here.
- Navigating Uncharted Waters: Responding to the Business Impact of COVID-193/31/2020
While all organizations are in uncharted waters in dealing with the resulting economic turmoil, professional firms such as ours have a responsibility to help clients navigate through the crisis. Many businesses have addressed the immediate needs created by the pandemic: implementing remote workplace regimens, revising paid-time-off and other policies to assist employees, enacting customer support programs, etc. Having addressed the most urgent needs, it is now time to focus on issues that pose an existential threat to long-term business continuity and viability. Here is some advice that we’re sharing with our firm’s clients.
- Introducing Anchin’s COVID-19 Resource Team3/30/2020
To assist you with evaluating the broad range of programs now available, we have established the Anchin COVID-19 Resource Team, a coordinated group of experienced professionals that will work alongside your engagement teams, in claiming the benefits you need to meet your cash flow, maintain your workforce and handle other critical challenges.
- Understanding How the Tax Provisions of the Coronavirus Aid, Relief and Economic Security (CARES) Act Provide Broad Relief3/30/2020
On Friday, March 27, 2020, the CARES Act became law. The Act includes a wide range of financial and tax relief for businesses and individuals. It is the largest stimulus package ever passed. The Anchin COVID-19 Resource Team can provide support and insight with your evaluation of benefits, coordinate assistance under different provisions of the Act, and assist you in your application for benefits.
- What the Families First Coronavirus Response Package Means to You3/26/2020
As noted in an earlier release, phase two of the federal government’s legislation requires certain size employers to provide paid sick leave as well as paid family and medical leave to employees. The government then provides a fully refundable credit against payroll taxes to offset the qualified amounts paid to employees. There are additional details below. First, however, in order to understand the tax credits available, one must understand the paid leave you may be required to provide your employees.
- Senate Approves Over $2 Trillion in Relief to Ease Economic Hardship3/26/2020
The Senate finally approved legislation providing over $2 trillion of relief designed to ease the hardship caused by the coronavirus outbreak. This legislation still requires approval from both the House and President. Approval from both is expected over the next few days.
- COVID-19 Guidance for the Architecture & Engineering and Construction Industries3/25/2020
The impact of the coronavirus has affected nearly every industry, and the A/E/C sectors are no exception. Although essential construction is exempt from the workforce order that Governor Cuomo announced on Friday, it is likely that there may be jobs shutting down or slowing down in the near future.
- M&As & Coronavirus - Focus on five steps to help you navigate the pandemic3/25/2020
You decided to undergo an M&A transaction and finally signed an LOI, but now there is a pandemic. What do you do now?
- Coronavirus Stimulus Act Update3/25/2020
Congress and the White House have agreed on a comprehensive package of relief for business, individuals, state and local governments and hospitals. The proposed package is still pending subject to a vote by the House and Senate, and approval by the President.
- COVID-19 Cyber Hygiene: Tips for Keeping Your Remote Working Environment Safe & Secure3/24/2020
Staying safe and healthy doesn’t just apply to you and your hands. As many of us move to remote work in response to the coronavirus pandemic, it is important to know how to keep our employees’ home work environments as secure and protected as our companies’ offices. Taking steps now to improve employee awareness and procedures can save headaches, costs and distraction related to breaches later. In this Anchin Alert, we will be sharing our tips for maintaining the best cyber hygiene in the wake of COVID-19 and all of the unprecedented challenges it has brought.
- SBA Economic Injury Disaster Loans3/24/2020
An additional source of Coronavirus-related relief is being provided by the U.S. Small Business Administration (SBA) in the form of Economic Injury Disaster Loans (EIDLs). These loans consist of working capital provided to small businesses to meet their ordinary and necessary financial obligations that cannot be met as a result of the COVID-19 disaster. Anchin can help you evaluate whether the program may be an option for you to help meet your liquidity needs and to understand the various related requirements.
- Our Latest COVID-19 Update: Information On Business Relief, Tax and Financial Matters3/23/2020
The past week was one of the more challenging we have faced. Going forward, for as long as it's useful, we will bring you a regular round up of relevant COVID-19 information highlighting what you need to know to manage through this crisis.
- Thinking About Canceling on Your Factory? Here’s What You Need to Know3/23/2020
According to Anchin’s Marc A. Federbush, there’s no easy way to wrangle the thorny issue of cancelations.
- What You Need to Know About the Families First Coronavirus Act3/20/2020
The Families First Coronavirus Response Act was signed into law on March 18th. The Act requires most private employers with fewer than 500 employees to provide paid sick and family leave to employees affected by the coronavirus. It also provides certain tax relief to assist businesses in providing these additional benefits. The Act is currently scheduled to take effect April 2, 2020.
- Treasury Announces Additional Relief For Taxpayers Through Extension of April 15th Filing Deadline3/20/2020
Treasury Secretary Mnuchin announced today that the filing deadline for federal tax returns originally due April 15th will be extended 90 days until July 15th, 2020 as an additional step aimed at providing relief to taxpayers. This action followed a previous announcement that the deadline to make tax payments had been extended to July 15th.
- Treasury Relief Postpones Certain Tax Payments3/19/2020
The IRS has released guidance related to the postponement of certain tax payments as relief to taxpayers during the Covid-19 outbreak. This measure provides one of the first of what will likely be several measures to improve the liquidity of businesses and individuals.
- Developing a Successful Employee Retention and Attraction Plan3/19/2020
Here are three strategies your firm should consider to draw and retain talent to your business, according to Phillip Ross of Anchin.
- Wisdom from the Women of Anchin Private Client3/18/2020
In honor of Women’s History Month, we asked some of the amazing women in Anchin Private Client to share their wisdom. We hope that you find this piece thought provoking and that it allows you to better get to know some of the powerhouses behind the practice.
- Seeing your Emerging Brand through Uncertainty3/18/2020
At times like this, where the only thing certain today is more uncertainty tomorrow, your business must brace itself for the worst. Even as many of our clients and friends in the CPG industry are telling us they are having their best week, month or quarter ever, they must take into consideration that this short-term burst will slow and possibly completely pause before growth starts again.
- Covid-19 – Key Insurance Considerations3/17/2020
Coronavirus has changed the playing field for business. Once you have developed a plan for the safety of your employees, customers and vendors, it’s time to focus on this new reality and the strategies available to help your business meet its new challenges.
- Tax Filing Update – Covid-193/16/2020
President Trump declared a national emergency under the Robert T. Stafford Disaster Relief and Emergency Assistance Act in response to the coronavirus. This declaration allows the Treasury Department and the IRS to extend the deadline for certain taxpayers and small businesses to pay taxes until December 31, 2020 as Treasury Secretary Steven Mnuchin suggested earlier this week.
- Covid-19 – Addressing Key Business Issues3/16/2020
The disruption to the economy and to how we socialize due to Covid-19 is quite significant. As with other major disruptions of the past, we will likely progress through a period of uncertainty after which businesses will slowly recover. Here are several key items to address so you can keep your business and its employees on track.
- How long should I keep my tax returns? Answer: It depends3/11/2020
As a rule of thumb, you should keep your tax records for at least three years from the filing date, experts say, due to the statute of limitations for an IRS audit. Some experts advise keeping your records for even longer – up to seven years – depending on your tax situation for the year.
- Is the Real Estate Industry Prepared for the Transition Away From LIBOR?3/9/2020
The use of the London Interbank Offered Rate (LIBOR) as a benchmark rate has become ubiquitous over the last several decades. Yet LIBOR will cease to exist beyond 2021 without a single universal rate to replace it. The potential disruption has the financial markets worried and implications will be vast. Is your company prepared for this transition? Inaction is not an option.
- Anchin Expands Firm’s Cybersecurity Practice – Tab Bradshaw Joins as New Leader of Redpoint Cybersecurity LLC3/5/2020
Anchin is pleased to welcome Tab Bradshaw to the firm as Chief Operating Officer of its affiliate, Redpoint Cybersecurity. Redpoint provides strategies to mitigate advanced cybersecurity threats via offensive security services, digital forensics and incident response services, and cybersecurity transformation services.
- The Cayman Islands Launch New Legislation for Private and Mutual Funds3/4/2020
The Cayman Island government recently passed new laws for private and mutual funds, designed under recommendations from the European Union (“EU”) and other international governments. They created these regulations to increase oversight and confidence in Cayman Islands funds, while still making it a popular jurisdiction for fund formation. This article covers the upcoming requirements under these laws along with when they will go into effect. One should be aware that the Cayman Islands government defines “Mutual Funds” and “Private Funds” slightly differently than we would in the U.S., so we’ve attempted to clarify, below.
- How Marriage Influences Your Taxes2/28/2020
This month, Anchin Private Client Tax Leader Mela Garber discussed tax and marriage with Yahoo! Finance. The segment provided insight into a variety of considerations. “The Center” sat down with Mela to help dive into the details.
- Gearing Up for Estate Planning2/28/2020
Reviewing the previous year’s financial data when preparing taxes often spurs families to think about changes they may want to make in both the near and long term.
- The Wealth Tax: What it is, Who Wants it and the Implications to the UHNW2/28/2020
The 2020 Presidential election is shaping up to be one of the most intense in recent memory. Several issues are splitting candidates, parties and voters; none has proven to be more divisive than the wealth tax proposed by two Democratic candidates. The proposals from Sens. Bernie Sanders and Elizabeth Warren have proven to be quite controversial, polarizing parties and even economists. At the least, their wealth tax provisions need to be studied by ultra-high-net-worth individuals and the professionals that serve them.
- 5 Tips to Help You Build Your Five-Year Plan Now 2/20/2020
For a tech startup, the future may look nothing like the present. Those five years can move quickly – which is why it’s vital to start thinking about the answer now.
- What to Know About the Marriage Tax Penalty2/20/2020
Tax reform helped level the playing field, but married couples may still find themselves at a disadvantage at tax time.
- How PR, Marketing and Advertising Firms Define “Consulting” Will Impact Their Eligibility for the Valuable 20% Pass-Through Entity Tax Deduction2/18/2020
In 2017, Congress enacted the Tax Cuts and Jobs Act (TCJA). The legislation created new Section 199A, Pass-through Entity Deduction, allowing non-corporate taxpayers a 20% deduction on Qualifying Business Income (QBI). However, the definition of income eligible for this tax benefit for public relations, marketing and advertising firms is not straight-forward.
- Qualified Opportunity Zones: Where Do We Stand?2/14/2020
On December 19, 2019, the Internal Revenue Service (IRS) issued Final Regulations relating to Qualified Opportunity Zones.
- New Jersey’s State and Local Tax (SALT) Cap Opportunity2/13/2020
On January 13, 2020, New Jersey enacted the Pass-Through Business Alternative Income Tax (the “NJPTBA tax”) Act, effective for tax years beginning on or after January 1, 2020. This represents a State and Local Tax (SALT) cap workaround (similar to legislation already in place in Connecticut), that provides an opportunity to workaround to the Federal state tax deduction limitation of $10,000 (the “SALT cap”) passed under the Tax Cuts and Jobs Act (TCJA) in late 2017.
- 2020: Challenging Technology Environment for All Size Businesses2/13/2020
Past experiences can help us see what’s in front of us, but with respect to technology and security, many of the challenges from the past year are still going to be with us in 2020. Indicators on emerging risks show that although companies know they need to accept the digital future, most are keenly aware that the digital past dictates the challenges for the near future.
- Changes to the Philadelphia and the State of Pennsylvania Nexus Law2/6/2020
The state of Pennsylvania is using the Wayfair v. South Dakota decision as precedent to announce that, effective tax years beginning January 1, 2020, corporations that don’t have a physical presence in the state, but have $500,000 or more in gross receipts sourced to the state, will have nexus for Pennsylvania corporate net income tax and will be required to file an income tax return. This is the first time Pennsylvania has imposed corporate net income tax based solely on economic nexus.
- Evaluating The Best Tax Structure With The TCJA Tax Cuts2/6/2020
With the Tax Cuts and Jobs Act (TCJA) going into effect, many construction business owners are re-evaluating their choice of entity. The TCJA has cut the federal “C” corporate income tax rate to a flat rate of 21% from a top rate of 35% and removed the corporate alternative minimum tax (AMT). Owners of pass-through entities — partnerships, S corporations and LLCs — are taxed on their shares of business income at rates as high as 37% (down from 39.6%). A C corporation offers substantial tax advantages for businesses. Pass-through entities offer advantages as well. Here are some factors to consider when determining whether to restructure your business as a C corporation.
- Anchin Discusses What’s Next in Real Estate and Construction With Distinguished Industry Leaders at Future Forward 20202/4/2020
Anchin hosted its 6th annual industry-leading forum, Future Forward 2020: What’s Next for New York Real Estate and Construction, on February 4 at the Sheraton New York Times Square Hotel. The half-day conference brought together leading real estate owners and developers, construction executives and other key business decision-makers to discuss the rapidly transforming New York City market.
- States Modify Thresholds for Tax Filing Requirements (Oregon, Washington, Ohio, Texas and Massachusetts)2/3/2020
The states of Oregon, Washington, Ohio, Texas and Massachusetts have made modifications to their thresholds and tax filing requirements.
- Flex Plan: Building Flexibility into Estate Planning1/30/2020
The Tax Cuts and Jobs Act (TCJA) made one substantial change to the federal gift and estate tax regime. It more than doubled the combined gift and estate tax exemption, as well as the generation-skipping transfer (GST) tax exemption. This change is only temporary, however. Unless Congress takes further action, the exemptions will return to their inflation-adjusted 2017 levels starting in 2026.
- Don’t underestimate costs and need for planning - Interview with Jeffrey I. Rosenthal1/30/2020
Anchin's Financial Services Practice Leader Jeffrey I. Rosenthal explains how to mitigate the challenges of launching a hedge fund with preparation, planning, and asking the right questions in Hedgeweek's U.S. Hedge Fund Startup Guide 2020.
- The Seven SEC Compliance Examination Priorities for 20201/28/2020
At the start of every year, the SEC Office of Compliance Inspections and Examinations (OCIE) announces a list of its priorities for the next examination cycle. These represent the areas they feel are key sources of risk for investors and markets. For 2020, they named seven focus areas.
- A different calculation1/28/2020
Yair Holtzman and Sharlene Sylvia share insights about how companies can take advantage of the alternative simplified credit with NJBiz.
- SEC Annual Report Shows Record Enforcement of Asset Management Industry1/17/2020
Near the end of each year, the SEC’s Enforcement Division publishes a report listing their past actions along with future priorities. They recently released their 2019 report and what stands out is last year’s record enforcement of the asset management industry. We’ve summarized the most important parts of the report here.
- Expanded Accredited Investor Definition Could Be Coming Soon1/16/2020
If someone wants to invest in SEC-exempt private market assets, like hedge funds and venture capital funds, they must meet the SEC’s standards as an accredited investor. The SEC limits who can invest in these assets because they believe non-accredited investors do not have the sophistication or knowledge to understand these investments, or their risks. However, these markets could be opening soon. On December 18th, 2019, the SEC commissioners voted three to two for expanding the accreditation scope to include more potential investors. Here’s what could be changing.
- Department of Homeland Security Warning About Increased Cyber Attacks1/9/2020
The Department of Homeland Security (DHS) is warning businesses that there will likely be an increase in cyber threats due to heightened tension with Iran. They advise that you should expect and be prepared for an increase in phishing attacks. Phishing is when someone sends you a deceptive email in an attempt to steal information or infect your computer with malware.
- New Tax Legislation Impacts Your Retirement Planning1/8/2020
On December 19, 2019, the SECURE (“Setting Every Community Up for Retirement Enhancement”) Act became law. The legislation contains a lengthy series of provisions impacting retirement plans and their participants. Two such changes are especially significant.
- Wayfair State Threshold Updates for 20201/6/2020
There are far-reaching impacts of the Wayfair decision that continue to evolve as individual states modify their laws. Provided here is an update for 2020 of the state thresholds required to register and collect sales tax in light of the Wayfair decision.
- Lessees: A Stitch in Time Will Save Problems Down the Line12/30/2019
On November 15, 2019, the Financial Accounting Standards Board (FASB) announced it had officially delayed implementing certain accounting standards for private companies, including the new lease accounting standard (ASC 842) for an additional year, from January 1, 2020 to January 1, 2021. But don’t breathe a sigh of relief yet. You will need this extra time to understand the process involved and to collect all the necessary data in order to comply by the deadline.
- Marc Federbush at Crain's Middle-Market Roundtable12/23/2019
In a recent roundtable discussion on middle-market business issues sponsored by City National Bank and the custom division of Crain’s New York Business, Anchin's Marc Federbush and executives from a range of industries weighed in on the challenges they’ve faced in 2019 and discussed the strategies they—and their clients—are using to navigate today’s uncertain corporate environment. They also revealed some of the strategies they’re using to protect their companies from what-if scenarios.
- The Impact of the New Spending Bill12/19/2019
A spending bill currently working its way through Congress is expected to be signed by President Trump this week to avoid a government shutdown. The bill includes certain “tax extenders” as well as other tax provisions.
- The Impact of the New Revenue Recognition Standard for Public Relations, Advertising, Digital Media and Technology/Software Companies12/17/2019
Resources from our 12/17 session covering the five-step model and industry specific considerations for Services companies, including PR/Advertising/Media and Technology.
- Inside Corporate Accounting: Accounting firms embrace the future12/16/2019
Many New York City accounting firms are on the move, as they embrace technological transformation, expand their diversity and inclusion initiatives, and keep clients abreast of the implications of the sweeping Republican tax reform.
- IRS Issues Notice Delaying Certain Aspects of Partnership Reporting Requirements12/12/2019
With Notice 2019-66 (“Notice”), issued on December 9, the IRS reversed course and is delaying some partnership reporting requirements that were outlined in our earlier alert after many practitioners contended that they would not be able to comply under such a tight timeframe. The Notice provides that the requirement to report partners’ shares of partnership capital on the tax basis method will not be effective for 2019 (for partnership taxable years beginning in calendar 2019) but will be effective starting in 2020 (for partnership taxable years that start on or after Jan. 1, 2020). Instead, for 2019, partnerships and other persons must report partner capital accounts consistent with the reporting requirements in the 2018 forms and instructions, including the requirement to report negative tax basis capital accounts on a partner-by-partner basis. These partnerships and other persons must include a statement identifying the method upon which a partner’s capital account is reported. The final instructions for the 2019 forms are expected to include additional details on how such reporting should be done.
- Anchin Joins With CostMarc to Help Clients Uncover Cost Savings12/9/2019
Russell B. Shinsky, co-managing partner at Anchin, Block & Anchin LLP, announced the firm’s newest affiliate, CostMarc Consulting Group, a profit enhancement firm that uncovers cost reduction and operational savings.
- How to invest in real estate without buying a house12/7/2019
Americans love investing in real estate. When asked their preferred way to invest money they won’t need for more than 10 years, Americans’ No. 1 choice is real estate. And yet there are many challenges to owning a house or rental property. But what if you could invest in real estate without ever buying a physical property?
- 2019 Financial Services Year-End Tax Planning Alert12/5/2019
As we continue to monitor the prospects of regulations, guidance and potential new tax reform and as year-end approaches, you should consider the following opportunities as you review your tax picture.
- SEC Considers Opening Private Equity to Main Street Investors. Good Idea?12/3/2019
Private equity has been one of the top performing asset classes over the past decade. However, due to current regulations, the typical American investor hasn’t been able to participate in these gains. That could change soon. Earlier this year, the SEC asked for public comment about whether it should open private equity investments to retail investors. Here are some of the pros and cons of the agency doing so.
- What Tax Credits Do I Qualify For?12/2/2019
TAX SEASON IS AROUND the corner, and if you want to reduce how much you pay the government, you need to understand which tax credits you can claim.
- IRS Finalizes Rules Confirming No Estate Tax Clawback11/26/2019
In today’s estate planning climate, many find it beneficial to take advantage of the increase in the estate tax exemption, yet are cautious that a future lower exemption could result in unintended estate tax exposure. Regulations and clarifications issued may provide reassurance that this strategy is viable.
- Crypto-Investors Get Long-Awaited Guidance on Transactions11/26/2019
For the first time in five years the Internal Revenue Service issued guidance on the tax treatment of cryptocurrency transactions. This guidance sheds light on how cryptocurrency holders should address “hard forks” in an existing blockchain. Hard forks occur when there has been a change to the rules governing the underlying blockchain.
- Anchin, Block & Anchin LLP Admits three to the Partnership and Promotes four to Director11/21/2019
Anchin is pleased to announce the promotions of Tara Burek, CPA, Alek Dziedzic, CPA, and Megan Klingbeil, CPA, to the partnership as of October 1, 2019. In addition to the new partners, Audelene Gutierrez, CPA, Brent Lessey, CPA, Adam Pizzo, CPA, and Michael Rudegeair, CPA, CFP, have been promoted to Director.
- Recently Released Draft Partnership Instructions and Schedule K-1 Raise Questions11/14/2019
The newly released draft 2019 partnership tax return instructions and Schedule K-1 reflect changes resulting from the Tax Cuts and Jobs Act (TCJA), as well as from other IRS initiatives. This article will highlight some of those changes, with a focus on new IRS reporting requirements related to their effort to track partners’ tax basis capital.
- The Impact of the New Revenue Recognition Standard for You and Your Consumer Products Business11/12/2019
Resources from our 11/12 session covering the five-step model and industry specific considerations for Consumer Products companies.
- Fringe Benefits That May Affect Your Payroll Reporting and Tax Withholding11/11/2019
To Our Business Clients:Attached for your convenience is a summary of the tax treatment of certain fringe benefits for payroll tax and income tax reporting purposes, plus detailed information regarding company automobiles and health and accident insurance premiums for S corporations.
- Philanthropy: Leave a legacy with a charitable remainder trust10/31/2019
Let’s say you’re charitably inclined but have concerns about maintaining a sufficient amount of income to meet your current needs. The good news is that there’s a trust for that: a charitable remainder trust (CRT). This type of trust allows you to support your favorite charity while potentially boosting cash flow, shrinking the size of your taxable estate, and reducing or deferring income taxes.
- Adding Restrictions to Control Usage of Charitable Gifts10/31/2019
For many, philanthropy is an important part of an estate plan and a family legacy. Unrestricted gifts can be risky, especially large donations that will benefit a charity over a long period of time. There are measures that can be taken to ensure that donations are used to fulfill the donor’s intended charitable purposes.
- Tax Considerations for the Sandwich Generation 10/31/2019
With a little planning, members of this generation may be able to find tax savings. While it is always best to discuss these matters with financial and tax professionals, here are a few ideas to consider.
- Women Leaders in Consumer Products Unite for Breast Cancer Awareness10/8/2019
On the morning of October 17th, powerhouse female leaders in fashion, beauty and consumer products will share their insight and wisdom for a good cause. "Celebrating Women Leadership in Consumer Products," presented by Anchin and Tarter Krinsky, will highlight the impact of inspiring leaders via a panel with Q&A, along with a networking forum, at Anchin (1375 Broadway).
- Anchin Names Russell B. Shinsky as Co-Managing Partner10/3/2019
We are pleased to announce that Russell B. Shinsky has been elected as Anchin’s Co-Managing Partner, effective October 1st. Russell will serve alongside current Managing Partner, Frank A. Schettino, who is scheduled to retire September 30, 2020. Russell will become the seventh Managing Partner in Anchin’s nearly 100-year history, and like Frank, has spent his entire professional career at the firm.
- Hack Attack: Understanding Unauthorized Computer Data Access From the Client’s Viewpoint Webinar10/2/2019
Watch this PR Council webinar to see Russ Safirstein, leader of Anchin Digital Risk Solutions, share steps your clients must take as soon as they discover their computer system has been compromised. He also reviews risks, responsibilities, requirements and reporting deadlines that must be met with any data breach, so that you can be prepared with your crisis communications strategy.
- Getting Ready for New York’s New License9/27/2019
Traveling is about to become trickier for New Yorkers unless they update their driver’s license. Starting on October 1, 2020, New Yorkers will need either a REAL or Enhanced Driver’s License (EDL) to board an airplane or enter certain government buildings, unless they travel with a passport even on domestic flights. While some license updates can be handled online or through the mail, New Yorkers will have to appear at the Department of Motor Vehicles with several identification documents in hand to get their REAL or EDL.
- What You Can Deduct When Volunteering9/27/2019
Many people are familiar with the rules governing contributions of assets to charitable organizations, but another part of the equation that sometimes goes unaccounted for is the contribution of time and the expenses that may come along with one’s charitable efforts. If a taxpayer itemizes their deductions, charitable contributions of cash or property may increase tax savings. However, the value of one’s time or services is not a charitable contribution. It does not matter if the service requires skill (for example a carpenter). The value of time is not tax deductible.
- How to Protect Yourself Online9/27/2019
There has been no shortage of news about online privacy. Whether it is big tech gaining a bigger hold on our private lives or hackers stealing personal information both at the corporate and individual levels, data seems to be at risk with every click of the mouse.
- Ultra-rich Americans are selling off luxury real estate faster than they're snapping it up, and it's not the only change they're making to their portfolios as recession fears linger9/19/2019
Jared Feldman, Co-Leader of Anchin Private Client, says his clients are continuing to make such investments and taking advantage of discounted opportunities.
- 6 Ways Accounting Firms Can Innovate Successfully9/17/2019
Anchin Partner Russell Shinsky is quoted extensively in this interview with BKR International's Aiysha (AJ) Johnson about accounting firms of the future and innovation.
- Venture capitalists feast on food in search of big profits9/4/2019
Greg Wank, Leader of Anchin's Food and Beverage Industry Practice, explains why investors are paying attention to trends such as plant based and sustainability.
- Added Benefits of Giving with Charitable Gift Annuities8/29/2019
If you’re charitably inclined, you may wish to consider a charitable gift annuity. It can combine the benefits of an immediate income tax deduction and a lifetime income stream. Furthermore, it allows you to support a favorite charity and reduce the size of your future taxable estate.
- Considering Retirement? Tax Burdens Can Help You Decide Where8/29/2019
Retirement is a major life event which requires much consideration. Since many retirees prefer to simplify their lives upon retirement, they may consider relocating to another state. Often, a heavily weighted factor in this decision is the state and local tax burden imposed by high-tax jurisdictions, such as New York or California.
- Legacy Planning - Preserving Family’s Wealth and Core Values8/29/2019
Following disciplined practices and setting legacy planning in motion early can help younger generations avoid the risk of losing the family fortune or failing to understand and carry forward the family values and principles.
- How Can Hedge Funds Raise Capital More Effectively?8/21/2019
Raising capital for a hedge fund is a process. At a time when the industry has seen four straight quarters of capital outflows, it’s more important than ever for fund managers to know how, where and why they will attract investors. By understanding the mindset of investors as well as their concerns, you can improve your fund raising results.
- How to Eat Organic on a Budget8/12/2019
Greg Wank, Leader of Anchin's Food and Beverage Industry Practice, comments about why organic food costs more and notes that increasing demand is leading to higher supply.
- Opportunity zone investments bring bigger tax breaks if finalized this year8/7/2019
Marc Wieder, Co-Leader of the Real Estate Group at Anchin, is hearing from clients about their interest in the tax break.
- Does Your Estate Plan Include a Formula Funding Clause?7/31/2019
Anyone who is married and executed their estate planning documents years ago, when the gift and estate tax exemption was substantially lower, should review their plan to ensure that the increased exemption doesn’t trigger unintended results. It’s not unusual for older estate planning documents to include a “formula funding clause,” which splits assets between a credit shelter trust, which may benefit non-spousal beneficiaries, and the surviving spouse — either outright or in a marital trust.
- Unleash the Power of a Nonspringing Power of Attorney7/31/2019
Estate planning typically focuses on what happens to your children and your assets when you die. But it’s equally important to have a plan for making critical financial and medical decisions if you’re unable to make those decisions yourself. A crucial component of this plan is the power of attorney (POA) - specifically, a nonspringing POA.
- Pros and Cons of Joint Ownership of Property with Children7/31/2019
Joint ownership is a common shortcut for estate planning, and individuals should be aware of the pros and cons in order to make an educated decision regarding their estate. Joint ownership is common for real estate, but may be used to hold other kinds of assets.
- Westchester County Increases Sales and Use Tax Rate7/29/2019
Starting August 1, 2019, local sales and use tax in Westchester County, New York will increase by 1%, from 3% to 4%.
- Anchin ranked as a Top 50 Construction Accounting Firm by Construction Executive7/26/2019
Anchin has been ranked as a Top 50 Construction Accounting Firm by Construction Executive Magazine recognizing the quality of Anchin's Construction Industry Group.
- 6 Recent Tax Law Changes That Technology Companies Need to Know 7/25/2019
The Tax Cuts and Jobs Act (TCJA), which was signed into law over a year ago, has ushered in many changes that impact taxpayers, and in particular, technology companies. Following are six tax law changes that technology companies should be aware of before filing their annual income tax returns.
- SEC Explores Softening Accredited Investor Standards7/11/2019
On June 18th, the SEC issued a comment release for feedback on possibly loosening the accredited investor definition. This would potentially allow more investors to contribute to private funds and other restricted investments. Here’s what they’re considering and what could happen next.
- Anchin Appoints Nancy D. Lieberman as General Counsel7/8/2019
Anchin, a leading accounting, tax and advisory firm based in New York City, announced that Nancy D. Lieberman has been appointed as the firm's General Counsel. Nancy will assist the firm with a variety of business and legal matters.
- Beyond Meat Fever Turns the Tiny Pea Into America’s Hot New Crop7/3/2019
Greg Wank, Leader of Anchin's Food and Beverage Industry Practice, says the time is right for plant-based companies to go mainstream.
- Proper Funding of Revocable Trust is the Key to Unlocking its Benefit6/28/2019
If an estate plan includes a revocable trust — also known as a “living” trust — it’s critical to ensure that the trust is properly funded. Revocable trusts offer significant benefits, including asset management (in the event that the owner becomes incapacitated), probate avoidance and privacy. But these benefits aren’t available if the trust isn’t funded.
- Reminder: Make Health Care Decisions While You’re Healthy6/28/2019
Estate planning isn’t just about what happens to one’s assets after death. It’s also about protecting one’s self and loved ones. This includes having a plan for making critical medical decisions in the event a person is unable to do so independently. And, as with other aspects of an estate plan, the time to act is now, while healthy. If an illness or injury renders a person unconscious or otherwise incapacitated, it will be too late.
- Crossing State Lines to Gain Tax Savings and Other Benefits5/31/2019
People who live in states with high income taxes sometimes relocate to a state with a more favorable tax climate. A similar strategy can be available for trusts. If a trust is subject to high state income taxes, it may be possible to make changes to reduce tax exposure.
- How to Transfer Art Investments to Future Generations5/31/2019
It is said that beauty is in the eye of the beholder, and that statement may never ring so true as when families are deciding how and whether to transfer their art investments to future generations.
- Estate Planning for Single Parents Requires Special Considerations5/31/2019
While estate planning for single parents is similar to estate planning for families with two parents, when only one parent is involved, certain aspects demand special attention.
- Anchin Expands Regulatory Compliance and Investigations, Hires Top Fraud and Investigations Expert Brian Sanvidge5/15/2019
Anchin, a leading accounting and advisory firm based in New York City, announced that Brian Sanvidge, a Certified Inspector General and Certified Fraud Examiner, has joined the firm's Litigation, Forensic and Valuation Services group as Principal, Leader of Regulatory Compliance and Investigations.
- Financial and Other Considerations When Starting a Private Equity or Venture Capital Fund5/9/2019
Getting a private equity or venture capital fund off the ground takes more than a successful investment strategy. From the outset, you need to consider and plan for the lifespan of the fund, from concept to realization and eventual liquidation. These funds are far more complex and require significantly more financial planning than a typical long-short equity fund.
- External Oversight Helps Keep Construction Costs in Line4/30/2019
Increasingly, project owners are turning to outside experts for construction cost oversight to address these concerns.
- The Original Will: Can It Be Located? 4/30/2019
In a world that is increasingly paperless, many people are becoming accustomed to conducting a variety of transactions digitally. When it comes to one’s Last Will and testament, however, only an original, signed document will do.
- Family Financial Fitness Part 24/30/2019
In instances when the family member who typically takes care of the finances falls ill and is unable to continue, a child may need to step in.
- Insights on the Second Set of Qualified Opportunity Zone Regulations 4/25/2019
The long awaited second set of proposed regulations to the Qualified Opportunity Zone (QOZ) program were released on April 17, 2019. Unfortunately, per the U.S. Treasury, certain sections of the regulations can be relied upon by the taxpayer and some cannot.
- The 2018 Gift Tax Return Deadline Is Almost Here3/20/2019
Large gifts made last year, such as ones made to children, grandchildren or other heirs, require filing a gift tax under certain circumstances. It is important to determine whether filing a 2018 gift tax return is required – or whether filing one would be beneficial even if it isn’t required.
- A Total Return Unitrust Can Help Maintain Family Harmony 3/20/2019
A traditional trust can sometimes create a conflict between the lifetime and remainder beneficiaries. For example, investment strategies that provide growth that benefits remainder beneficiaries can leave lifetime beneficiaries with little or no annual payouts. This makes it more difficult for a person’s estate plan to achieve his or her objectives and places the trustee in a difficult position. A total return unitrust (TRU) may offer a solution.
- Family Financial Fitness3/20/2019
Sometimes a change in circumstances forces a change in responsibilities at a time when all parties are not necessarily ready. In instances when the family member who typically takes care of the finances falls ill and is unable to continue, a spouse or child may need to step in.
- A SLAT Offers Estate Planning Benefits and Acts as a Financial Backup Plan2/28/2019
Some of the most effective estate planning strategies involve the use of irrevocable trusts, but it can be uncomfortable for someone to place assets outside of his or her control. What happens if a grantor’s financial fortunes take a turn for the worse after a large portion of wealth has been irrevocably transferred?
- The Financial Considerations of Marrying Later in Life2/28/2019
While there are benefits to later-in-life marriages, there are also financial considerations to keep in mind, as each spouse is more likely to enter into the marriage with their own financial assets and responsibilities. As a lot of planning goes into the “big day”, there are a few details that should not be overlooked.
- Domestic Employee Payroll: What You Need for Tax Time 2/28/2019
When does an individual qualify as a domestic employee? This is an issue that is often misunderstood, and can potentially result in a scenario whereby a household is actually an employer without even realizing it. Many families believe that only full-time employees count for tax purposes. With the new year underway, households should consider consulting with their tax and financial advisors to make sure they are properly tracking, paying for and insuring their household help.
- Qualified Small Business Stock: A Gem for Investors and a Marketing Tool for Entrepreneurs2/27/2019
In this day and age, investors (Venture Capitalists, Private Equity, and Angel Investors) are concerned about maximizing their internal rate of return (IRR). Maximization of this important metric cannot be accomplished without minimizing the potential tax leakage of an investment. The reduction of the corporate tax rate to 21% in conjunction with the tax benefits provided by Internal Revenue Code (IRC) §1202 can be used to achieve this goal.
- A US tax break Israeli startups can utilize2/19/2019
Many Israeli companies with connections to the United States have benefited extensively from the research and development tax credit, which has recently become significantly more accessible.
- Anchin's Paul Gevertzman on Amazon Cancelling Plans for HQ2 in New York2/14/2019
Bloomberg Radio asked Anchin's Paul Gevertzman to comment on Amazon's surprising retreat on its New York City headquarters.
- Anchin Bolsters its Advisory Offering with a Key Addition to the Firm - A Leader of its New Anchin Digital Risk Solutions Practice2/14/2019
Anchin, Block & Anchin LLP is pleased to welcome Russell Safirstein to the firm as Partner in Charge of its new subsidiary – Anchin Digital Risk Solutions LLC (ADRS).
- What’s the matter with the Kiddie Tax today?2/5/2019
Anchin's Tamir Dardashtian shares some alternatives.
- Automatic Extension Available for Making Portability Election1/31/2019
An unfortunate reality about outliving a spouse is that during the time when the pain and grief are very new, important financial and estate planning activities must be carried out. Often times, even when careful plans are made, some details get lost in the shuffle. One item that sometimes goes unnoticed that also has a limited window of opportunity is the portability election.
- Estate Planning for Unique Family Situations 1/31/2019
It may be best to think about estate planning as more of a process than a destination. While families may have an idea of how they want their assets distributed at death, changing circumstances can necessitate making changes to even the best laid plans.
- Hastily Choosing an Executor Can Lead to Problems After Your Death1/31/2019
Choosing the right executor — also known as a “personal representative” — is critical to the smooth administration of an estate. Sometimes people make this decision without giving it proper consideration. Given an executor’s many responsibilities and complex tasks, it is important to put some thought into the selection.
- Meet the Anchin R&D Tax Credits Team: Yair Holtzman1/29/2019
As the Research & Development (“R&D”) Tax Credits Group Practice Leader, I am responsible for the leadership, strategic focus and business performance of the group. In this role, I oversee the R&D group’s growth, vision, diversification and development.
- What is the R&D Tax Credit?1/29/2019
The federal research and development (R&D) tax credit under Internal Revenue Code (IRC) section 41 was first introduced by Congress in 1981. The purpose of the credit is to incentivize U.S. companies to continue and increase spending on research and development within the U.S. The R&D tax credit is available to businesses that uncover new, improved, or technologically advanced products, processes, principles, methodologies or materials. In addition to “revolutionary” activities, in some cases the credit may be available if a company has performed “evolutionary” activities such as investing time, money, and resources toward improving its products and processes.
- Industry Spotlight – Architecture, Engineering & Construction1/29/2019
Architecture, engineering, and construction (“AEC”) firms frequently invest substantial resources to advance and improve building designs and processes. When contractors, architecture and engineering professionals develop and design new and innovative techniques, their activities may qualify for the R&D tax credit. As a result of unique project aspects and ever-changing structure and energy codes, many projects that appear similar on the surface are, in fact, at least partially new or improved with respect to function or performance.
- How Does the Government Shutdown Affect Your Taxes?1/25/2019
Many of you may be concerned about how the government shutdown will affect the IRS and the upcoming tax filing season. Certain departments are open, but these are mainly for tax return processing.
- Anchin's Paul Gevertzman on "Bloomberg Small Business Report"1/22/2019
In this audio clip from The Bloomberg Small Business Report, Anchin's Paul Gevertzman spoke about some of the challenges that small business owners may face this upcoming tax season, including confusion around the 20% pass-through deduction.
- Anchin, Block & Anchin LLP named among Best Companies to Work for in New York for 12 years running1/17/2019
Anchin, Block & Anchin LLP was recently named as one of the 2019 Best Companies to Work for in New York. This is the 12th year in a row that Anchin has achieved this recognition. The annual list of the 2019 Best Companies to Work for in New York was created by the New York State Society for Human Resource Management (NYS-SHRM) and Best Companies Group.
- What Does a Landlord Need to Know About the New Accounting Rules For Leases? 1/15/2019
Accounting for leases has always been a complex area and has undergone significant changes with the release of the Financial Accounting Standard Board’s (FASB) new leasing standard back in April 2016, which will now require most operating leases of lessees to be placed on the balance sheet as a liability.
- What Should Businesses Know About Qualified Opportunity Zones? 1/15/2019
The Tax Cuts and Jobs Act (TCJA) passed last December to overhaul the federal tax code has had a significant impact on the real estate industry. The new law provided tax breaks, but lacked guidance from the IRS, which is hindering some tax planning. Yet amidst these changes, a significant program has been established designed to spur economic activity — and incentivize investors — in areas most in need.
- How Can a Cost Segregation Study under the TCJA Benefit You? 1/15/2019
Cost Segregation Studies have been around since the Hospital Corp of America case back in 1997. Many developers and property owners have taken advantage of this study to accelerate their tax deductions through depreciation on both their developments and acquisitions.
- The OCIE Lays Out Six Examination Priorities for 20191/11/2019
Every year, the SEC’s Office of Compliance Inspections and Examinations (OCIE) publishes a report listing their priorities for upcoming examinations. For 2019, they will focus their attention on six categories.
- Tips for Emerging Consumer Brands Focused on High Growth1/11/2019
Even the biggest industry players were once emerging brands. It is a success story that we have seen time and time again, yet no two cases are quite the same. In our years of work with emerging brands, certain themes have presented themselves, and while your goals are unique to you, you may be able to benefit from some of these lessons learned.
- Anchin, Block & Anchin LLP Bolsters its Advisory Offering with a Key Addition to the Firm - A Leader of its New Transaction Advisory Services Practice1/8/2019
Anchin, Block & Anchin LLP is pleased to welcome Olamide (Lami) Ajibesin to the firm as a Managing Director to lead its Transaction Advisory Services – Due Diligence Practice.
- What a Landlord Needs to Know About the New Accounting Rules for Leases1/7/2019
Accounting for leases has always been a complex area and has undergone significant changes with the release of the Financial Accounting Standard Board’s (FASB) new leasing standard back in April 2016, which will now require most operating leases of lessees to be placed on the balance sheet as a liability.
- Do You Know the Sales Tax Rules for the States in Your Supply Chain? If Not, It Could Be Costly. 12/21/2018
Retailers that operate in multiple tax jurisdictions across the U.S. are facing an increasingly complex and onerous landscape. While once they were able to trust customers to settle their own sales tax bill, the Supreme Court's decision in Wayfair vs. South Dakota now forces merchants to account for and collect the tax on every transaction, a bookkeeping nightmare for small businesses.
- 2018 Financial Services Year-End Tax Planning Alert12/19/2018
With the passage of the Tax Cuts & Jobs Act (the “Tax Act”) in December of 2017, the impact on funds, their owners/managers and investors has been anything but clear. The Tax Act was rushed into law, is extremely complex and still has many unanswered questions to unclear sections of the new law. However, unlike last year at this time, we do not foresee any new tax legislation before year-end 2018 nor is it clear that guidance or technical corrections will be forthcoming to address some of the open questions affecting funds, fund managers and their investors.
- Cost Segregation Studies Save Real Estate Even More Taxes Than Before, Thanks to TCJA12/17/2018
Since their introduction in 1997, cost segregation studies have allowed developers and property owners to accelerate their tax deductions through depreciation on both developments and acquisitions. But with the implementation of the Tax Cuts and Jobs Act (TCJA) in 2017, these studies are even more valuable now than they were before. Originally published by Commercial Observer.
- Economic Opportunity Zones vs. 1031 Exchanges12/14/2018
The new Economic Opportunity Zones (EOZ) approved as part of the larger Tax Cuts and Jobs Act (TCJA) has been established to spur economic activity — and incentivize investors — in areas most in need. The program expands businesses’ ability to utilize a portion of the estimated $2.3 trillion of unrealized capital gains. If utilized effectively, this EOZ program could return far-reaching benefits to capital flows and incentivize increased activity for the real estate industry.
- Exploring the Benefits of Donating Appreciated Stock11/30/2018
As the end of the year approaches, families often consider finalizing their year-end philanthropic giving. If making a substantial contribution to a charity or college is on the horizon, donating appreciated stock from an investment portfolio in lieu of cash is a strategy worth considering. The tax benefits from the donation can be increased and the organization will be just as happy to receive the stock.
- Examining Home Mortgage Interest and Home Equity Loan Interest Deductibility under the TCJA11/30/2018
The Tax Cuts and Jobs Act (TCJA) brought about changes in the rules for deducting qualified residential interest, i.e., interest on a mortgage.
- The Rise of Impact Investing11/30/2018
Investors are increasingly spending more time thinking about what their investments will mean for the world instead of just their portfolio. Yet for all the interest in impact investing, many are unsure of what it is and how to get involved, should they deem it is appropriate for their investment portfolio.
- Details of N.J. Amnesty Program Announced for Eligible Taxpayers11/20/2018
As part of the New Jersey state budget signed by Governor Murphy on July 1, 2018, an amnesty program was announced that will offer delinquent taxpayers an incentive for paying previously unpaid taxes from prior years. This program is for income, motor fuels, sales, corporate business as well as estate and inheritance taxes. The ninety day period for the amnesty program runs from November 15, 2018 through January 15, 2019.
- Fringe Benefits That May Affect Your Payroll Reporting and Tax Withholding11/15/2018
If any of these items apply to your company, please provide a copy to the person responsible for overseeing your payroll tax operations. Please don't hesitate to call us if you have any questions.
- Will the Increasing Focus on Raising Tax Revenue with Gross Receipts and Excise Taxes Impact You?11/7/2018
Now privy to information from outside third parties, some states and localities are taking increasingly aggressive approaches in raising revenue with such taxes. Below, we profile the treatment of gross receipts taxes in the states of Ohio and Washington. Ohio The Commercial Activity Tax (CAT) is an annual
- Decanting an Irrevocable Trust in Need of Change10/31/2018
Over time, the terms of an irrevocable trust may no longer be applicable to an individual or family’s current situation. While irrevocable trusts are typically created with the intent of remaining unchanged, trustees may also have the option of decanting a trust when it makes sense. To decant a trust, a trustee distributes assets from one irrevocable trust into a new irrevocable trust that contains modified terms. This may be beneficial for when the terms of a trust have become outdated.
- Use the Proper Tools to Fix a Broken Trust10/31/2018
An irrevocable trust has long been a key component of many estate plans. But what if it no longer serves its original purpose? Is it too late to change it? Depending on applicable state law, there may be options to fix a broken trust.
- Key Considerations for Settling a Loved One’s Estate10/31/2018
The loss of a loved one is an emotionally taxing event. While family and friends come together to grieve and support one another, a death also prompts action for settling of the estate. A family member may end up as the executor or executrix but not have the professional background that would lend itself to the role. Considering the following items will help alleviate some of the difficulties that may arise when executing an estate.
- Opportunity Zone Proposed Regulations Issued: What Was Answered10/22/2018
On October 19, 2018, the Treasury released proposed regulations relating to the Opportunity Zones. These regulations may be relied upon by taxpayers until final regulations are published. The proposed regulations help clarify some of the ambiguities/questions that were inherent in the TCJA with respect to Opportunity Zones. Taxpayers now have guidance to rely on to help start investing in Opportunity Zones.
- Avoiding Double Taxation from Selling a C-Corp – Not Easy but Possible10/15/2018
When the owner of a C-Corporation sells their business for a profit, the profits will be taxed twice: once at the corporate level and again when money is distributed to the owner/shareholders as a dividend. However, in some circumstances there may be a way to avoid the double taxation. It’s a difficult strategy to pull off but could be possible under the right conditions.
- Finally Some Digestible Meal and Entertainment Guidance10/3/2018
On October 3rd, the Internal Revenue Service released Notice 2018-76 providing transitional guidance on how the Tax Cuts & Jobs Act changes to the deductibility of Entertainment expense affects the 50% deductibility of business Meals that taxpayers and professionals had been hungering for. While the guidance is transitional, it provides clarity on some of the issues we had previously provided comments on:
- Industry Experts Address NYC Transportation and Infrastructure at Anchin’s 13th Annual State of the Construction Industry Event 10/2/2018
On Friday, September 28, leading New York City based construction accounting, tax and consulting firm Anchin hosted its 13th annual State of the Construction Industry Conference, “Building the Future: The Evolution and Impact of Transportation and Beyond,” at the Yale Club in midtown Manhattan.
- More than Historians10/1/2018
Almost by definition, most accounting firms are historians, simply reporting the results of a client’s recent past. But that’s not even half the job, according to Marc Federbush, leader of the Fashion Group at New York City-based accounting and advisory firm Anchin.
- Post-Retirement Planning: A Checklist for Seniors 9/27/2018
As high net worth individuals enter their retirement years, they may think that the bulk of their financial planning needs are over, when in fact a new phase of financial planning is just beginning. Even though some of these wealthy families may not have to worry about outliving their savings, there are still reasons to periodically review their financial plan.
- Philanthropy and Tax Reform: Is it Advantageous to Accelerate Contributions?9/27/2018
The Tax Cuts and Jobs Act, signed in December 2017, raised questions about how charitable gifts can be deducted. With the standard deduction limits for individuals and married couples nearly doubled under the new law, the financial incentive to donate has largely disappeared for most families.
- Five Things to Consider Regarding a Second Residence in the Big Apple9/27/2018
New York can be a magical city, and many people dream of making the Big Apple their forever home. Yet for those that want to enjoy the city on a part-time basis, there are a number of things to consider to make sure the decision is appropriate. This piece highlights five.
- Congress Introduces New Sales Tax Legislation9/21/2018
Congressmen on both sides of the aisle recently introduced legislation to address the Supreme Court’s decision regarding sales tax and physical presence nexus in South Dakota versus Wayfair. The Wayfair decision allows states to require businesses to register and collect sales tax even though no physical presence in the state.
- Effective 10/1/18: Sales and Use Tax Collection Changes for Additional States9/13/2018
Since the U.S. Supreme Court’s recent ruling in South Dakota v Wayfair Inc., additional states have released guidance on the treatment of sales and use tax, effective 10/1/18.
- There’s a new sheriff in town: the not-so-new IRS Consolidated Partnership Audit Regime (“CPAR”)9/6/2018
On January 01, 2018, the CPAR (promulgated under the Bipartisan Budget Act of 2015) went into effect. Two sets of related regulations were issued in August 2018. As a result, there is the potential for a federal entity level tax if an election out of the CPAR is not made with each year’s federal partnership tax return. Under the CPAR default regime, tax will be assessed on the partnership in the year that the partnership tax examination or audit becomes final - not the reviewed year (the year under audit). As such, the tax assessed may not be equitable due to partner ownership shifts in subsequent years. The goals of the new regime are two-fold: to increase the IRS collection efficiency and to reinvest resources into increasing the number of partnership audits. Since almost all partnerships and their partners will be effected, this alert summarizes some of the key issues that you will need to consider.
- Beware IRD If Anticipating an Inheritance8/29/2018
Most people are genuinely appreciative of inheritances, yet sometimes a well-intentioned gift can have steep tax consequences. While inherited property is typically tax-free to the recipient, this is not the case with an asset that is considered income in respect of a decedent (IRD). If someone inherits previously untaxed property, such as an IRA or other retirement account, the resulting IRD can produce significant income tax liability.
- Considerations in Choosing a Guardian for your Minor Children8/29/2018
One of the hardest things for a parent to imagine is not being there for their children. This is one typical reason why many delay choosing a guardian. However, despite the challenge, parents of minor children should incorporate into their estate plan who will take care of their children in the event of their death. By planning today, parents can help to ensure that their children are well cared for should the worst happen. If there is no plan in place, guardianship decisions are likely to be made by the state and are often not what the parents would have chosen.
- 529 Plans and Tax Changes8/29/2018
Under the Tax Cut and Jobs Act of 2017, funds in 529 Plans are no longer restricted to college and university expenses. This means that families who used to foot the bill for private school tuition (kindergarten through 12th grade) from already-taxed assets can now use the tax-advantaged accounts to minimize some of the costs.
- In Today’s Food And Beverage Industry, Investment Rules Are Getting Stale8/29/2018
Greg Wank, Leader of Anchin's Food and Beverage Industry Practice, on the changing rules of food and beverage industry investment.
- 4 Key Components To New Firm Partnership Agreements8/28/2018
A well-drafted partnership agreement protects a law firm's founders, establishes a process for new and outgoing partners, and sets forth guidelines for navigating conflict along the way. Startup firms can begin with something less complex, but there are important elements that every agreement should include, says Partner Russell Shinsky.
- Proposed “Pass Through” Deduction Regulations - What does It mean for My Business?8/14/2018
The Pass Through deduction established as part of the Tax Cuts and Jobs Act (TCJA) allows sole proprietors and non-corporate owners of pass-through entities a maximum deduction up to 20% of their Qualified Business Income (QBI). The deduction is limited to the lesser of 20% of the QBI or the greater of 50% of the amount of wages paid to employees or 25% of wages paid to employees plus 2.5% of the unadjusted cost of qualified property. It may be further limited by taxable income at the taxpayer (individual) level.
- Financing Options for Emerging Brands8/10/2018
Emerging brands are constantly looking for ways to make their mark on the consumer product industry, but it can be challenging for these businesses to rely strictly on funding from founders, friends and family, and cash flow from operations to increase brand awareness. For the best opportunities for success, emerging brands have to make tough financing decisions to promote company growth. Both debt and equity financing are great options for consumer product brands to raise additional capital. Whether a brand just landed its first national account or is about to launch in major retailers, founders need to assess the pros and cons of each option to determine what is most suitable for their company.
- More on the New Qualified Opportunity Zones – Formation and Operation of a Fund8/9/2018
This is the third in a series of alerts by the Anchin Tax Credits and Incentives Team on the new Economic Opportunity Zones program created by the Tax Cuts and Jobs Act (TCJA) in December of 2017 to encourage and incentivize long term investments in qualified low-income communities nationwide. The program provides a tax incentive for investors to roll their capital gains into a Qualified Opportunity Fund (QOF), that in turn invests in certain economically distressed communities.
- Imparting Financial Lessons to College-Bound Children7/31/2018
Parents of college-bound children may have a long summer to-do list to get their children ready for school. But amid the family vacations and mile-long shopping lists, parents may also want to think of ways to financially equip their children for college.
- Naming a minor as beneficiary of a life insurance policy or retirement plan can lead to unintended outcomes7/31/2018
Challenges often occur in instances when a minor is designated as beneficiary — or contingent beneficiary — of a life insurance policy or retirement plan. While making a young child the beneficiary of such assets may seem like an excellent way to provide for him or her, in the case of a parent’s untimely death, doing so can have significant undesirable consequences.
- Self-employed? Don’t Forget to Fund a Retirement Plan7/31/2018
As a self-employed small business owner, you have numerous responsibilities on your plate that a salaried employee does not encounter. One critical but easily overlooked responsibility is to plan for your post-career financial well-being, by establishing, maintaining and funding your own retirement plan.
- Cybersecurity for Investment Partnerships, Private Equity and Real Estate Funds - Responding to a Growing Threat7/30/2018
Investment partnerships, private equity and real estate funds are tempting targets for cybercriminals thanks to their financial assets, sensitive customer information, and access to institutional counterparts. And the threat is growing quickly. Recent studies report that fifty five percent of limited partners in private equity funds expect a serious cyberattack on their firms within the next five years. How can you keep your fund safe? Let’s take a look at the current threats and latest recommendations from the SEC.
- Evaluating the Use of the New York Charitable Gift Reserve Fund to Secure Tax Deductions7/23/2018
As a result of the federal Tax Cuts and Jobs Act, the maximum deduction for state and local income taxes combined with real estate taxes on the federal return will be limited to $10,000 for years beginning in 2018. In an attempt to mitigate the negative consequences of this lost deduction for New Yorkers, the recently passed New York Executive Budget has several provisions that provide potential relief.
- Is Being Highly Leveraged a Good Thing?7/12/2018
The 2018 Tax Act limits the deduction of business interest, therefore impacting the potential strategic value of being highly leveraged. According to the Act, beginning in years after 12/31/17, businesses will only be able to deduct interest expense up to 30% of its adjusted taxable income, plus its business interest income.
- Defer tax with a Section 1031 exchange, but new limits apply this year7/12/2018
Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange. However, the Tax Cuts and Jobs Act (TCJA) reduces the types of property eligible for this favorable tax treatment.
- Lost in Translation: Technical Issues Create Confusion Over New Depreciation Rules7/12/2018
The new tax law makes significant changes to the way real estate improvements and other business assets are depreciated for tax purposes. Unfortunately, in the rush to pass tax reform before Christmas, critical provisions were omitted, creating a disconnect between what Congress intended and the language of the act.
- New Jersey grapples with new tax law7/12/2018
Anchin's Real Estate Group Co-Leader Robert Gilman is among those experts who expect an exodus from the Garden State because of the reforms.
- Is the Tax Cuts and Jobs Act (“TCJA”) Eating Law Firms Breakfasts, Lunches and Dinners?7/11/2018
The TCJA made significant changes to the Internal Revenue Code (“IRC”) regarding business deductions involving not just entertainment but, in many aspects, employee benefits and traditional meals as well. These changes affect law firms and their clients regardless of entity type however, significant guidance is still needed from the IRS.
- Effective 7/1/18: Sales and Use Tax Collection Changes for Vermont and Kentucky7/2/2018
Since the U.S. Supreme Court’s recent overturning of Quill Corp. v. North Dakota, Vermont and Kentucky have released guidance on the treatment of sales and use tax, both of which went into effect on July 1, 2018.
- Security Risks with Smart Homes and IOT6/28/2018
Every device that is added to the home Wi-Fi network opens up potential risks. Following smart security practices can help protect both property and personal information.
- Tips for Minding the House During a Summer Away 6/28/2018
Families will want to make sure they take proper care of their primary residence so that they do not find any unpleasant surprises awaiting them when they return from the summer break.
- Changes Affecting Divorce in Light of the Tax Cuts and Jobs Act6/28/2018
The new law applies to divorce or separation agreements executed after December 31, 2018, which means that divorcing spouses will have a good reason to finalize their divorce by the end of the year.
- Supreme Court Opens Door to Taxation of Online Sales6/26/2018
In a much-anticipated ruling that confounded the expectations of many court watchers, the U.S. Supreme Court has given state and local governments the green light to impose sales taxes on out-of-state online sales. The 5-4 decision in South Dakota v. Wayfair, Inc. was met by cheers from brick-and-mortar retailers, who have long believed that the high court’s previous rulings on the issue disadvantaged them, as well as state governments that are eager to replenish their coffers.
- Supreme Court Overturns Significant Wide Reaching Tax Ruling6/21/2018
In one of the most groundbreaking tax events in decades, the U.S. Supreme Court overturned Quill Corp. v. North Dakota, a 1992 decision pertaining to the collection of use tax. Now, retailers can be required to collect sales and use tax, even in states in which they lack a physical presence.
- Anchin offers analysis of the 2017 Tax Cuts and Jobs Act in relation to the value of equity interests6/21/2018
Hedgeweek highlights our analysis of how the 2017 Tax Cuts and Jobs Act will impact the value of equity interests, and why the potential impact could be very different than what many experts expect.
- Attention Amazon Vendors – Changes to Sales Tax Collection Policy in WA, MA and NY6/19/2018
Online retail giant Amazon reached an agreement this year with the states of New York, Washington and Massachusetts that may affect many of the site’s sellers and vendors from a sales tax perspective.
- ACFE Report to the Nations 20186/15/2018
The Association of Certified Fraud Examiners (“ACFE”) recently published the Report to the Nations 2018 Global Study on Occupational Fraud and Abuse (the 2018 “Report to the Nations” or “2018 Report”), its tenth publication since 1996. For the past 20 years, the ACFE has reviewed thousands of cases of occupational fraud in which insiders stole billions of dollars from their employers.
- Industry Leaders and Rising Stars Honored at Anchin’s 11th Annual New York Construction Awards 6/14/2018
Leading businesses in the construction industry were recognized and honored at the 11th Annual New York Construction Awards, hosted by leading NYC-based accounting, tax and consulting firm Anchin on Thursday, June 14th at Club 101 in midtown Manhattan.
- More on the New Qualified Opportunity Zones – Significant Tax Benefits6/13/2018
This is the second in a series of alerts on the new Economic Opportunity Zones program created by the Tax Cuts and Jobs Act (TCJA) in December of 2017 to encourage and incentivize long term investments in qualified low-income communities nationwide. The program provides a tax incentive for investors to roll their capital gains into a Qualified Opportunity Fund (QOF) that in turn invests in economically distressed communities.
- Rainmaker names outstanding accountants6/1/2018
Greg Wank was named Practice Growth Leader of the Year for his work with Anchin's food practice.
- Important Conversations: Talking to Kids About Money5/31/2018
Initiating conversations about money is not typically easy, and many high-net-worth families struggle with determining when to broach this topic with their children.
- Estate Planning Under the New Tax Law5/31/2018
It is especially important to keep estate plans up to date during times of change—such as when a family grows or laws are modified. Staying informed about tax law provisions helps individuals make smart decisions for the distribution of their assets.
- Food for Thought: State of the Food and Beverage Industry Event 20185/31/2018
Anchin's twelfth annual State of the Food and Beverage Industry Event, devoted to issues facing food and beverage manufacturers, distributors and retailers, was held on May 31, 2018 at Club 101 on Park Avenue.
- Food Companies Churn Through CEOs, Desperate for Fresh Ideas5/29/2018
Greg Wank, Leader of Anchin's Food and Beverage Industry Practice, quoted on food industry CEOs.
- Department of Commerce Form BE-12 Benchmark Survey of Foreign Direct Investments in the United States May be Required for U.S. Fund Managers5/22/2018
Form BE-12 (Benchmark Survey of Foreign Direct Investments in the United States) is required to be filed every fifth year, in place of Form BE-15 (which is for annual reporting that falls outside of the five-year reporting). This Form is filed with the U.S. Department of Commerce’s Bureau of Economic Analysis (“BEA”). The next Form BE-12 filing is due on May 31, 2018 (June 30, 2018 if using the BEA’s e-file system).
- Did the Tax Cuts and Jobs Act of 2017 Increase the Value of Equity Interests?5/22/2018
At first glance, a business or equity owner might conclude that the Tax Cuts and Jobs Act of 2017 (the “Act”) increased the value of equity interests by 20% upon its signing by the President. By cutting corporate level taxes, the value of any business would, on the surface, immediately rise. However, the answer is not so straightforward.
- New Qualified Opportunity (Zone) Funds Offer Significant Tax Incentives for Investors5/18/2018
The Economic Opportunity Zones program was created by the Tax Cuts and Jobs Act (TCJA) in December of 2017 to incentivize the private sector to invest long term in qualified low-income communities throughout the United States in order to spur economic development and job creation. The program seeks to utilize a portion of the estimated 2.3 trillion dollars of unrealized capital gains (in the stock market and mutual funds alone) for development in these designated areas.
- Impact of the Recent Tax Reform on the Private Equity Industry5/15/2018
The Tax Cuts and Jobs Act (the “Tax Act”), which was signed into law on December 22, enacted a broad range of changes with most provisions taking effect for tax years beginning after December 31, 2017. This alert summarizes some of the key (federal) tax provisions of the Tax Act affecting the private equity industry.
- New York Reacts to Federal Tax Reform5/3/2018
On March 30, 2018, the New York State legislature enacted its $168.3B budget for the fiscal year ending March 31, 2019. Provisions in the budget were designed to offset some of the negative effects of the recently-passed federal Tax Cuts and Jobs Act. Will these provisions hold up? Should you try to take advantage of them? Here are some early thoughts.
- Governmentʼs New Tax Law Helps Contractors Catch a Break5/2/2018
The TCJA contains some significant provisions affecting contractors, including a potentially substantial (temporary) deduction for owners of 'pass-through' entities. Anchin's Marc Newman shares more with Real Estate Weekly.
- New Section 179 and Bonus Depreciation Deduction Rules for Equipment Purchases4/30/2018
When deciding whether to take Section 179 deductions or bonus depreciation, one must consider the other changes in the tax law, such as the excess loss limitation rules, to be sure that they can benefit from these deductions.
- Building Ownership and Compliance in New York City4/30/2018
Whether they live in the building or rent it out, building owners in New York City are responsible for following the city codes to ensure the safety of residents and the surrounding areas.
- Keeping a Trust a Secret Could Violate State Law4/30/2018
When an estate plan includes one or more trusts, it is understandable to want to keep them a secret. Despite all good intentions, however, the law in many states requires trustees to disclose certain information to beneficiaries.
- The Pass-Through Provisions of the TCJA: The Devil is in the Details4/26/2018
The Tax Cuts and Jobs Act (TCJA) has been touted for cutting the corporate tax rate, but the law also contains some valuable changes for smaller businesses that operate as pass-through entities, including partnerships, limited liability companies, S corporations and sole proprietorships. These businesses stand to see their tax liabilities fall significantly, but determining just how much they will benefit can be complicated.
- Excess Business Losses: How Will This Affect You?4/17/2018
The Tax Cuts and Jobs Act (TCJA) modified the existing tax law on excess business losses, which previously specifically limited only “Excess farm losses.” The TCJA expanded the law to limit losses from all types of business for taxpayers other than corporations. In other words, tax payers may not be able to fully offset business losses against other types of income, as in the past.
- Pre-April 17 Tax Pointers: The Quirks And Questions4/12/2018
Robert S. Gilman and Jeffrey Bowden were on a CREW (Commercial Real Estate Women) New York panel of tax experts explaining why the tax reform will not enable filing taxes on a postcard.
- A 1031 Post-Tax Reform Update4/11/2018
Real Estate Co-Leader, Marc Wieder, sat on The RealShare Lease Net Conference panel on 1031 Post-Tax Reform which provided pointers to consider with the new tax law.
- The Modification of the Net Operating Loss Deduction: What Does This Mean To You?4/9/2018
The Tax Cuts and Jobs Act imposes modifications to the net operating loss (“NOL”) deduction rules. These new rule changes affect tax years beginning January 1, 2018 and are scheduled to sunset on December 31, 2025.
- Cash in natural foods: Experts weigh in on how to get it and prepare to sell4/6/2018
Greg Wank, Leader of Anchin's Food and Beverage Industry Practice, shared his insights during Whipstitch Capital’s financing panel at Natural Products Expo West.
- Causation Expert Precluded4/3/2018
Members of Anchin, Block & Anchin’s Litigation, Forensic and Valuation Services Group are often called upon to serve as expert witnesses to testify in regards to damages resulting from a liability that caused the damage. Without the causation being proved, damages would not be awarded to the plaintiff.
- Will you pay tax on 80% of your flow-through income? Maybe, Maybe Not4/2/2018
Many people who earn income from pass-through businesses think that under the 2018 Tax Act, they will only be paying tax on 80% of their flow-through income, since the Act provides for a deduction of 20% from this income. In fact, the least amount of the income you will pay tax on is 80% but you may in fact pay tax on 100%.
- Why Am I Paying Taxes If I Lost Money?4/2/2018
Think about this concept: Based on tax reform, if you make money, you may pay less taxes, but if you lose money, you might pay more taxes. If your business is losing money, why would you pay more in taxes?
- Q&A with Anchin’s Marc Wieder: Tax Reform’s CRE Implications4/2/2018
The Tax Cut and Jobs Act signed into law by President Trump in December presents some new considerations that commercial real estate industry members will want to think through. Anchin’s Marc Wieder, who will give a special presentation on the tax law changes at Connect NY on April 17, offers insights here on the potential impact.
- Requirements to Keep In Mind When Making Charitable Contributions3/29/2018
There are certain rules that must be followed in order to document a donation of property to be able to receive a tax deduction.
- Seven steps to choosing a successor for the family business3/29/2018
Extra care can be taken when choosing a successor to give the family business the best possible footing going forward.
- New Tax Law May Encourage Home Rentals3/25/2018
Robert Gilman, Co-Leader of Anchin's Real Estate Group, discusses the extent of the allowable mortgage interest deduction for a rental property.
- Beware the “Kiddie” Tax3/23/2018
At one time years ago, parents could substantially reduce their families’ overall tax burden by shifting income to children in lower tax brackets (usually by transferring investments or other income-producing assets). The kiddie tax was designed to discourage this strategy by taxing most of a dependent child’s unearned income at the parents’ marginal rate. The tax applies to children age 18 or younger plus full-time students age 19 to 23 (with certain exceptions).
- Expansion of Tax Basis Limitation Rules3/19/2018
Under current tax law, a partner’s distributive share of a partnership loss is allowed only to the extent of the adjusted tax basis of the partner’s interest in the partnership at the end of the partnership taxable year in which the loss occurred. Any losses in excess of the partner’s adjusted tax basis are disallowed pro rata and are carried forward indefinitely for as long as the partner remains in the partnership.
- Anchin LFVS Briefing3/12/2018
The Litigation, Forensic and Valuation Services Group of Anchin, Block & Anchin is often retained by counsel to help compute or refute damages allegedly caused by a negligent act or breach of duty. However, in order for there to be damages, the plaintiff must demonstrate that there was a proximate cause between the alleged negligence and the alleged damages.
- New Tax Law Provides Potential Deferral Opportunity for Equity Compensation Granted by Privately Held Companies3/9/2018
The recently passed Tax Cuts and Jobs Act has attempted to cure a common problem that employees of privately held companies encounter when certain types of equity compensation convert and become income.
- Repeal of Partnership Technical Termination Rules – 2017 Tax Cuts and Jobs Act3/8/2018
The 2017 Tax Cuts and Jobs Act introduced sweeping changes to the tax law. One of the changes is the repeal of the partnership technical termination rules. Here’s how the changes might impact your business.
- Maximizing Profits When Redeveloping Buildings2/26/2018
At the Anchin Construction & Development Forum, real estate experts shared tips on getting the highest return on investment when repurposing old buildings.
- Tax Cuts and Jobs Act Impacts 529 Plans2/23/2018
Under the Tax Cuts and Jobs Act, the definition of qualified higher education expenses has now been expanded to include tuition expenses for public, private or religious school from Kindergarten through 12th Grade if paid after December 31, 2017. Parents can now take a tax-free distribution of up to $10,000 per year per beneficiary for qualified K-12 tuition expenses.
- Raymond Dragon at the American Society of Appraiser’s Northern New Jersey Business Valuation Conference2/23/2018
Raymond Dragon MBA, MS, CPVA, ASA presented at the American Society of Appraiser’s Northern New Jersey Business Valuation Conference: “The provisions of the Tax Cuts and Jobs Act affect the valuation of every company in America. The new law impacts valuation differently by industry; many companies will see increases in value, but certain industries will see declines. Choosing between a C-Corp, S-Corp or LLC has become more complex.”
- Individual Tax Rates, Brackets and AMT under the 2017 Tax Reform Act 2/21/2018
The 2017 Tax Cuts and Jobs Act introduced some significant changes to the individual income tax structure. Individual income tax rate changes, bracket changes, and changes to the Alternative Minimum Tax (AMT) can impact your overall tax profile.
- Claim Dismissed Due to Lack of Determined Expertise2/20/2018
It is extremely important that the testifying expert is a technical expert in the field in which he or she is testifying with demonstrated work history.
- Anthony Mann Offers Insight During Panel Discussion On New York's Infrastructure Needs2/20/2018
E-J Electric President & CEO Anthony E. Mann spoke at the 4th Annual Anchin Construction & Development Forum on Thursday, February 15, 2018.
- Hellenic Professionals Host US Tax Reform Panel Discussion2/17/2018
The panel of experts, including Anchin Tax Partner Steven Lando, discussed the changes and the implications for 2018 for business, markets, and individuals.
- SEC Announces 2018 Compliance Examination Priorities2/16/2018
As they have for many years, the SEC announced its 2018 Office of Compliance Inspections and Examinations (OCIE) examination priorities.
- Individual Income Tax Deductions under the 2017 Tax Reform Act 2/16/2018
The 2017 Tax Cuts and Jobs Act introduced some significant changes to the individual income tax structure. Income tax rate changes and income tax deduction changes will impact your overall tax liability. Here are some of the changes.
- SL Green Realty CEO Says NYC’s Next Frontier Is Vertical2/16/2018
The Anchin Construction & Development Forum keynote speaker Marc Holliday emphasizes One Vanderbilt salutes the success of New York.
- Mnuchin: IRS will close S Corp carried interest “loophole”2/16/2018
E. George Teixeira, Tax Partner in Anchin's Financial Services Practice, comments on the IRS' plan to issue guidance that would allow hedge fund managers to avoid new carried interest restrictions.
- Anchin Construction & Development Forum 20182/15/2018
The fourth annual Anchin Construction & Development Forum was held on February 15, 2018 at The New York Academy of Sciences.
- Tax Cuts and Jobs Act Substantially Limits Meals and Entertainment Deduction2/14/2018
The 2017 Tax Cuts and Jobs Act introduced some significant limitations to the meals and entertainment deduction. The new law makes two major changes to the meals and entertainment rules, which can impact your business.
- How to Survive a Tax Audit2/14/2018
Tax Partner Paul Gevertzman says first confirm that the audit notice itself is legitimate. If it is, don't go it alone.
- Tax Court Ruling That Family Office Carried on a Trade or Business May Offer Tax Planning Opportunities 2/5/2018
On December 13, 2017, in Lender Management, LLC v. Commissioner, the U.S. Tax Court ruled that a family office, Lender Management, LLC (“Lender Management”), carried on a trade or business as an investment manager rather than as a passive investor and was therefore entitled to deduct expenses under §162 (“deductible above-the-line with no income limitation”) vs. §212 (“miscellaneous itemized deductions subject to the 2% of adjusted gross income (AGI) floor”).
- Tax Cuts and Jobs Act Will Greatly Impact Consumer Product Companies2/1/2018
The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, brings many changes to the tax landscape in which consumer product companies operate. Here are the most important changes in the new law that will impact your business.
- Taxation: More than just a NY “State” of Mind1/31/2018
Families that live in one state may find that they have earned income in many states due to the various sources of their income.
- What to make of Cryptoculture in 20181/31/2018
For households who are weighing getting into cryptoassets, here are some guidelines.
- Estate Planning for Blended Families1/31/2018
With an assortment of family members, individuals need to be diligent in maintaining updated documents to avoid or mitigate potential issues.
- The big question about the Dr Pepper Snapple-Keurig merger—why?1/31/2018
Greg Wank, Leader of Anchin's Food and Beverage Industry Practice, says Dr. Pepper needs to diversify its product offerings to keep up with consumer tastes.
- How New Tax Law Will Impact PR Firms1/31/2018
Gould+Partners spoke with Michael Belfer, an accounting and audit partner at Anchin and leader of the firm’s Public Relations and Advertising Industry Group, to find out what agency owners and C-level executives need to know.
- Tax Cuts and Jobs Act Will Greatly Impact Food & Beverage Companies1/22/2018
The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, brings many changes to the tax landscape that emerging brands operate in. Here are the most important changes in the new law that will impact your business.
- Amazon short list favors East Coast metros1/22/2018
Robert Gilman and Marc Wieder, Co-Leaders of Anchin's Real Estate Group, remark upon Amazon’s widely anticipated short list of cities that made the cut for the next stage of its headquarters race.
- South Dakota v. Wayfair Inc. May Significantly Change How Retailers Collect Sales Tax1/17/2018
It is no secret that there has been a dramatic change in the system of collection of sales tax in the United States in recent years, partially due to trends such as online shopping. A recent court case that could dramatically change the laws on sales tax and have a potentially significant impact on businesses and consumers is progressing through the judicial system.
- Tax Cuts and Jobs Act: Key provisions affecting Hedge Funds, Private Equity Funds and Other Investment Funds or Fund Vehicles1/17/2018
The Tax Cuts and Jobs Act (the “Tax Act”), which was signed into law on December 22, 2017, enacts a broad range of changes with most provisions taking effect for tax years beginning after December 31, 2017. This alert summarizes some of the key (federal) tax provisions of the Tax Act affecting managers of hedge funds, private equity funds and other investment funds or fund vehicles.
- 11 New Tax Deductions and Reductions Under the New Tax Law1/17/2018
Clarence Kehoe, Anchin's Tax Leader, makes observations about who can count as dependents as well as on the non-deductiblity of sports tickets.
- When Are Your Taxes Due? A Schedule and Primer for Filing for 20171/11/2018
Tax Partner Paul Gevertzman discusses the prudence of filing early in case of identity theft, as well as on the complications of S-corporation filings.
- Ready for the 2018 tax season? It starts Jan. 29, and here’s why you should file early.1/11/2018
Tax Partner Paul Gevertzman's advice to taxpayers to assume their identifying information has been compromised due to the Equifax breach is included in Michelle Singletary's financial column.
- Tax Cuts and Jobs Act: Key Provisions Affecting Estate Planning1/8/2018
The Tax Cuts and Jobs Act of 2017 (TCJA) is a sweeping revision of the tax code that alters federal law affecting individuals, businesses and estates. Focusing specifically on estate tax law, the TCJA doesn’t repeal the federal gift and estate tax. It does, however, temporarily double the combined gift and estate tax exemption and the generation-skipping transfer (GST) tax exemption.
- Arbitral Award Upheld Except for Post-Judgment Interest1/5/2018
Members of Anchin Block & Anchin’s Litigation, Forensic and Valuation Services Group often serve as arbitrators in commercial disputes. Sometimes, the claimant in a case will ask for pre-award and/or post-judgment interest in addition to the principal amount of its claim. The arbitrator has to determine if such interest should be awarded and, if so, at what interest rate.
- Why You Should File Your Taxes ASAP1/5/2018
Tax Partner Paul Gevertzman advises taxpayers to assume their data has been compromised and to use the IRS transcript service to monitor activity.
- Tax Cuts and Jobs Act Offers Favorable Tax Breaks for Real Estate Owners1/3/2018
The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, offers the real estate industry a treasure trove of tax breaks. Overall, most Real Estate companies and owners will come out ahead under the new tax law, but there are a number of tax breaks that were eliminated. Here are the most important changes in the new law that will impact the real estate industry.
- Track Your Federal and State Refund1/1/2018
Check the status of your federal or state tax refund
- Protecting Fine Art Investments with Title Insurance12/29/2017
When investing in fine art, collectors often worry about the potential decrease in value if the art or artist were to fall out of favor. While this is a reasonable concern, it will not result in an entire loss of the asset investment. Collectors need to be wary of two other risk factors when buying fine art: authenticity and clear title. While authenticity cannot be insured against, collectors can usually purchase title insurance to protect against potential loss due to a reclamation claim.
- Turning Over the Keys to the Family Business12/29/2017
Owning a business is one part of the American Dream, and seeing it successfully transferred to the next generation ensures that dream continues. Yet with competing interests among family members in addition to financial considerations, transferring a business to the next generation is often a daunting task. Having frank conversations with family members early on and employing the right experts can make the transfer easier.
- Loyalty Returned - Caring for Fido From Beyond12/29/2017
It has been more than 10 years since real estate investor Leona Helmsley bequeathed $12 million in trust to her Maltese named Trouble and nothing to two of her four grandchildren -- a move that was widely derided as frivolous at the time. In the years since Helmsley’s passing, many people have started to pay closer attention to how their furry family members would be cared for should they outlive their owners.
- The Tax Cuts and Jobs Act Overrides the Tax Court Decision in Grecian Magnesite Mining While the IRS Seeks to Appeal the Same Decision12/28/2017
In a decision handed down in the summer, the U.S. Tax Court refused to accord deference to an Internal Revenue Service (IRS) administrative ruling treating the sale of partnership interests as the sale of assets the partnership uses in a U.S. trade or business, thereby subjecting the resulting gain to taxation as income effectively connected with a U.S. trade or business. The recently passed tax reform law overrides the Tax Court decision. Meanwhile, the IRS intends to appeal against the same decision.
- Tax Bill Impacts Service Firms12/28/2017
On December 22, President Trump signed into law the “Tax Cuts and Jobs Act of 2017” (TCJA). The bill contains many provisions effective in 2018 that will significantly impact professional and non-professional firms.
- Tax Cuts and Jobs Act Offers Favorable Tax Breaks for Businesses12/28/2017
The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, contains a treasure trove of tax breaks for businesses. Overall, most companies and business owners will come out ahead under the new tax law, but there are a number of tax breaks that were eliminated or reduced to make room for other beneficial revisions. Here are the most important changes in the new law that will affect businesses and their owners.
- The Tax Cuts and Jobs Act Doesn’t Cut the R&D Tax Credit12/27/2017
On December 22nd, President Trump signed the Tax Cuts and Jobs Act of 2017 (“TCJA”) into law, setting the stage for the most sweeping update to the U.S. tax code since 1986 tax reform enacted under President Reagan. The centerpiece of the TCJA, is a permanent reduction in the corporate tax rate from approximately 35% to 21%. Thankfully, as expected, the final law has preserved the research and development (“R&D”) tax credit, which was made permanent in the Protecting Americans against Tax Hikes (“PATH”) Act of 2015.
- The Tax Reform: NY CRE Experts Weigh In12/27/2017
Although obvious effects of the tax reform will be felt in filing 2019 returns, Marc Wieder and other real estate pros advise caution.
- New Tax Law Brings Big Changes for Individual Taxpayers12/26/2017
On December 22nd, President Trump signed the Tax Cuts and Jobs Act of 2017 (“TCJA”) into law. It is the most sweeping federal tax legislation in more than three decades. While many of the new law’s provisions affect businesses, it also includes significant changes for individual taxpayers, most of which take effect for 2018 and expire after 2025. Here are some of the most notable changes.
- Tax Bill Impacts A/E/C Industries12/22/2017
Today, President Trump has signed into law the “Tax Cuts and Jobs Act of 2017” (TCJA). The bill contains many provisions that will significantly impact the construction, architecture, and engineering industries.
- Congress passes biggest tax bill since 198612/21/2017
On December 20, the House passed the reconciled tax reform bill, commonly called the “Tax Cuts and Jobs Act of 2017” (TCJA), which the Senate had passed the previous day. It’s the most sweeping tax legislation since the Tax Reform Act of 1986. The bill makes small reductions to income tax rates for most individual tax brackets, significantly reduces the income tax rate for corporations and eliminates the corporate alternative minimum tax (AMT).
- Federal tax bill boosts New York real estate, hurts home ownership12/19/2017
Anchin partner Marc Wieder discusses the federal tax bill, and how the cap of the State and Local Tax (SALT) deduction at $10,000, combined with a new mortgage interest rate deduction could have a deeply negative impact on the housing markets in New York City, Long Island and Westchester County suburbs.
- Tax Bill Released12/18/2017
Late Friday night, a written version of the Republican tax proposal was finally released. The bill represents a substantial revision of our country’s tax code.
- Taxes for LLC vs. C-Corp: Which is more beneficial for a Technology Company?12/14/2017
When making the decision about the type of entity you will choose for your business, there are many factors that need to be considered. Whether it is legal structure and liability, current and future tax implications, set up and compliance costs, or flexibility and exit strategy, there are a variety of elements which will help guide the decision.
- Tax Plan Moves Forward12/14/2017
The Senate and House conference committee made further progress on its tax reform plan.
- CFTC Suggests It Has Broader Jurisdiction Over Virtual Currencies, Including ICOs12/13/2017
The Commodity Futures Trading Commission (CFTC) recently published a primer to educate the public on virtual currencies. In the explanation, the CFTC outlined its position regarding its role regulating virtual currencies. The primer suggests that the CFTC sees itself having jurisdiction over certain virtual currency transactions, including Initial Coin Offerings (ICOs).
- How the Senate Tax Bill Could Cost You12/11/2017
A provision in the Senate’s tax plan would take away an investor’s ability to specifically identify which stock shares they relieve when they go to sell their holdings. The provision would require investors selling a portion of a position in stock to sell their oldest shares first, also known as first-in-first-out, or FIFO. This provision is slated to take effect on stock sales starting on January 1, 2018 and is estimated to increase government revenue by $2.7 billion over the next 10 years. The House tax bill, released in early November 2017, did not address this topic.
- 2017 Financial Services Year-End Tax Planning Alert12/6/2017
With Donald Trump in the White House and Republicans maintaining a majority in Congress comes the real possibility of some dramatic changes in tax law.
- Sales Tax on Foreign Purchases for New Yorkers12/6/2017
Understanding the full extent of tax obligations, especially given the complex and ever-changing rules governing New York, can be complicated. To ensure that all tax responsibilities are met, coordinate with your Anchin Relationship Partner or Sharon Ackerman, a tax director in Anchin's Tax Controversy Services Group
- Senate Passes Tax Bill12/5/2017
The Senate voted and narrowly passed its version of tax reform legislation clearing another significant hurdle in the progress of changing our nation's tax system. There still remains significant differences between the House and Senate versions which will require reconciliation of the two bills.
- Partnership Agreements and LLC Operating Agreements Need to Be Amended Now!12/4/2017
Marc Wieder, Co-Leader of Anchin's Real Estate Group, encourages revising agreements to reflect new legislation.
- New York City Takes a Step Towards Tax Relief for Small Businesses in Manhattan12/1/2017
The New York City Council passed a bill that will relieve many businesses in Manhattan of a portion of their tax expense.
- Cruising the Friendly Skies: Own or Charter Your Own Plane?11/30/2017
For people who travel frequently for business and pleasure, owning a private jet may feel like a necessity. However, outright ownership may not be the best option.
- Domestic Employee Payroll: When Running a House is the Same as Running a Business11/30/2017
When becoming a domestic employer, there are a number of factors to consider in order to be in compliance with labor and tax laws.
- Important Considerations for Living and Working Abroad11/30/2017
Many people dream of living abroad. But for all the wanderlust, it is important to stay organized to prevent unnecessary financial burdens.
- Tax Reform Advances11/20/2017
Last week saw some major progress on the tax reform proposals. Despite a handful of Republicans from high tax states defecting, the House passed its proposed reform bill. The Senate completed its mark up and will debate the bill when they return from Thanksgiving recess next week.
- Tax Reform Proposals Affect Partnerships and S Corps11/16/2017
On November 9, 2017 the Senate Republicans released their version of tax reform. The Senate version has similarities to the House’s proposal, but there are some distinct differences, including the relief for small businesses.
- Compare and Contrast the House and Senate Tax Bills11/14/2017
Many of the House and Senate provisions are similar. For example, both plans would repeal the alternative minimum tax and retain the charitable contribution deduction. However, there are a number of key differences. Here’s a look at some of the most significant.
- Senate GOP Releases Tax Reform Plan11/14/2017
The Senate released its long awaited tax reform proposal. While many similarities exist with the House bill many differences also exist. Here are a few observations.
- Tax Proposal Update11/13/2017
One of the reasons we don’t report extensively on the details of proposed tax law changes is just that – they are proposed and it can be very difficult to keep up with the details and extensive changes. Proving our theory, the House Ways and Means Committee just concluded its markup on the tax proposal and it contains a number of significant changes. The proposal will likely be considered by the full House for a vote this week, so stay tuned.
- House Bill Repeal Of GST Would Defuse A Ticking Time Bomb For Trust Fund Kids11/13/2017
Tax Partner E. Richard Baum shares his observations on non-skip beneficiaries.
- Techweek Recap: How to Successfully Execute Mergers & Acquisitions11/10/2017
Anchin recently sponsored Techweek New York, a week-long conference which exists to spread wealth creation to a diversity of places and people through supporting the emergence of substantial and sustainable businesses, which they call Hero Companies.
- More Thoughts on Tax Reform11/9/2017
There are always winners and losers when major tax reform proposals are released. We all need to be cautious about being swayed by the usual political rhetoric.
- Anchin Insights on Tax Reform11/7/2017
As our tax department continues to navigate through the House’s proposed tax changes, a few other surprise revenue raisers were noted impacting individual taxpayers.
- Location Lures11/6/2017
Tax Partner Paul Gevertzman offers practical observations on credits and incentives, providing positives & negatives and showcasing pitfalls.
- House Proposal Would Change Long Term Contract Method11/3/2017
Yesterday, the House Republicans released their proposal for tax reform. The House Bill proposes to increase the $10 million average gross receipts exception to the requirement to use the percentage-of-completion accounting method for long-term contracts to $25 million for tax years beginning in 2018.
- Republicans Finally Release Tax Reform11/2/2017
Moments ago, House Republicans released their proposal for tax reform. Similar to prior announcements, this document lacks much of the details necessary for proper evaluation
- Legal Issues Facing Women in Retirement11/2/2017
Tax Principal Mela Garber shares her perspective on late-in-life financial management and what is necessary for women to have financial success.
- Fringe Benefits That May Affect Your Payroll Reporting and Tax Withholding11/1/2017
Attached for your convenience is a summary of the tax treatment of certain fringe benefits for payroll tax and income tax reporting purposes, plus detailed information regarding company automobiles and health and accident insurance premiums for S corporations.
- Why Couples Should See a Financial Adviser Before They Get Married11/1/2017
Mela Garber, Leader of Anchin's Matrimonial Advisory Group, describes how older engaged couples with unequal means sort in advance how they will pay expenses in their marriage.
- Putting Leverage to Good Use - Philanthropy10/31/2017
Leveraged philanthropy was born out of the desire for donors’ contributions to work for the charity that they support, typically involving terms that must be met in order to receive the donations, and the terms generally being actions that will be helpful to the recipient organization as well as their charitable purpose.
- Does Taking Care of My Parents Mean That I've Made a Taxable Gift?10/31/2017
As baby boomers age, younger generations must contemplate the question of what needs to be done when it comes to taking care of their parents. The answer depends upon where you reside and how payments are made.
- Year-End Tax Planning for Businesses: Looming Tax Reform Creates Planning Challenges10/30/2017
As the end of 2017 approaches, the prospect of dramatic tax reform makes year-end tax planning especially challenging. In late September, the Trump administration and Republican congressional leaders unveiled their Unified Framework for Fixing Our Broken Tax Code. The framework proposes reduced tax rates for businesses as well as changes to a variety of business tax benefits. But there’s a great deal of uncertainty over when — and if — tax reform will be implemented and which proposals could make their way into possible new tax legislation.
- U.S. Research and Development Tax Credit10/30/2017
Yair Holtzman, Leader of Anchin's Research and Development Tax Credits Group, explains how the credit works and shares his findings on the impact of the PATH Act.
- Wisconsin’s Foxconn Deal Highlights How States Use Cash to Sweeten Bids10/20/2017
Tax Partner Paul Gevertzman weighs in on this increasingly popular approach.
- Major finance firms are now targeting Brooklyn, says Industry City leasing director10/19/2017
In a panel moderated by Anchin's Robert Gilman, real estate industry leaders spoke about Brooklyn's emergence as a new office market, and how the key to the borough's future will be attracting more traditional companies.
- Five Things to Know About the Future of Public Transportation in New York City10/18/2017
As presented by keynote speaker, Veronique (Ronnie) Hakim, Managing Director of Metropolitan Transportation Authority at Anchin’s 12th Annual State of the Construction Industry Event
- A Prenup Can Protect Your Investments10/18/2017
Lydia Vercelli, Member of Anchin's Matrimonial Advisory Group, presents some viable alternatives to the standard agreement.
- Four Key Takeaways From Anchin's State Of The Construction Industry Event10/16/2017
The annual Anchin State of the Construction Industry event brought together major players in the construction community to discuss issues impacting the sector in New York City. Here, [Tarter Krinsky & Drogin LLP] Construction partner Laurie Stanziale explores some of the conference's key takeaways.
- How to Protect Your Assets Without a Prenup10/14/2017
Mela Garber, Leader of Anchin's Matrimonial Advisory Group, shares how—and why—to keep your premarital funds safe.
- Summary Judgement Denied on Warranty Breach Claim Where Expert Opinion Raised Factual Dispute10/11/2017
Members of Anchin, Block & Anchin’s Litigation, Forensic and Valuation Services Group are often called upon to serve as expert witnesses. As demonstrated in a case recently reported in the New York Law Journal, a testifying expert’s qualifications are extremely important as they go to the credibility of the witness’ testimony and cans sometimes have far reaching effects even before a trial begins.
- New Research Credit Directive Provides Safe Harbor for Taxpayers That Expense R&D Costs on Audited Financial Statements10/10/2017
The Large Business and International (LB&I) division of the IRS recently released guidance that will allow taxpayers to take advantage of a new safe harbor under which an adjusted amount of their ASC 730 R&D costs can be deemed qualified research expenses (QRE) for the purpose of claiming the Section 41 research tax credit.
- SEC Rules that Digital Assets Can Be Treated as Securities, Fall Under Federal Securities Law10/10/2017
Since their launch, cryptocurrencies and other digital assets have operated in a regulatory grey area. Should they be treated as currencies? Securities? As something completely different? In a July report, the SEC clarified the situation and set a new precedent: Digital assets can be treated as securities and fall under federal securities law.
- Crain's Fast 5010/8/2017
To arrive at their annual list of the 50 fastest-growing companies in the metro area, Crain's New York Business combed through financials that were sent to them by applicants, with their intrepid reporters digging up the rest. They looked at firms with at least $10 million in revenue and ranked them by their three-year growth rate. Anchin helped them review the companies’ financial documents, and PrivCo, a financial-data provider of privately held companies, filled in the blanks for companies that were publicity-shy.
- Top Lessons from the 2017 SEC Cybersecurity Report10/2/2017
Cybersecurity continues to be a top priority for the SEC. They recently reviewed 75 firms, including broker-dealers, investment advisers, and investment companies, to see what the financial industry is doing well related to cybersecurity, as well as what needs to be improved. Firms should use this information to evaluate and improve their own protection of client data and be aware of these issues which the SEC will be on the lookout for during future inspections.
- How to Protect Yourself Against a Recent Social Security Scam9/29/2017
A recent social security scam has appeared on the radar targeting the generation of Americans receiving benefits.
- Simple Techniques to Actively Reduce the Size of Your Estate9/29/2017
Families may want to simplify and reduce the size of their estate while they are alive to minimize the future tax consequences for their beneficiaries.
- 7 Little-Known Financial Benefits of Divorce9/29/2017
Mela Garber, Leader of Anchin's Matrimonial Advisory Group, discusses the benefits of conservative investing, and home downsizing.
- Federal Tax Proposal Released9/28/2017
On Wednesday, September 27th, the “Unified Framework for Fixing Our Broken Tax Code” was released. In the nine page outline, numerous concepts for federal tax reform were presented. We have been told that this outline was intentionally broad in order to allow the Ways and Means Committee to take the first step in drafting legislation.
- Venture-Backed Activity Grows in 2017, but So Does the Average Investment Life9/26/2017
While 2016 saw somewhat of a correction in Venture Capital activity from the highs of 2014-2015, 2017 has begun a rebound and is on pace to top 2016. However, data has shown a growing disparity between the number of VC investments and the number of exits by venture-backed companies, indicating that late-stage companies have increasingly chosen to continue raising capital rather than move forward with an exit.
- Sales and Use Tax Exemptions Extended for Certain Property and Service Purchases for Leased Commercial Office Space in Lower Manhattan9/19/2017
Amendments have been made to the Tax Law that will extend tax incentive opportunities for businesses that locate or relocate offices in lower Manhattan.
- Arbitration Panel Did Not Exceed Authority9/14/2017
It is very difficult to have an arbitrator’s decision and award vacated. There are only a few circumstances in which a court will vacate an arbitrator’s decision and award. One of those circumstances is when the arbitrator or the arbitration panel exceeds authority.
- Wine, Art, Cars: Alternative Luxury Investments9/14/2017
Partner Russell Shinsky advises on boat ownership regarding depreciation, sales tax and mortgage interest deductibility.
- Tax Relief for Hurricane Victims9/14/2017
Taxpayers in Florida, Texas, the U.S. Virgin Islands and Puerto Rico that have been impacted by Hurricane Harvey and Hurricane Irma have been granted relief from the IRS.
- Tax-advantaged ways grandparents can give to grandchildren9/10/2017
Jane Bernardini, Partner and member of Anchin Private Client, shares some tips on tax advantages for grandparents providing support for future generations.
- Tax Court Refuses to Follow Rev. Rul. 91-32 in Grecian Magnesite Mining Decision8/23/2017
In a recent decision, the U.S. Tax Court refused to accord deference to an Internal Revenue Service (IRS) administrative ruling treating the sale of partnership interests as a sale of assets the partnership uses in a U.S. trade or business, thereby subjecting the resulting gain to taxation as income effectively connected to a U.S. trade or business.
- Donating Art and Collectibles - A Discussion of Important Factors8/22/2017
As opposed to selling art, which results in capital gains tax, or keeping art in the family, which may result in estate or gift taxes, donating art will bring a federal and possibly a state tax deduction.
- How Grandparents Can Care For Future Generations in a Tax-Advantaged Way8/22/2017
Grandparents that provide financial support for their grandchildren should be aware that there are certain tax advantages available to them.
- Alternatives to a Prenuptial Agreement8/22/2017
In this day and age when the divorce rate is trending up, one can never be too prepared. In the absence of certainty, planning for the unknown and learning your options are the next best thing.
- Maximizing Your Inheritance Value8/21/2017
Robert Gilman, Co-Practice Leader of Anchin's Real Estate Group, explains how to determine the best assets to transfer, the potential tax liability and the possibilities for discounts greater than what you might have otherwise expected to pay.
- New York Employers Must Offer Paid Family Leave in 20188/16/2017
Beginning in 2018, New York will join three other states that offer paid family leave, so that employees can more readily attend to matters such as the birth of a child or health issues.
- New York State Alcoholic Beverage Production Credit8/15/2017
The New York State Department of Taxation and Finance has expanded the applicability of the Alcoholic Beverage Production tax credit (formerly known as the Beer Production Credit). For tax years beginning after December 31, 2015, the credit is now available to registered distributors that produce beer, cider, wine and liquor.
- Anchin Private Client Wins NYSSCPA Family Office Cup for Second Consecutive Year8/14/2017
Anchin Private Client, the preeminent accounting, tax and consulting firm for high net worth individuals, families, and family offices has captured the New York State Society of CPAs’ annual Family Office Cup for the second consecutive year. Anchin Private Client, a specialized group within New York-based accounting firm Anchin, Block & Anchin LLP, developed the winning presentation based on the topic of “Family Legacy.”
- Suit Over Breach of Contract Stayed Pending Arbitration8/3/2017
When entering into a contract that contains a provision that requires arbitration for the resolution of disputes, the involved parties have, in fact, chosen to utilize an alternative dispute resolution to resolve conflicts instead of courtroom litigation. However, courts are supportive of arbitration as a means for resolving disputes and try, wherever possible, to uphold arbitration agreements.
- Art and Other Collectibles - Tax Consequences7/31/2017
Question: Why do you purchase and collect artwork and other collectibles? At first glance, such a question may not seem to have any connection to filing your annual tax return. However, the answers you give will go a long way in determining how any income you receive and expenses you incur as well as any gains or losses upon sale or disposition relating to your collectibles are reported on your tax return. Consider which of the following responses apply to you. Then continue reading to see the tax consequences of your answers.
- What to Consider When Buying a Boat7/31/2017
Enjoyment of boating and the life at sea is a passion that is truly timeless. Throughout history, advocates have spanned all ages, professions and tax brackets. While many find falling in love with boating to be almost automatic, making the decision to own a boat requires careful consideration.
- The Remodeling of the Luxury Home7/31/2017
The accumulation of wealth is often followed by the acquisition of more than one luxury property. Spending time and entertaining guests at a vacation or primary home becomes a source of pride and enjoyment for many families. To maximize their enjoyment in the time spent at each property, there is a trend of families reimagining the design of the luxury home, and remodeling it based on the latest trends.
- Haven’t Updated Your Estate Plan in a While? It’s time.7/26/2017
Co-Leader of Anchin Private Client, Jared Feldman, discusses the financial complexity and emotional issues around estate planning.
- Will Millennials Be Ready for the Great Wealth Transfer?7/18/2017
Co-Leader of Anchin Private Client, Jared Feldman, comments on the different approaches families take to educating their children about wealth and the importance of preparation.
- Key New York City Tax Breaks Extended7/12/2017
Valuable tax breaks for New York City businesses and developers were extended as part of New York State Assembly Bill 40001, enacted into law on June 29, 2017. The State's new omnibus bill renewed and extended programs that provide attractive financial incentives for businesses to remain in or relocate to Lower Manhattan and the outer boroughs.
- Anchin is Proud to be a Top Donor of City Harvest Skip Lunch Fight Hunger7/11/2017
Anchin is proud to expand its charitable initiatives through City Harvest's Skip Lunch Fight Hunger Campaign.
- Soup Giant Campbells Enters Plant-Milk Market With $700 Million Purchase Of Pacific Foods7/11/2017
Greg Wank, Leader of Anchin's Food and Beverage Industry Practice, highlights the growing trend toward organic and plant-based foods.
- Proposed Carried Interest Bills Still Alive7/10/2017
Earlier this year, we shared information with you about several proposed bills that would increase taxes due on investment performance allocations, commonly known as carried interest. Carried interest is the share of profits that fund managers receive in exchange for managing investments. The controversy over carried interest arises because the current tax rules allow managers to pay taxes on portions of the carried interest allocation at the (long term) capital gains rate rather than the higher tax rate that normally applies to ordinary income.
- Arbitrator’s Award Over Gas Sensors Sold During ‘Earn Out’ Period Confirmed7/6/2017
Although arbitration awards can be challenged in court, these awards will only be overturned by the court in rare and limited cases. Courts will vacate or refuse to confirm an arbitration award if the award is the product of fraud, corruption, or serious misconduct by the arbitrator.
- It’s Not Too Late to Amend Your 2016 Tax Return for the R&D Tax Credit7/5/2017
Recently, the IRS issued interim guidance on how eligible small businesses can benefit from a new provision that enables them to apply their Section 41, Research and Development tax credit against their payroll tax liability instead of their income tax liability, allowing qualified companies to start using the credits before becoming profitable.
- Utilizing a Roth IRA in Your Estate Plan6/30/2017
Roth IRAs have long been a popular tool for individuals to save for retirement, but how many people are aware that they can also be used as a key component of an estate plan?
- How to Minimize Estate Issues6/30/2017
In recent years, the passing of pop culture icons has brought attention to the issue of estate matters. Michael Jackson’s death in 2009 posed an interesting estate valuation issue.
- How to Protect Your Digital Life After You’re Gone6/30/2017
With so much personal information stored online, it is crucial that families organize a coordinated and consistent strategy to ensure that their legacy and assets are preserved and handled as intended.
- 1031 'Like-Kind' Exchanges Are Under Fire Again6/29/2017
Co-Leader of Anchin's Real Estate Industry Group, Robert Gilman, provides clear context as to why 1031 exchanges are valuable to real estate investors.
- Anchin Announces Winners of 2017 New York Construction Awards6/22/2017
Anchin Block & Anchin LLP, host of the annual New York Construction Awards, awarded innovators, leaders and rising stars in the construction, architecture and engineering industries on June 14, 2017. This year’s winners were announced at an elegant ceremony at Bloomberg L.P. in New York City.
- Tax Developments Could Place Chill on Real Estate Deal Flow6/19/2017
Robert Gilman, Co-Practice Leader of Anchin's Real Estate Group, discusses the proposed changes to how carrried interest is taxed.
- Your Child’s Tuition Is Paid While You’re in Tahiti6/16/2017
Co-Leader of Anchin Private Client, Jared Feldman, explains how high-net worth individuals can best manage their personal affairs while on extended vacations.
- How Other Grocers Must Respond To Amazon Acquisition Of Whole Foods6/16/2017
Greg Wank, Leader of Anchin's Food and Beverage Industry Practice, explains what the takeover means for other brick-and-mortar grocers.
- Amazon swallows Whole Foods, and supermarkets blanch6/16/2017
Greg Wank, Leader of Anchin's Food and Beverage Industry Practice, discusses the impact of the $13.7 billion deal.
- Space exploration: The solutions to land scarcity6/9/2017
Marc Wieder, Co-Practice Leader of Anchin's Real Estate Group, explains some of the latest development trends designed to combat this issue.
- Food for Thought: State of the Food and Beverage Industry Event 20176/8/2017
Anchin's eleventh annual State of the Food and Beverage Industry Event, devoted to issues facing food and beverage manufacturers, distributors and retailers, was held on June 8, 2017 at Club 101 on Park Avenue. The results of Anchin's annual industry survey were presented by Greg Wank, Leader of Anchin's
- A PepsiCo/Vita Coco Deal Would Reshape Coconut Category6/6/2017
Greg Wank's assessment of what could be another billion-dollar acquisition of an entrepreneurial beverage company by a strategic giant
- Anchin Launches Outsourced Accounting Services Group6/1/2017
Anchin has announced the launch of its Outsourced Accounting Services (OAS) Group.
- Trends in Portfolio Diversification5/30/2017
Real estate, private equity and hedge funds were once a main haven for investors who were looking to diversify their portfolios, but today’s high net worth families are also looking to other asset classes such as cryptocurrencies, farmland and timber to invest their money.
- The Pitfalls of Keeping the House5/30/2017
One of the most common questions during a divorce is “Who gets the house?” Though maintaining the ownership of the family home may be the desired result, there are potential financial burdens that should be considered before making this decision.
- When Pursuing Your Passion for Wine is a Good Investment5/30/2017
While art, comics, classic cars, and even film financing are all areas where an enthusiast’s investment could yield personal fulfillment as well as financial gains, wine continues to be among the most popular passion investment vehicles.
- Court Denies Plaintiff’s Motion to Set Aside Jury Verdict5/30/2017
Anchin, Block & Anchin’s Litigation, Forensic and Valuation Services Group is often retained to determine damages in cases involving a breach of contract, a business interruption, a personal injury, a wrongful termination, a wrongful death, or other cases where damages are incurred by one party as a result of the actions of another party.
- SEC Clarifies Three Confusing Situations For The Custody Rule5/25/2017
The SEC’s Custody Rule continues to be a headache for registered investment advisers. The conditions are so unclear, it’s easy to inadvertently trigger custody rule violations. To help advisers adjust, the SEC recently issued clarification for three confusing situations under the rule.
- New Jersey Angel Investor Tax Credit5/24/2017
New Jersey has amended and expanded the rules for claiming the Angel Investor Tax Credit. The Angel Investor Tax Credit provides for a tax credit equal to ten percent (10%) of the qualified investment made by a taxpayer in a New Jersey emerging technology business.
- Anchin Announces Winners of 2017 New York Construction Awards5/24/2017
Anchin Block & Anchin LLP, host of the annual New York Construction Awards, has announced this year's winners.
- Are you a member of the Sandwich Generation?4/28/2017
Five critical steps for adult children to take when handling the financial affairs of their parents
- Staying Cyber Safe While Traveling Outside of Your Network4/28/2017
A guide for understanding criminal infiltration tactics, including methods to avoid potential breaches to help achieve safe, secure device usage
- White House Tax Reform Plan4/27/2017
Yesterday, President Trump released a one page summary of his administration’s view of the principles that should guide tax reform.
- New York Announces Passage of State Budget4/25/2017
Governor Andrew M. Cuomo announced the passage of the 2018 State Budget (“Budget”) which includes some interesting tax provisions.
- To make money, restaurants need to think beyond the plate4/24/2017
Greg Wank, Leader of Anchin's Food and Beverage Practice, on the benefits of serving "Fast-Casual"
- Gray Divorce: The Financial Challenges and Opportunities4/20/2017
Mela Garber, Leader of Anchin's Matrimonial Advisory Group, explains why some older couples may separate and advises women who married young and may not have financial experience to work with a financial planner.
- Decision-Making Strategies for Consumer Brands 4/14/2017
Last month, over 80,000 innovators attended Expo West, a gathering of industry minds focused on the development and production of natural, organic, and healthy products. Anchin joined a panel of experts from Whipstitch Capital, The Giannuzzi Group, Force Brands, REBBL, KeVita, and SPINS to discuss successful strategies for decision-making about Consumer Brands.
- Arbitration Compelled After Parties Did Not Try to Arbitrate in Good Faith4/14/2017
Members of Anchin, Block & Anchin’s Litigation, Forensic and Valuation Services Group often serve as arbitrators. Alternative dispute resolution is an increasingly popular alternative to traditional litigation. Courts are very reluctant to allow parties to an agreement to litigate if an agreement between the parties requires that disputes be arbitrated.
- Key aspects of 421a remain foggy4/12/2017
Co-Leader of Anchin's Real Estate Industry Group, Robert Gilman, comments on the newly revived 421a developer tax exemption, now called “Affordable New York”
- SEC Identifies Top 5 Compliance Issues Found in OCIE Examinations4/6/2017
Call it a wake-up call for registered investment advisers—the Securities and Exchange Commission (SEC) issued a Risk Alert, highlighting the top five compliance issues found in deficiency letters sent to SEC-registered investment advisers.
- Husband Fails to Show Circumstance Change and Downward Modification of Support Denied4/4/2017
Anchin, Block & Anchin’s Litigation, Forensic and Valuation Services Group is often retained to assist attorneys who are handling matrimonial and family law matters that involve financial considerations. At times, counsel requires our assistance in arguing against one spouse’s attempt to have a downward modification in maintenance and/or child support.
- When is it time to update your estate plan?3/31/2017
Because it is implied that the documents are supposed to outlive the deceased, many people wrongly assume that they just need to create a set of documents one time and not review them again.
- Collectibles: Alternative Investing Beyond Private Equity and Hedge Funds3/31/2017
Collectible items are also a type of alternative investment — and, like all the others — come with their own rules and considerations.
- How to Prepare to Care for a Sick Spouse3/31/2017
At a time when people are at their most vulnerable, they are often expected to make some of the most difficult financial decisions. This is why putting a plan in place when all parties are healthy is so important.
- Tax Update: Proposed Bill Closing Tax Loophole Could be a Boon for Connecticut; IRS Recent Audit Targeting Management Fee Waivers3/30/2017
The Connecticut state legislature earlier this year proposed a bill that would slap a new 19 percent tax on investment management services fees, also known as “carried interest.” Similar bills are planned, or have been introduced, in other states including New York, New Jersey, Massachusetts and Rhode Island. The Connecticut bill would only be effective if similar bills are passed in these other states.
- Petition to Vacate Arbitration Award Dismissed3/16/2017
Members of Anchin, Block & Anchin’s Litigation, Forensic and Valuation Services Group often serve as arbitrators. Alternative dispute resolution is an increasingly popular alternative to traditional litigation. Although the courts may be asked to review the validity an arbitrator’s award, unless there are unusual and extenuating circumstance, they will rarely overturn such awards.
- Connecticut Bill Seeking 19% State Surcharge on Hedge Funds Has a Twist3/9/2017
Bruce McGuire, president of the Connecticut Hedge Fund Association, was attending the Managed Funds Association annual meeting earlier this year in Miami when he started chatting with some of his colleagues about the potential impact of recently proposed legislation in Connecticut that would slap a 19 percent surcharge on hedge funds based in the Nutmeg State.
- Conflicting Expert Opinions Preclude Summary Judgment Dismissal3/7/2017
Frequently, as part of our litigation, forensic and valuation services practice, we are called upon to issue expert reports. As can be imagined, it is common that the opinions expressed in the expert reports for each side are very different (reasonable professionals can disagree, right?). However, it is interesting to consider how much of an impact those different opinions can have on the case process.
- Trusting Leadership: Member Spotlight with Christopher Noble3/7/2017
Technology Practice Leader Christopher Noble featured in a member spotlight by Thuzio Executive Club
- Sharp turns: Unexpected twists in the 2017 tax filing season3/7/2017
Tax Partner Paul Gevertzman recommends considering an extension, in case pending rule changes are to the filer's benefit.
- Tax Debt Could Cost You Your Passport3/7/2017
Barry Weisman, Tax Partner, guides us through the process to that extreme eventuality.
- Call for Entry3/1/2017
Nominations are open for the annual New York Construction Awards, presented by Anchin in cooperation with the New York Building Congress (NYBC) and industry partners, the American Council of Engineering Companies of New York (ACEC-NY) and the General Contractors Association of New York (GCA).
- How Uncle Sam Factors into Your Wedding Plans2/28/2017
Couples will have to factor in how their taxes will be affected after they change their status from single to married on their tax forms.
- Preservation of Your Art Collection2/28/2017
Art has become an increasingly popular investment vehicle in recent years and as with any investment, it must be protected.
- New Foreign Bank and Financial Accounts (FBAR) Filing Deadlines2/28/2017
Those who have a financial interest in or signature authority over a foreign financial account may be required to report the account annually to the Department of Treasury.
- Facepalm! 7 Tax Mistakes Likely to Invite an Audit2/23/2017
Paul Gevertzman, Tax Partner, cautions us to avoid simple mistakes that might trigger scrutiny and explains the risk of writing off a small business loss the IRS might not see as deductible.
- How to Avoid Tax Scams2/22/2017
Tax Partner, Paul Gevertzman, highlights the foolishness of sending information via e-mail rather than secure upload as well as the IRS' improving ability to spot false returns filed to scam a refund.
- Anchin Recognized as one of the Best Companies to Work for in New York State for the Tenth Consecutive Year2/21/2017
Anchin, a leading assurance, tax and advisory firm, is pleased to announce that, for the tenth consecutive year, it has been named one of the Best Companies to Work for in New York State for 2017.
- Defendant’s Participation in Litigation Waives Right to Compel Arbitration2/16/2017
In our litigation, forensic and valuation services practice, we are often involved in cases where there is a question of whether or not an arbitration provision in an agreement can be enforced.
- Rechler wonders: Maybe the dysfunctional Port Authority should be dismantled?2/9/2017
Anchin Construction and Development Forum keynote speaker, RXR Realty CEO & Chairman Scott Rechler, on the state of the Port Authority
- No bills to build: The construction lending environment is tighter than ever2/9/2017
Anchin Construction and Development Forum panelists on how unwelcoming the market is to newcomers
- Five Technology Innovations Shared2/9/2017
At the 2017 Anchin Construction & Development Forum, Mark Boekenheide of Hudson Yards, Jonathan Drescher of The Durst Organization, James Hannah of Bright Power, AJ Pires of Alloy, Peter Rosenthal of Savanna and Mitchel Simpler of Jaros, Baum & Bolles discussed the exciting and often risky topic of innovation as it relates to construction, design and development in and around NYC.
- Anchin Construction & Development Forum2/9/2017
The third annual Anchin Construction & Development Forum was held on February 9, 2017 at the TKP New York Conference Center. Hundreds of incredible, high-level professionals whose work greatly impacts the real estate, construction, architecture and engineering landscapes of the greater New York City area, came together to discuss trends, forecasts, ideas, innovations and other relevant topics.
- Cuomo Rebrands Start-Up NY2/8/2017
At the end of January, Governor Cuomo announced proposed changes to Start-Up NY, an economic development program created in 2013 to provide a 10 year tax-free environment for companies looking to open or expand business on or near college campuses, primarily in upstate New York. The program received widespread criticism, questioning both its fairness and its effectiveness.
- Arbitration Panel’s Award Determined to be a Reasoned Award2/8/2017
When a member of Anchin, Block & Anchin’s Litigation, Forensic and Valuation Services Group serves as an arbitrator, one of the things he or she needs to consider is whether his or her decision should be contained in a simple award or in a reasoned award; if the latter, how much detail needs to be included in the reasoned award.
- The Government is Holding Millions in Unclaimed Retirement Money2/7/2017
Barry Weisman, Tax Partner, illustrates how searches in the wrong state can leave large retirement accounts unclaimed.
- 2017 SEC Examination Priorities Feature Three New Areas of Focus2/2/2017
As they have done annually for the last several years, the Securities and Exchange Commission has announced their Examination Priorities.
- How catering to ethnic populations can spice up shopping and profits2/2/2017
Food and Beverage Industry Practice Leader, Greg Wank, shares how catering to ethnic populations can help drive grocery profits.
- Make Sure Your Business is on the Path to Comply with PATH1/31/2017
In December 2015, President Obama signed the Protecting Americans from Tax Hikes (PATH) Act. The purpose of the legislation was in part to protect businesses and individuals from tax fraud by lengthening the time the IRS has to review claims. The law also extends some tax credits for businesses and working families.
- Avoid Letting Two Homes Become One Big Problem at Tax Time1/31/2017
Having a second home can be a source of joy and relaxation, yet it can also increase stress, especially to future tax bills if households are not careful.
- Protect Yourself Against Scams This Tax Season1/31/2017
Tax-payers are encouraged to be extra vigilant this year about IRS scams. Despite a raid in October 2016 in which 70 people in an international call center were charged with fraud, tax scams remained the most common type of scam last year according to a report by the Better Business Bureau (BBB).
- Bitcoin: It’s Not Just a Currency, It’s an Asset Class1/31/2017
Individuals may know Bitcoin as a volatile digital-based currency that has been attracting headlines, but in the IRS’ eyes, Bitcoin is considered property. Commentators have noted that Bitcoin represents a new type of asset class. For investors and philanthropists, the IRS classification of Bitcoin as an asset class (and not as a currency) may provide unique gifting and estate planning opportunities.
- The Introduction of Gen Z1/26/2017
By 2020, Generation Z (“Gen Z”), individuals born in 1996 or later, will account for one-third of the United States population. We’ve charted the unique factors and influences that categorize today’s generation.
- As Curtain Falls on Deferral Era, Investment Fund Managers Brace for Changes1/25/2017
This is not a test. It’s been a long time coming, but the deferral era is about to end. Not with a bang or a whimper, but investment fund managers are scrambling to ensure that any significant amount of pre-2009 deferred fees owed to them are payable during the next 12-13 months. Their livelihoods depend on it.
- Follow the Bouncing Ball: Newly Revised Cybersecurity Regulations Scheduled for March 1 in New York1/17/2017
Newly revised cybersecurity regulations for financial service companies in New York are scheduled to take effect March 1, 2017. The effective date for the new rules follows a two-month delay, as the New York State Department of Financial Services (“NYDFS”) made changes to the proposed regulation due to industry concerns.
- How Amazon Go will transform the grocery experience1/9/2017
Food and Beverage Industry Practice Leader, Greg Wank, remarks on Amazon's venture into checkout-free grocery shopping.
- Important Changes for the 2017 Tax Filing Season for all Calendar Year Law Firms1/5/2017
The Highway Act legislation gave rise to sweeping changes for the 2017 tax season due dates for filing both original tax returns and extensions.
- Prejudgment Interest Computed from Date of Damages Verdict, Not From Date of Liability Stipulation1/3/2017
The litigation consultants and forensic accountants in Anchin’s Litigation, Forensic and Valuation Services Group are often confronted with the calculation of prejudgment interest. When dealing with the issue of prejudgment interest, a critical question that must be answered is from what date is the prejudgment interest computed.
- What is fueling grocery consolidation?1/3/2017
Greg Wank, Food and Beverage Industry Practice Leader, talks about large players in the space competing for regional and specialty acquisitions.
- 2017 TAX CALENDAR1/1/2017
This summary of when various tax-related forms, payments and other actions are due will help taxpayers make sure they don’t miss any important 2017 tax deadlines.
- Preparing for Revised Form ADV Taking Effect in 201812/29/2016
Registered investment advisers have started to brace for 2017. They’re creating new offerings and expanding the breadth of their portfolios. However, investment advisers need to think well beyond next year, to the first quarter of 2018. Their livelihoods depend on it.
- 2016 Real Estate Year-End Tax Planning Update12/21/2016
Along with the results of the 2016 presidential election comes a dramatic shift in the political priorities of those in power and a strong likelihood that drastic tax reform lies ahead in 2017. While many of the details are still unknown and may not be fully actualized and actionable until well into the next year, getting a head start on planning and understanding the impact of various potential scenarios as early as possible is essential.
- Make 2017 a Happier New Year by Implementing Last-Minute 2016 Tax-Saving Tips12/20/2016
The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2016 tax liability — you just must act by December 31. Here are five actions to consider taking.
- The Value of Life Insurance if Trump Repeals the Federal Estate Tax12/19/2016
A few things to consider before making any hasty cancelation decisions
- Planning with Charitable Gift Annuities: The Gifts that Keep on Giving12/19/2016
Charitable annuities continue to be a valuable tax & financial option for many individuals.
- Deadline Extended for ACA Information Reporting to Employees12/16/2016
The IRS has again extended the deadline for employers subject to the Affordable Care Act’s (ACA’s) information reporting requirements to meet their obligations to employees.
- Financial Services Companies Brace for New Cybersecurity Requirements12/14/2016
The New York State Department of Financial Services is taking the bull by the horns when it comes to how regulated financial services companies protect themselves and their customers from cyberattacks.
- What You Need to Know About Sales and Use Tax12/13/2016
An increasing amount of building owners and management companies are being audited by states for Sales and Use tax compliance. These audits are resulting in firms being assessed for thousands of dollars in taxes, interest, and, in some instances, penalties.
- What to Know Before Giving and Accepting Money From Relatives12/7/2016
Clarence Kehoe, Anchin's Tax Leader, discusses the emotional issues related to unequal gifting, as well as how to strategically use 529 plans to make a gift stretch farther.
- DOL’s Overtime Rule Blocked by U.S. District Court12/5/2016
Just over a week before the U.S. Department of Labor’s (DOL’s) new overtime rule was scheduled to go into effect, a federal judge blocked it. The rule was set to make dramatic changes to the determination of which executive, administrative and professional employees are entitled to overtime pay under the Fair Labor Standards Act (FLSA).
- 2016 Financial Services Year-End Tax Planning Alert12/5/2016
With the election of Donald Trump and a Republican control of Congress, tax reform is expected.
- Supply Glut, Luxury Boom Are Jeopardizing Brooklyn's Value Play12/5/2016
On December 2, 2016, Co-Practice Leader of Anchin's Real Estate Industry Group, Marc Wieder, moderated a panel on the Retail & Hospitality Boom at Bisnow's 5th Annual Brooklyn State of the Market.
- How to Get Your Ex-Spouse's Social Security Benefits12/1/2016
Anchin Social Security Benefits expert, Richard Stieglitz, points out the odd quirk that lets multiple divorcees pick their benefits based on the highest earning ex-spouse.
- Planning Ahead by Looking Back and Using the Team of Advisors11/29/2016
High net worth families must always have someone minding the store in order to make sure important items aren’t missed.
- Election Outcome Likely to Result in Major Tax Law Changes11/15/2016
The election of Donald Trump as President of the United States, along with Republicans retaining control of both chambers of Congress, will likely result in an overhaul of the U.S. tax code.
- CPE for CFO's Recap - November 3, 201611/3/2016
Anchin’s November 2016 installment of CPE for CFO’s, held on November 3rd...
- Fringe Benefits That May Affect Your Payroll Reporting and Tax Withholding11/1/2016
To Our Business Clients:Attached for your convenience is a summary of the tax treatment of certain fringe benefits for payroll tax and income tax reporting purposes, plus detailed information regarding company automobiles and health and accident insurance premiums for S corporations.
- Fourth-quarter tax strategies10/31/2016
Jared Feldman, Co-Leader of Anchin Private Client, points out some tax issues that may confront high earning individuals.
- A ‘Seismic Shift’ in the Partnership Audit Rules10/18/2016
Anchin Tax Partner, Barry Weisman, discusses the need to revise procedure because of the rise in multi-tiered partnerships.
- Special Election Edition: Taxation and Politics10/14/2016
Whether you are voting Democrat, Republican or this year perhaps not at all, there is a good chance that this November’s election results will have a significant impact on our country’s federal tax system.
- Tax Credits Clarity Provides Great Opportunity for Businesses Regarding Internal Use Software10/7/2016
On October 3rd, 2016, the Treasury and IRS released final regulations regarding Internal Use Software (“IUS”) expenditures as related to the Section 41 Research & Development (“R&D”) tax credit.
- Joint ventures: Look before you leap10/7/2016
Partnering up with another construction firm can be beneficial, if you understand the inherent risks with a joint venture. Anchin's Marc Newman tells Real Estate Weekly why it's important to look before you leap.
- Top Considerations for Educational Donations9/29/2016
A significant charitable grant can help create a legacy and example for future generations
- A College Savings Plan Is Also Great for Estate Planning Across Generations9/29/2016
A 529 plan can be an especially efficient vehicle for gift-giving to multiple generations with maximal tax efficiency
- Wills Can Provide for Both Education and Starting out in Business9/29/2016
Planning for the education of your family should be a consideration as part of a will
- Anchin, Block & Anchin Recognized as Best North American Accounting Firm in Hedgeweek USA Awards9/23/2016
New York-based Top 100 accounting and advisory firm Anchin, Block & Anchin LLP has once again been named the Best North American Accounting Firm in the annual Hedgeweek awards. This award reinforces Anchin’s status as a leader in the Financial Services industry.
- Blame the Banks for All Those Boring Chain Stores Ruining Your City 9/22/2016
Marc Wieder, Co-Practice Leader of Anchin's Real Estate Group, explains that some landlords are more concerned with maintaining a high resale value than maintaining steady rent income at all costs.
- Do’s and Don’ts of Investing in Private Companies 9/20/2016
Jared Feldman, Co-Leader of Anchin Private Client, advises on the danger of investing based on personal relationships.
- Structuring Life Insurance Correctly to Fit into a Buy-Sell Agreement8/31/2016
How it can protect the business and the family
- Avoiding an Art Collection “Fire Sale”8/31/2016
Some key planning factors to consider
- Skipping a Generation - Why and How8/31/2016
Leaving assets to grandchildren might make sense for some estates with multi-generational goals
- From BigLaw To Your Own Firm: 4 Tips For Legal Startups8/23/2016
Russell Shinsky, Chair of Anchin's Law Firms Industry Group, shares advice about starting a law firm.
- IRS Proposed Regulations Target Gift and Estate Tax Planning Strategies8/11/2016
The IRS has released proposed regulations that would close so-called tax loopholes that many wealthy taxpayers have used to minimize transfer taxes (such as gift and estate taxes) when transferring interests in a closely held family business to relatives.
- Should I invest in triple-net lease properties?8/10/2016
Marc Wieder, Co-Practice Leader of Anchin's Real Estate Group, weighs the pros and cons of investing in a property with a triple-net lease.
- Individual Retirement Accounts: Be Careful What You Invest In8/8/2016
To Our Clients and Friends: One item that makes Individual Retirement Accounts (IRAs), whether traditional or Roth, so appealing compared with employer-sponsored 401(k) plans is the variety of available investment choices.
- The Top 3 Reasons Seniors Claim Social Security Too Early8/7/2016
Richard Stieglitz, Anchin's expert on maximizing Social Security benefits, comments on reasons for early withdrawal.
- High End Travel Trends7/29/2016
Many high net worth travelers are seeking unique experiences that educate, surprise and expand horizons – both abroad and domestically.
- Philanthropy: An Opportunity to Connect with the NexGen 7/29/2016
Growing in popularity among high-net-worth travelers are multigenerational vacations and trips with a philanthropic spin, also known as philantho-travel. Combining the two can be very powerful, both in terms of creating bonds, relaying values, and empowering the next generation.
- Mixing Business with Pleasure? 7/29/2016
Many business travelers are making side trips to explore personal interests or spend time with family members in a new place. The number and size of tax deductions will vary depending on the blend of business and pleasure. Here are a few tips to help avoid common pitfalls pertaining to tax deductions.
- Net Worth Threshold for “Qualified Clients” Increased by SEC7/28/2016
The U.S. Securities and Exchange Commission (“SEC”) has decided to increase the net worth test threshold for “qualified clients” effective August 15, 2016.
- How to Buy Property With a Spouse, Friend or Business Partner7/21/2016
Marc Wieder, Co-Practice Leader of Anchin's Real Estate Group, points out that in the case of buying property with a spouse, it might be wise to place ownership in the name of the individual contributing the funds for purchase.
- Additional Transition Relief for Employers Claiming the Work Opportunity Tax Credit7/20/2016
Notice 2016-40 expands and extends by three months the transition relief provided in Notice 2016-22 for meeting the 28-day deadline in Section 51(d)(13)(A)(ii) of the Tax Code.
- How to Strengthen Your Budgeting Efforts7/14/2016
Michael Belfer, Public Relations and Advertising Practice Leader, tells Gould + Partners that agencies should keep an eye on performance and adjust their budgets as needed.
- Balancing risk and reward: A roundtable discussion on fast growth7/1/2016
Anchin Technology Practice Leader, Christopher Noble, shares his best strategies for managing technology change, attracting A players and bringing outside financing to the table.
- Looking Beyond Brexit: Planning for What May Come Next6/30/2016
The chief challenge to consider is the heaping dose of uncertainty that has suddenly been thrust into the political and economic global scene. Uncertainty is unsettling.
- 6 Facts to Know Before Investing in a Restaurant6/29/2016
Food and Beverage Practice Leader, Greg Wank, recommends looking at a restaurant operator's track record.
- Tips to Avoid IRS Phone Scams: What You Need to Know6/9/2016
On Friday, May 20th, the Internal Revenue Service (IRS) sent an internal memo directing all IRS employees to no longer initiate contact with taxpayers by phone. With this in mind, if you get a call from someone claiming to be from the IRS – be wary and do not give out any personal information.
- DOL’s final overtime rule brings sweeping changes6/8/2016
The U.S. Department of Labor (DOL) has released a final provision that makes dramatic changes to the determination of which executive, administrative and professional employees — otherwise known as "white-collar workers" — are entitled to overtime pay under the Fair Labor Standards Act (FLSA).
- Whaling Attacks Present a Larger Challenge for Businesses6/3/2016
Phishing schemes have become increasingly clever and complicated. A new trend called Whaling Attacks has started to hit businesses and their executives.
- How the Wealthy Teach Children about the Value of Money6/1/2016
Typically, parents would like to provide a secure future for the next generation.
- Thinking About “Death” Can Improve Quality of Life6/1/2016
Estate planning is critical to generational wealth transfer and preservation strategies.
- How to Talk About a Prenuptial Agreement6/1/2016
It’s hard to think of a good time to introduce a contractual component to unconditional love.
- Whaling Attacks Present a Larger Challenge for Businesses and Their Owners6/1/2016
Phishing schemes have become increasingly clever and complicated. A new trend called Whaling Attacks has started to hit businesses and their executives.
- Succession Success6/1/2016
Greg Wank, Food and Beverage Practice Leader, stresses the importance of deep business understanding across the board when choosing a successor.
- Is a U.S. ‘Patent Box’ a Good Idea?5/19/2016
Yair Holtzman, Practice Leader of Anchin's Research and Development Tax Credits Group, Life Sciences Industry Group and Chemicals and Energy Industry Group, shares his thoughts on the proposed "patent box" regime.
- Want to open a restaurant? Now this funding is available5/16/2016
Greg Wank, Practice Leader of Anchin's Food and Beverage Industry Group, shares his thoughts on crowdfunding for restaurants, the benefits of restaurant credits to investors and the tendency of entrepreneurs to underestimate startup costs.
- Financial budgeting: One chance to succeed5/16/2016
Jeffrey I. Rosenthal, Partner-in-Charge of Anchin's Financial Services Practice talks about planning a hedge fund launch.
- Chapter 1: Legal & tax structuring5/16/2016
Jeffrey I. Rosenthal, Partner-in-Charge of Anchin's Financial Services Practice explains some of the criteria for making fund structuring decisions.
- The organic food revolution that is minting millionaires5/6/2016
Food and Beverage Practice Leader, Greg Wank, observes that consumers are driving a demand for more healthy food firms and cleaner labeling.
- How to protect your credit when your spouse starts a business4/29/2016
Tax Partner Paul Gevertzman provides solid advice on the use of corporate structures, avoiding personal credit cards and the pluses and minuses of retitling a residence.
- Assessing Section 199 and IRS Released Proposed Regulations to Determine Deduction Eligibility4/14/2016
Designed to protect jobs in the United States manufacturing and related sectors, Section 199, also known as the Domestic Production Activities Deduction ("DPAD"), allows a deduction equal to 9% of the lesser of a taxpayer’s Qualified Production Activities Income ("QPAI") or its taxable income.
- IRS Emphasizes the Need for Compliance When Claiming Tax Credits4/12/2016
This past February, the IRS released its annual "Dirty Dozen" list of warning alerts for 2016 filing season. The Dirty Dozen includes a variety of common scams taxpayers may encounter at any time during the year.
- Family Financial Meetings Should Have a Place on Your Calendar4/11/2016
Mela Garber, Trust and Estates Services Chair, explains how parents can avoid estate issues with a letter explaining any distribution inequalities to their children.
- 5 Boomer Tax Traps to Avoid4/6/2016
E. Richard Baum, Tax Partner, touches base on various tax traps for baby boomers such as taxes on municipal bonds, the required minimum distribution and the income level for social security taxability.
- Stock(ing) Stuffers4/1/2016
A Year-Round Strategy for Charitable Giving
- Why You May Need A Prenup4/1/2016
If a prospective couple plans to sign a prenuptial agreement, it’s wise to design the agreement with an estate plan in mind.
- Last-Minute Moves That Can Trim Your Tax Bill3/31/2016
Anchin's tax expert, Paul Gevertzman, offers guidance before submitting your tax return.
- Anchin Private Client appoints Jared Feldman as Co-Practice Leader3/30/2016
Anchin appoints Jared Feldman as Co-Practice Leader of Anchin Private Client, a specialty group devoted to working with affluent clients.
- Window for Work Opportunity Tax Credit Extended3/16/2016
The IRS is extending the time employers who want to claim the Work Opportunity Tax Credit (WOTC) have to file Form 8850, Pre-Screening Notice and Certification Request for the Work Opportunity Credit, for 2015 hires.
- Changes in the ACH Debit Block Information for New York State3/14/2016
For those of you who electronically remit any of your business or personal taxes to New York State ("the State"), you should be aware that the State has changed its procedures regarding debit blocks. If you do not have a debit block on your bank account, no action needs to be taken.
- How to Use Tax Planning for Better Cash Flow Management3/10/2016
Paul Gevertzman, tax expert at Anchin, discusses how tax planning can assist with cash flow projections.
- Anchin, Block & Anchin Recognized as Best Global Accounting Firm for Sixth Consecutive Year in Hedgeweek Awards3/9/2016
Top tier accounting firm Anchin, Block & Anchin LLP has received Hedgeweek’s Best Global Accounting Firm award for the sixth consecutive year.
- NYS Art Collectors Under Scrutiny for Taxes on Shipped Art3/2/2016
Law enforcement and tax authorities have been closely investigating electronic records and tax returns for the buying and selling of art in New York State. Art collectors and intermediaries have come under close scrutiny as to whether they have been paying taxes, maintaining shipping records and providing invoices during the sales process.
- The 5-Step Guide to Launching Your Own Business3/2/2016
Paul Gevertzman, tax expert at Anchin, offers an unexpected suggestion to consider when launching your new business.
- How to Determine What Your Business Idea Is Worth3/2/2016
Tax expert at Anchin, Paul Gevertzman, recommends new business owners evaluate options based on realistic expectations.
- 12 Times When It Makes Sense to Hire a Tax Preparer3/2/2016
Anchin's tax expert, Paul Gevertzman, identifies situations when a tax accountant could be a valuable addition.
- Congress Enhances Tax Deduction for Donations of Food Inventory3/1/2016
As part of the Protecting Americans from Tax Hikes (PATH) Act passed by The House and Senate at the end of 2015, the enhanced deduction for donations of food inventory was retroactively extended and made permanent so that qualifying donations made since January 1, 2015 are eligible.
- For Small Businesses and Entrepreneurs, Some Welcome Clarity2/19/2016
Paul Gevertzman, Anchin's Tax Credits and Incentives Leader, provides clarity to small business owners on the PATH Act.
- NYC Sees Sizable Jump in Construction Starts, Boosted by Far West Side Development2/12/2016
Anchin Construction and Development Forum speaker, Silverstein Properties Chairman Larry Silverstein, discusses thee state of New York real estate and construction.
- Silverstein talks 2 WTC, languishing luxury market2/12/2016
Anchin Construction and Development Forum speaker, Silverstein Properties Chairman Larry Silverstein, discusses the state of New York real estate and construction.
- The Protecting Americans from Tax Hikes (PATH) Act of 2015 - Educational Benefits2/10/2016
On December 18, 2015, Congress passed and the President signed The Protecting Americans from Tax Hikes (PATH) Act of 2015. This legislation extends or retroactively renews and makes permanent a number of federal tax provisions including certain educational benefits.
- New Tax Audit Rules Constitute a Radical Change for Partnerships1/27/2016
Late in 2015, Congress passed the Bipartisan Budget Act of 2015 (the Act), which includes a complete overhaul of the procedures that apply to Internal Revenue Service (IRS) audits of partnerships and limited liability companies (LLCs) taxed as partnerships and their partners.
- 2016 SEC & FINRA Exam Priorities1/25/2016
The Office of Compliance Inspections and Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) and the Financial Industry Regulatory Authority (“FINRA”) have released their Exam Priorities for 2016. Each of the regulators have organized their focus around a number of key issues.
- Permanent R&D Tax Credit - A Perfect Fit for U.S. Businesses in the Apparel Industry1/20/2016
On December 18, 2015, President Obama signed into law The Protecting Americans from Tax Hikes Act (PATH) of 2015.
- IRS Extends Several Affordable Care Act Filing Deadlines1/13/2016
To our Clients and Friends: In order to allow health insurance carriers, self-insured employers and payroll service providers additional time to gather, compile and prepare the necessary forms due under the Affordable Care Act, the IRS has extended several filing deadlines as follows
- Permanent R&D Tax Credit - A Game Changer for U.S. Businesses in the Food and Beverage Industry1/12/2016
On December 18, 2015, President Obama signed into law The Protecting Americans from Tax Hikes Act (PATH) of 2015.
- 2016 New York, New Jersey, and Connecticut Payroll Changes1/6/2016
Happy New Year! It’s time again for payroll updates for the tristate area. Below are payroll related changes to keep in mind for 2016.
- 7 Toxic Money Habits You Need to Quit Now1/6/2016
Mela Garber, tax expert at Anchin, advises how to break common bad money habits.
- How Much Is That Picasso In The Window? Tax Court Says Quite A Bit12/30/2015
What can take a good bit of the fun out of your Picasso going for more than twice the expected price at Christies? Having it happen while the estate you inherited it from does not have its estate tax resolved might do it.
- Individuals Can Save More Tax in 2015 and Beyond, Thanks to New “Extenders” Law12/29/2015
With year end right around the corner, Congress passed the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). The act extended numerous tax breaks that had expired December 31, 2014, and the President signed it into law December 18.
- Offering breakfast is a made-to-order success for McDonald’s12/26/2015
Turns out that an Egg McMuffin for lunch hit the spot at McDonald’s.
- Permanent R&D Tax Credit a ‘Game Changer’: Expert12/23/2015
Christmas came early this year for finance chiefs hoping a permanent research and development tax credit would get President Barack Obama’s signature.
- Small Businesses Need to Act Fast to Get This Huge Christmas Present12/23/2015
Many small business owners are breathing easier now that new legislation makes it clear how much they can deduct for 2015 purchases such as computers, furniture, vehicles, and machines under the popular Section 179 deduction.
- These 3 Businesses Will Benefit From the Ginormous $1.8T Spending Bill12/23/2015
Some businesses have a reason to be very merry this Christmas, thanks to this bill. In fact there are at least three that come to my mind that will profit. Are you one of them?
- Latest “Extenders” Law Boosts Tax Benefits For Businesses12/22/2015
Several provisions in particular may produce significant tax savings for businesses in 2015 and beyond.
- Permanent R&D Tax Credit A Game Changer for America’s Businesses12/21/2015
On December 18, 2015, President Obama signed into law The Protecting Americans from Tax Hikes Act (PATH) of 2015.
- 2015 “Extenders” Legislation Does More Than Just Extend Tax Breaks12/21/2015
On December 18, the Senate passed the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act), which the House had passed on December 17. Many popular tax breaks had expired December 31, 2014, so for them to be available for 2015, Congress had to pass legislation extending them. But the PATH Act does more than that.
- Congress Makes Some Tax Extenders Permanent12/16/2015
Congressional leaders unveiled a wide-ranging deal on tax extenders, making some items permanent.
- Rising transaction complexity drives need for solid operating agreements12/14/2015
As the number of partners in commercial real estate transactions rises, having properly structured operating agreements is becoming increasingly important.
- NYC Commuter Benefits Law12/9/2015
On January 1, 2016, New York City’s Commuter Benefits Law goes into effect. This law requires employers with 20 or more full-time, non-union staff members to offer commuter benefits to eligible full-time employees.
- Social Security Update12/8/2015
On November 2, 2015, President Obama signed into law the Bipartisan Budget Act of 2015. The Social Security changes reflected in the law affects several previously used strategies, restricting methods that married couples had available to increase their Social Security benefits.
- Health Insurance: Avoiding the IRS Penalty for Insufficient Coverage12/4/2015
To our Clients and Friends: Under the Affordable Care Act’s Individual Mandate, most individuals must maintain "minimum essential health coverage" at all times.
- Medicare Changes for 2016: What You Need to Know12/2/2015
The Centers for Medicare & Medicaid Services just released 2016 Medicare premium, co-pay and deductible rates.
- After a Sweet Sale of Your Stake in a Real Estate Project, Beware a Big Tax Trap11/11/2015
Selling one's stake in a building might come with a hidden tax.
- To Business Owners Who Want to Cash Out, Accountants Deliver Tough Love and TLC10/27/2015
As a partner at Anchin, Block & Anchin in New York City, Greg Wank often speaks with seasoned entrepreneurs who are ready to hand over the reins to firms they’ve spent years building, so they can retire.
- Identity Fraud Most Common Among High Net-Worth Individuals10/23/2015
High net-worth individuals have access to a lot more financial protection than the rest of the population, but that doesn’t make them immune to fraud in the least.
- FinCEN Proposes Rules for Investment Advisers to Establish Anti-Money Laundering Programs10/16/2015
On August 25, 2015, the Financial Crimes Enforcement Network (FinCEN) published a Notice of Proposed Rulemaking (the "Proposed Rule") that would require certain investment advisers registered with the U.S. Securities and Exchange Commission to establish anti-money laundering (AML) programs and report suspicious activity to FinCEN under the Bank Security Act (the "BSA").
- Dried-up Organic Avenue gives way to competitors10/16/2015
The demise Thursday of 15-year-old juice chain Organic Avenue was the end to months of financial struggles, layoffs and store closures.
- How did Organic Avenue, which just filed for bankruptcy, lose its way?10/16/2015
Organic Avenue, a juice bar chain that floundered financially and shuttered all 10 of its stores yesterday, has filed for Chapter 7 bankruptcy, a move that will allow it to liquidate assets.
- How to Maintain Your Wealth Once You’ve Attained It10/13/2015
Even you get rich easily, maintaining those riches and turning them into lasting wealth is far more difficult.
- Your Health Insurance Company May Ask for Your Social Security Number10/8/2015
Your health insurance company may request that you provide them with the social security numbers for you, your spouse and your children covered by your health insurance policy.
- New York City-Corporate Income, Miscellaneous Taxes: Authorization for Biotechnology Credit Extended for Three Years10/7/2015
The Biotechnology Tax Credit allows qualified emerging technology companies (QETCs) specializing in biotechnology to claim a tax credit against the General Corporation Tax and Unincorporated Business Tax for amounts paid or incurred for certain expenses in New York City.
- 7 Things to Check Off Your To-Do List if You Filed an October 15 Federal Tax Extension10/5/2015
But if you filed for a federal personal tax extension on Tax Day, listen up: October 15 marks the deadline to finally get all of your paperwork in to the I.R.S. To help those preparing for the October date, here’s a handy rundown of things to check off your gotta-meet-the-tax- extension-deadline to-do list.
- Company Profile: Anchin Private Client's Personal CFO Approach10/1/2015
Perceptions of family offices – including what they are and who needs or has one – have changed quite dramatically over the past decade to include a much broader spectrum of wealthy individuals.
- Paid Sick Leave to Be Required for Employees of Federal Contractors9/30/2015
Dear Construction Clients and Friends, On September 7, 2015, President Barack Obama signed an Executive Order requiring federal contractors to offer their employees up to seven days of paid sick leave per year. The executive order will impact contracts entered into on or after January 1, 2017.
- How Family Loans and Trusts Can Create Big Wins9/26/2015
With interest rates at historic lows—for the time being—wealthy families are turbocharging their estate-planning strategies by pairing intrafamily loans with trusts.
- People News -- Sept. 11, 20159/11/2015
Raphy Soussan joined Anchin, Block & Anchin LLP as a partner.
- Managing growth: Growing a business from startup to finish9/1/2015
SmartCEO and Anchin Technology Practice Leader Christopher Noble gathered alumni of the Future 50 program which honors up-and-coming, fast-growth companies, to look back on past challenges and share future plans.
- Fast-food chains search for the next McMuffin8/25/2015
When it comes to introducing new menu items, fast-food chains say it’s important to keep one basic truth in mind: For every Egg McMuffin, there are plenty of Pastrami Burgers.
- How Fast-Food Chains Cook Up New Menu Items8/24/2015
When it comes to introducing new menu items, fast-food chains say it’s important to keep one basic truth in mind: For every Egg McMuffin, there are plenty of Pastrami Burgers.
- Big Changes in Food Industry Turn Activists Upside Down8/6/2015
Three years after the old Kraft Foods split in half with the backing of activist investors, one of the activists is suggesting those businesses ought to reunite.
- Know your financial pulse, it could save your company’s life8/6/2015
Just as a wise patient undergoes regular medical checkups, a construction firm should have regular financial checkups.
- Is Your Business Prepared for the New Affordable Care Act (ACA) Reporting Requirements?8/4/2015
To our Clients and Friends: Early in 2016, sponsors of self-insured plans, as well as insured plans that are deemed to be "Applicable Large Employers," will be required to file Form 1095-C for the year 2015. The threshold to be deemed an Applicable Large Employer is 50 "full-time equivalent" (FTE) employees. Multiple part-time employees can be deemed one FTE.
- The great A&P shake-up: 30 North Jersey stores will change tenants or go dark8/2/2015
The bankruptcy of A&P that was announced last month will create a retail ripple effect that will shake up neighborhood shopping centers throughout North Jersey.
- Impressive Showing: Solidifying your value proposition with plan sponsors8/1/2015
At investment or plan committee meetings, when reviewing the retirement plan with sponsor clients, advisers have the full attention of those in attendance. Most of those meetings are spent discussing the plan and its participants—and sometimes even the investment committee.
- John Gallin & Son receives Anchin, Block & Anchin Legacy Award8/1/2015
John Gallin & Son is a recipient of Anchin, Block & Anchin LLP’s 2015 Legacy Award for fiscal strength, longevity and stability over multiple generations.
- Why Annuities May Earn Investors’ Respect Now7/29/2015
Misunderstood at best and reviled at worst, annuities rank as the Rodney Dangerfield of investments: no respect at all. Yet experts say that annuities – already setting sales records – could well innovate in the coming years, provided that the same high-tech changes shaking conventional investments make it to this sector.
- Firm News: July 24, 20157/24/2015
Anchin, Block & Anchin LLP held its annual New York Construction Awards on June 11, 2015 at Club 101 in New York City.
- Is Your Firm in Compliance with the Upcoming July 31st U.S. Department of Labor Filing Deadline?7/23/2015
To our Clients and Friends: A frequently overlooked filing obligation is one that requires companies sponsoring retirement plans and large health plans to submit Form 5500 to the U.S. Department of Labor (DOL), annually. For calendar year plans the filing deadline is July 31, 2015. The DOL penalty for noncompliance is $1,100 per day, and the IRS penalty is $15,000 per annum. Is your firm in compliance?
- Pensions Are Taking the Long, Lonely Road to Retirement7/20/2015
Pensions were once just as much a given in the full-time working world as rock-solid health insurance and gold watches on retirement day.
- U.S. Supreme Court Decision in Obergefell v. Hodges Has Far-Reaching Tax and Benefits Implications for Same-Sex Married Couples7/17/2015
On June 26, 2015, there was a groundbreaking decision in Obergefell v. Hodges. Two years after the Supreme Court ruled Section 3 of the Defense of Marriage Act (DOMA) unconstitutional in United States v. Windsor, the Supreme Court declared that same-sex couples have a right to marry anywhere in the United States under the freedom to marry ruling.
- Accelerated Sales Tax Exemption Program (A-STEP) May Save You Thousands7/16/2015
Small businesses and their growth are vital components of the economic livelihood of New York City. However, many of them are unable to expand their businesses and achieve long term success due to lack of financial resources. To help, the New York City Industrial Development Agency (NYCIDA) has designed the A-STEP Program to help small businesses with equipment upgrades and renovations.
- Innovators, leaders, rising stars singled out at annual Anchin awards7/16/2015
Anchin, Block & Anchin LLP held its annual New York Construction Awards honoring construction, architecture and engineering industry innovators, leaders and rising stars.
- 5 Biggest Estate Planning Mistakes You Can Make7/15/2015
Avoid these common estate planning mistakes.
- Here Are the Worst Estate Planning Mistakes You Can Make7/13/2015
Good luck to your loved ones when you die, because you’re going about your estate planning all wrong.
- Trade Preferences Extension Act: What Does it Mean for Your Company?7/9/2015
On June 30, 2015, the President signed the Trade Preferences Extension Act ("The Act") into law. The Act will renew the Generalized System of Preferences (GSP), which provides duty-free treatment for selected goods from "beneficiary developing countries," such as Brazil, India, etc.
- Still Much for Employers to Do During 2015 WOTC Hiatus Period7/7/2015
The Work Opportunity Tax Credit (WOTC) is a federal income tax credit for each new hire that is a member of certain targeted groups.
- Does Your Firm Sponsor a Self-Insured Health Plan?7/6/2015
To our Clients and Friends: The Patient Protection and Affordable Care Act of 2010 ("ACA") created a fee that is imposed on most health plans. The Patient-Centered Outcomes Research Institute (PCORI) fee is submitted with a completed IRS Form 720, which is due annually on July 31. If you have an insured health plan, the insurer is responsible for calculating and remitting the fee.
- What we can learn about prenups from the Ben Affleck-Jennifer Garner divorce7/4/2015
Earlier this week, the world learned that beloved Hollywood couple Jennifer Garner, 43, and Ben Affleck, 42, have decided to split—ten years and one day after their wedding.
- Two-Year Extension for Vital New York City Tax Breaks7/1/2015
Lucrative tax breaks for New York City businesses and developers were extended after the recent legislative sessions concluded in Albany. These tax breaks provide attractive financial incentives for businesses to remain in or relocate to Lower Manhattan and the outer boroughs.
- $141M sculpture may ‘point’ to top6/14/2015
This is the art bubble of the millennium.
- New York State ACH Debit Block ID Changes6/10/2015
For those of you using the New York State electronic payment system, there is an update you need to be aware of. Effective June 25, 2015, The New York State Department of Taxation and Finance will convert to a new bank to receive electronic payment of taxes. This will require changes to the New York State (Company) ID and name for debit blocks.
- BevNET Live Day 2 Recap: A Call to Action6/4/2015
Louis Barone, Senior Vice President and Division Head of IDB Bank and Greg Wank, Executive Partner at Anchin, Block, & Anchin LLP followed McCord with a look at inside lending in the industry.
- The sweetened lowdown: ‘In the Raw’ beverages coming to stores6/4/2015
Sugar In the Raw is getting drinkable. The brand, whose brown packets have become ubiquitous in coffee shops across the city, is launching a line of low-calorie beverages this month.
- How the U.S. Supreme Court Ruling Can Impact Your Taxes6/1/2015
In an ostensibly significant taxpayer victory, a bitterly divided (5-4) U.S. Supreme Court ruled on May 18, 2015 in Comptroller of the Treasury of Maryland v. Wynne that Maryland’s personal income tax regime ran afoul of the Constitution’s "Dormant" Commerce Clause.
- Almond milk sales are soaring, but is it good for you?5/27/2015
Almond milk now outsells any other non-dairy milk—including rice or soy milk.
- Indian American woman in Illinois Priti Shah wins $4 million from lottery ticket5/27/2015
An Indian American woman in Des Plaines, Illinois, won $4 million after scratching a ticket that her daughter had given her as a gift for Mother’s Day.
- Why Your Spouse Should Be at the Center of Your Estate Planning5/27/2015
If you’re wondering who’s going to make sure your wishes are met after you die, your spouse is likely the first person you should consider.
- Labor-law infractions cost these firms more than cash5/20/2015
Local construction firms that aren’t following labor laws to the letter need to get their act together in the wake of a $1.42 million settlement between the U.S. Department of Labor and four related Long Island City plumbing and heating contractors, small-business advisers say.
- Anchin announces MTA New York City Transit President, Carmen Bianco, as Keynote Speaker for the New York Construction Awards on June 11, 20155/11/2015
Anchin, Block & Anchin LLP host of the annual New York Construction Awards, is proud to announce Carmen Bianco, President of Metropolitan Transportation Authority (MTA) New York City Transit, as keynote speaker for the event. The New York Construction Awards will take place on June 11, 2015 at Club 101 in New York City.
- You’ve Won Big -- What Will That Windfall Cost You in Taxes?5/11/2015
So you cleaned up at the casino, finally had that winning lottery ticket pay off or were the last person with his hand on the truck at the mall this weekend. What’s that "free" gift going to cost you?
- Anchin announces Paul Williams of the Dormitory Authority State of New York as Keynote Speaker for the New York Construction Awards on June 19, 20145/7/2015
The annual New York Construction Awards, presented in cooperation with the New York Building Congress (NYBC) and industry partners, American Council of Engineering Companies of New York (ACEC-NY) and the American Institute of Architects New York Chapter (AIA-NY), and hosted by Anchin, Block & Anchin LLP, will take place on June 19, 2014 at Bloomberg Headquarters in New York City.
- Back to the future: Create a viable buy-sell agreement now5/6/2015
It would be wonderful if the future just took care of itself. But in the case of buy-sell agreements, the future depends on what’s done today.
- Expiration date approaching for certain New York City based incentives4/28/2015
The following New York City based incentive programs are expiring on June 30, 2015
- New York City Corporate Tax Reform Will Have Significant Impact on 2015 Taxes4/27/2015
Enacted New York legislation significantly revises the New York City corporate income tax system, generally applicable to taxable years beginning on or after January 1, 2015. New York City does not recognize Federal S Corporation status and instead taxes them as if they are a regular
- Water helping soft drink industry4/27/2015
Is the soft drink industry dead?
- Anchin's Greg Wank Says ‘Functional Beverages’ Supporting Coke on Bloomberg Radio (Audio)4/22/2015
Greg Wank, practice leader of Anchin, Block & Anchin LLP's Food and Beverage Industry Group discusses Coca-Cola earnings and the changing "health conscious" landscape within the beverage industry with Bloomberg's Carol Massar and Michael McKee on "Taking Stock".
- How To Create Viral Movements With Digital Media (Video)4/22/2015
Michael Belfer, practice leader of Anchin, Block & Anchin LLP's Public Relations and Advertising Industry Group on panel discussing how to create viral movements with digital media.
- Firm News: April 17, 20154/17/2015
Anchin, Block & Anchin LLP has been named one of the Best Companies to Work for in New York State for 2015, marking the 8th consecutive year that Anchin has received this recognition.
- How to Set Up a Trust Without Costing Your Children a Cent4/17/2015
If personal finance was a teen movie, the trust would be the blonde, snotty rich kid who wins all the ski races and uses his flawless martial arts technique to sweep some working-class kid’s injured leg.
- IRS warns of sophisticated telephone scam4/15/2015
The Treasury department says thousands of people have fallen victim to a phone scam, where a caller impersonates an IRS agent, and threatens criminal penalties and other legal action if money isn’t paid immediately.
- Is that on-demand worker actually your employee?4/12/2015
John McLaughlin depended heavily on freelance customer-service representatives and other help he found on oDesk while growing his mobile-app firm, UniquePhones, in SoHo. But when he decided to offer 24-hour customer service and needed the reps to move to hourly shifts, he made what may have been a prescient decision.
- New Jersey Tax Incentives Opportunity3/30/2015
Governor Chris Christie is proposing turning New Jersey’s Business Employment Incentive Program (BEIP) into a program offering tax credits in exchange for job creation. This comes after lawmakers cut an estimated $175 million in BEIP funding from the budget to help close a revenue shortfall last year.
- Heinz will buy Kraft Foods in mega-merger for American food3/25/2015
Taking aim soon at America’s growing love of fresh food: A billion-dollar mega-marriage of sugary ketchup and processed cheese.
- Captive Insurance Companies: Are They Right For You?3/18/2015
Many of you have heard of captive insurance companies but may not know exactly what they are or how they work. Perhaps you have heard of this concept being used by Fortune 500 companies, but assumed it was not for you. Well, captive insurance companies are being increasingly used by middle market companies as promoters and advisors are aggressively pursuing privately owned companies.
- So Your Taxes Are Being Audited By the State or IRS: Now What?3/18/2015
If you’re being audited by the Internal Revenue Service this year, you’re either an unlucky or extremely unfortunate individual.
- What to Do if You’re Audited3/18/2015
If you’re being audited by the Internal Revenue Service this year, you’re either an unlucky or extremely unfortunate individual.
- Pizza chains make inroads in NJ, NY3/17/2015
Call it the next Chipotle. Custom, quick pizza is the hot new trend in fast casual dining, even in the New York Metro area, where we can be picky about our pies.
- Replacing tax rebates with tax credits bad for local businesses and New Jersey alike3/14/2015
When state Sen. Raymond Lesniak (D-Union) introduced legislation late last month to issue 10-year tax credits to businesses promised rebate checks under the now defunct Business Employment Incentive Program, he took a rather sanguine view of the bill and its benefits for local companies.
- How 3 Popular Businesses Actually Turn a Profit3/10/2015
When you pull out your wallet to pay for a meal or a mani-pedi, you might assume the most expensive part of your bill was that steak or the trendy designs on your toenails. But insiders will tell you that the real money-makers are the wine you ordered with dinner or the extra products you bought at the salon after getting pampered.
- Estate planning: How to leave IRA to heirs3/5/2015
No one would accuse IRAs of being easy to understand. The retirement accounts seem fairly straightforward on the surface, but they can get complicated, especially after you die.
- Anchin Releases Its Ninth Annual Food and Beverage Industry Survey3/4/2015
Anchin, Block & Anchin LLP, one of the region’s leading accounting and consulting firms serving the food and beverage industry, has released its 2015 industry survey.
- Are your financial statements investor and acquirer-ready?3/3/2015
As professional service firms steeped in the natural products space, we have the privilege of meeting the founders and executives from many branded food and beverage companies each year. Interestingly, we have learned that the way each company classifies certain costs in their financial statements can vary widely.
- Window of opportunity to claim Work Opportunity Tax Credit2/25/2015
The Work Opportunity Tax Credit (WOTC) is a federal income tax credit for each new hire that is a member of certain targeted groups. The Tax Increase Prevention Act of 2014 (the Act), enacted on December 19, 2014 extended the WOTC through December 31, 2014, for companies hiring individuals in targeted groups, and for qualified tax-exempt organizations hiring qualified veterans.
- The R&D Tax Credit — A Catalyst For Life Sciences Innovation2/25/2015
For companies in net loss positions, the R&D credit can be carried back one year and carried forward for 20 years until it can be used. In addition, similar credits and other incentives are offered by 38 states, six of which offer refundable credits to attract new jobs and industries to the region.
- The Agricultural Chemicals Security Credit has expired, but is opportunity still knocking?2/18/2015
The Agricultural Chemicals Security Credit was applicable to eligible expenditures incurred after May 22, 2008 and before January 1, 2013.
- Court Case Impacts Eligibility of Capped Contracts for R&D Tax Credits2/16/2015
On January 29, 2015, the United States Court of Appeals for the Eleventh Circuit affirmed a federal district court’s decision in Geosyntec Consultants, Inc. v. United States, No. 14-11107, disallowing the R&D tax credit for research expenditures linked to capped contracts.
- Important: Monitor Your 2015 Employee Headcount Carefully!2/11/2015
To our Clients and Friends: The Patient Protection and Affordable Care Act of 2010 ("ACA") is complex legislation that affects a large percentage of employers throughout the country. Depending on employee headcount, employers may be subject to all ACA provisions, just some of them, or none at all.
- Cybersecurity Alert2/10/2015
This past week saw a flurry of alerts regarding cyber security from both the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) underscoring the emphasis on cybersecurity across all areas of the financial services industry for both institutions and investors.
- Understanding Lifetime Trusts (Video) 1/27/2015
Richard Baum, partner at Anchin, Block & Anchin LLP, discusses what advisers and clients need to know about lifetime trusts and why they've become more popular with Veronica Dagher, in this WSJ Video.
- Proposed Regulations Provide Clarity and Guidance Related to Computer Software as it Applies to the R&D Tax Credit1/26/2015
On January 16, the Treasury and IRS released proposed regulations (REG-153656-03) regarding internal use software ("IUS") expenditures as related to the Section 41 Research & Development ("R&D") tax credit. The proposed regulations contain several important changes related to claiming the R&D tax credit for IUS expenditures.
- Identity Theft1/22/2015
Identity thieves stole an estimated $5.2 billion from the Internal Revenue Service (IRS) this past year. The threat of identity theft and refund fraud has increased substantially over the past few years.
- New York Annual Wage Theft Reporting Act Requirements: Relief for 20151/21/2015
At the end of December 2014, the New York State Department of Labor (NYSDOL) announced that Governor Cuomo signed a bill eliminating the annual notice requirement of the Wage Theft Prevention Act (WTPA). This provides significant relief for many businesses.
- 2015 SEC Examination Priorities Announced1/20/2015
Last week, the SEC announced its examination priorities for 2015. Three themes highlighted the areas of focus for the SEC’s Office of Compliance Inspections and Examinations ("OCIE"): Protection of retail investors and investors saving for retirement, assessing market-wide risk and using enhanced data analysis to identify those engaged in potential illegal activity.
- Here Are The Tax Changes You Should Know About This Year1/19/2015
The Senate recently extended several tax provisions – including mortgage debt forgiveness and credits for energy-efficient home improvements – that had expired at the end of 2013.
- Identity Theft1/14/2015
Identity thieves stole an estimated $5.2 billion from the Internal Revenue Service (IRS) this past year. The threat of identity theft and refund fraud has increased substantially over the past few years.
- IRS Retroactively Increases Transit Benefits1/14/2015
The Tax Increase Prevention Act of 2014 extended the provision allowing employees to exclude from gross income up to $250 a month for transit passes. This provision was extended only through 2014, and is scheduled to return to $130 a month thereafter.
- Recent Statutory Changes to the New York State Metropolitan Commuter Transportation Mobility Tax (“MCTMT”)1/13/2015
For tax years beginning on or after January 1, 2015, there are significant filing and payment changes to the MCTMT which will affect many unincorporated businesses and self-employed individuals.
- The Art of Tax Planning - Part 31/12/2015
This is the third installment of an article about tax as it applies to the unique subject of art.
- New York, New Jersey and Connecticut Payroll Changes Take Effect1/7/2015
On January 1st, New York’s minimum wage for most employees increased to $8.75 an hour from $8.00 per hour. On December 31, 2015, the minimum wage will rise again to $9.00 an hour.
- New York State Conforms to the Market Based Sourcing Approach for the Sourcing of Receipts from Services and the Use of Intangibles1/6/2015
For tax years beginning on or after January 1, 2015, receipts from services and intangibles will be sourced to where the customer receives the economic benefit and not where the service was performed. This is more commonly known as "market-based" sourcing of receipts.
- 2015 TAX CALENDAR1/1/2015
This summary of when various tax-related forms, payments and other actions are due will help taxpayers make sure they don’t miss any important 2015 tax deadlines.
- House/Senate Pass Tax Extenders Bill12/17/2014
Late last night the Senate passed a tax extenders bill, the same bill which the House had previously approved. It is expected that President Obama will sign the bill by the end of the week.
- The Art of Tax Planning - Part 212/16/2014
This is the second installment of an article about tax as it applies to the unique subject of art.
- New York State Sales and Use Tax Update12/8/2014
Dear Construction Clients and Friends, On October 23, 2014, the New York State Department of Taxation and Finance (DTF) issued a Technical Memorandum, outlining a new policy regarding the sales & use taxes application to temporary scaffolding, temporary pedestrian walkways (sidewalk bridges), and temporary hoisting systems installed at construction sites.
- The Art of Tax Planning - Part 112/4/2014
Fine art is increasingly making headlines as record breaking auction prices steal the attention of collectors, hopeful artists, and art market enthusiasts. At the same time, the perception of a rising art market has brought fine art to the attention of investors around the world, who now consider it an alternative asset class to be evaluated alongside real estate, hedge funds, and other investments.
- 2014 Financial Services Year-End Tax Planning Alert12/3/2014
The November 4 midterm elections resulted in a shake-up on Capitol Hill that will put Republicans in charge of both the House and the Senate when 114th Congress convenes in January 2015. In the meantime, tax reform and tax extender discussions have taken a back seat to the election of party leaders in the House and Senate as well as leadership changes to the various tax-writing committees.
- Does Your Firm Have A Self-Insured Health Plan?11/25/2014
To our Clients and Friends, Like most companies, Architecture and Engineering (A&E) firms need a full understanding of how the Affordable Care Act will impact their business so they can accurately budget and plan.
- Uncertainty over expired tax provisions complicates year end tax planning11/5/2014
Now that we’ve entered the final two months of 2014, many businesses and individuals are turning their attention to year end tax planning.
- Fringe Benefits That May Affect Your Payroll Reporting and Tax Withholding11/1/2014
To Our Business Clients: Attached for your convenience is a summary of the tax treatment of certain fringe benefits for payroll tax and income tax reporting purposes, plus detailed information regarding company automobiles and health and accident insurance premiums for S corporations.
- A Tax Victory for Art Collectors10/7/2014
In a decision on September 15, 2014, the Fifth Circuit reversed a 10% discount (previously applied by the United States Tax Court to a valuation of art) in favor of a more significant 47.5% discount. The careful consideration of evidentiary support provided by the art collector’s family, legal team, accountant and other experts in conjunction with the blatant randomness of the initial 10% discount yielded a very positive result that many think will help other art owners reduce taxes on their estates.
- Anchin, Block & Anchin LLP Adds Three to Partnership10/1/2014
Anchin, Block & Anchin LLP is pleased to announce the addition of Tamir Dardashtian (Principal), Yair Holtzman (Partner) and Christopher Noble (Partner) to the partnership, as of October 1, 2014. With these additions, Anchin has a roster of 54 partners and principals who provide creative, proactive advisory services to clients representing all of the major industries represented in the tri-state area.
- Trends and Forecasts for New York’s Construction Industry Discussed at Anchin’s Ninth Annual State of the Construction Industry Event10/1/2014
Anchin’s ninth annual State of the Construction Industry event was held in New York City on September 18, 2014. Presented in cooperation with the New York Building Congress (NYBC), the American Council of Engineering Companies of New York (ACEC NY), and the American Institute of Architects – New York Chapter (AIA-NY), the event is much anticipated by industry leaders as an indication of what they can expect in the coming year.
- The Affordable Care Act (ACA) Reporting Requirements for Business Clients9/30/2014
Certain employer reporting requirements for IRS Code Sections 6055 and 6056 under the ACA originally were intended to take effect on January 1, 2014. Employers received transition relief for tax year 2014 delaying the effective date and enforcement until January 1, 2015.
- Anchin's Greg Wank Discusses NYC Grocery Store Pricing (Audio) 9/10/2014
Greg Wank, practice leader of Anchin, Block & Anchin LLP's Food and Beverage Industry Group discusses Whole Foods and Food and Beverage Industry trends with Bloomberg's Pimm Fox and Carol Massar on "Taking Stock".
- Speakers Announced for Anchin’s Annual Construction Industry Event8/7/2014
The partners of Anchin, Block & Anchin LLP are proud to announce the outstanding panel of industry executives for the State of the Construction Industry event, which will take place at 7:45 a.m. on Thursday, September 18, 2014, at Club 101, 101 Park Avenue. This high-level industry event will provide an outlook of the Construction industry for 2014 and beyond.
- Is Your Inherited IRA Protected From Creditors?8/5/2014
To Our Clients and Friends: As life expectancies have increased, the possibility that your retirement will last for several decades is a realistic one. This is a happy thought, but how will you pay for it?
- Tax Incentives for U.S. Work on Foreign Projects7/28/2014
Many Architecture and Engineering firms are expanding their scope of work into international projects. These companies may be able to reduce overall taxes and increase cash flow with the proper tax planning and structure.
- Federal Court Rules Against Key Provision in the Affordable Care Act; Second Court Upholds It7/23/2014
To Our Clients and Friends: On July 22, two federal appellate courts rendered conflicting decisions regarding a key component of the Affordable Care Act
- How to Defer Retirement Plan Distributions Until Age 857/22/2014
To Our Clients and Friends: With limited exceptions, required minimum distributions from retirement vehicles such as 401(k) plans and Individual Retirement Accounts (IRAs) have had to commence shortly after the owner reaches the age of 70 1/2. Failure to do so triggered a daunting excise tax, calculated at 50% of the missed distribution.
- Custody Rule Update: Guidance for SPVs and Escrows7/14/2014
The Division of Investment Management of the Securities and Exchange Commission (the "SEC") provided an Investment Management Guidance Update (the "Update") regarding the Custody Rule (Rule 206(4)-2) under the Investment Advisers Act of 1940, as amended (the " Custody Rule").
- Repair Regulations: Capitalize vs. Expense7/14/2014
The IRS has recently released final rules on the tax treatment of tangible personal property. An important component of these new rules deal with when and how to deduct or capitalize certain expenditures.
- Does Your Firm Sponsor a Self-Insured Health Plan?7/1/2014
To our Clients and Friends: The Patient Protection and Affordable Care Act of 2010 ("ACA") created a fee that is imposed on most health plans. The Patient-Centered Outcomes Research Institute (PCORI) fee is submitted with a completed IRS Form 720, which is due annually on July 31. If you have an insured health plan, the insurer is responsible for calculating and remitting the fee.
- Revenue Ruling 2014-18 – New Possibilities to Defer Offshore Compensation of Hedge Fund Managers and Employees6/30/2014
On June 10, 2014, the Internal Revenue Service issued a ruling holding that non-statutory (or nonqualified) stock options ("NSO") and stock-settled stock appreciation rights ("SARs") are not subject to Internal Revenue Code Section 457A ("Section 457A").
- The New York Construction Awards Honors Construction, Architecture & Engineering Industry Innovators, Leaders & Rising Stars6/30/2014
The New York Construction Awards, hosted by leading accounting and consulting firm Anchin, Block & Anchin LLP and presented by The New York Building Congress (NYBC), The American Council of Engineering Companies of New York (ACEC NY), and The American Institute of Architects – New York Chapter (AIA-NY) honored industry innovators, leaders and rising stars at Bloomberg Headquarters in New York City on June 19th.
- City Harvest Skip Lunch Fight Hunger6/30/2014
This year, City Harvest's Skip Lunch Fight Hunger Campaign raised $1 million - enough to help feed over 45,000 hungry kids and their families for the entire summer.
- Results of Anchin’s 8th Annual Food and Beverage Survey Show Optimism for Higher Profits in 20146/5/2014
The statistics revealed at Anchin’s 8th Annual State of the Food and Beverage Industry Event, held in Manhattan on June 4th, showed the industry, a leader in the recovering economy in 2013, anticipates an even more profitable 2014.
- Choosing the Right Auditor for Your Firm’s Employee Benefit Plan5/15/2014
To our Clients and Friends: If your retirement plan has over 100 participants, in most cases you must provide the U.S. Department of Labor (DOL) with evidence of an annual audit by an independent qualified public accountant. Not every public accountant is "qualified" to audit a retirement plan – is yours?
- New York State Gift, Estate and Trust Law Changes5/13/2014
New York State recently enacted some significant tax law changes. Contained within the new budget are critical gift, estate and trust topics that should be addressed immediately by New York residents as well as beneficiaries of exempt resident trusts.
- New York Budget to Have a Major Impact on 2014 Taxes4/9/2014
Last week’s budget agreement brought significant tax developments that will greatly impact the 2014 tax picture for many companies and individuals. Here is a brief look at some of the key developments.
- Anchin’s Trusts and Estates Market Update3/26/2014
Trust formation spiked in 2012, resulting in an increased need for formal (judicial) and informal accountings. The preparation of these formal (judicial) and informal accountings is a multifaceted process. Anchin’s Trusts and Estates Services Group provides expertise and in-depth knowledge essential to successfully prepare multistate judicial accountings.
- SEC Announces Initiative Directed at Never-Before Examined Registered Investment Advisers3/3/2014
The Securities and Exchange Commission announced that its Office of Compliance Inspections and Examinations (OCIE) is launching an initiative directed at investment advisers that have never been examined, focusing on those that have been registered with the SEC for three or more years.
- ALA - The State of State and Local Taxation and How it Impacts Your Law Firm2/20/2014
PowerPoint Presentation to the Association of Legal Administrators
- SEC Examination Priorities for 20142/12/2014
The Securities and Exchange Commission’s (SEC’s) Office of Compliance Inspections and Examinations recently published the priorities of its National Exam Program (NEP) for 2014. Under this program, the SEC conducts examinations of registered entities, including broker-dealers, transfer agents, investment advisers, investment companies, the national securities exchanges, clearing agencies, self-regulatory organizations, municipal advisors, and others.
- Important: Monitor Your 2014 Employee Headcount Carefully!2/11/2014
To our Clients and Friends: The Patient Protection and Affordable Care Act of 2010 ("ACA"; "Obamacare") is complex legislation that affects a large percentage of employers throughout the country.
- New York Non-Profit Revitalization Act of 20131/27/2014
The New York Non-Profit Revitalization Act of 2013 (the Act) was signed by Governor Andrew Cuomo on December 19, 2013. This act represents the first substantial reform to the New York Not-for-Profit law in more than forty years.
- Senate Considering Proposal to Eliminate the Cash Basis of Accounting for Many Professional Service Firms1/27/2014
The United States Senate is considering a proposal to eliminate the cash basis of accounting rules that currently exist for many professional service firms, potentially requiring these firms to change their tax method to the accrual basis. This change would greatly impact cash flow, and potentially hinder growth potential in professional service firms.
- FATCA – “Ready or Not” – Online Registrations Can be Finalized and Submitted1/23/2014
Under the Foreign Account Tax Compliance Act (FATCA), withholding agents must withhold tax on certain payments to Foreign Financial Institutions (FFIs) that do not agree to report certain information to the IRS about their U.S. accounts, including the accounts of certain foreign entities with substantial U.S. owners. An FFI may agree to report certain information about its account holders by registering to be FATCA compliant.
- The NYSSCPA Technical Hotline: the Expertise You Deserve1/21/2014
Anchin's Tamir Dardashtian shares his experiences as a hotline volunteer.
- Will your restaurant continue to charge service charges in 2014?1/20/2014
Starting January 1, 2014 the IRS will enforce a rule related to mandatory fixed gratuities. Any mandatory fixed gratuity collected is considered a service charge and should be treated as wages.
- 2014 TAX CALENDAR1/1/2014
This summary of when various tax-related forms, payments and other actions are due will help taxpayers make sure they don’t miss any important 2014 tax deadlines.
- New York Law Journal Webinar: Estate & Gift Tax Planning Techniques 9/16/2013
Webinar by Stephen M. Breitstone, Esq. of Meltzer Lippe
- Law Firms: Why Entity Type Matters8/1/2013
Structure matters when attorneys think about setting up a new practice, merging into or acquiring another firm, or making a lateral move. The tax and financial ramifications are significantly different for each of these entities and must be evaluated as early as possible to avoid costly mistakes.
- Rising Stars4/1/2013
In its inaugural ‘Rising Stars’ list, PAM details the wealth management and family office industry's brightest emerging players
- Need Guidance? Remember the NYSSCPA Technical Hotline12/1/2011
Anchin's Tamir Dardashtian shares that those who provide answers also benefit.
- In Agreement on Estate Taxes, Even More Complications9/9/2011
Anchin's Tamir Dardashtian comments on this newly complex tax issue.
- The HIRE Act and the Health Care Reform Acts6/1/2010
It is safe to say that March 2010 was an extremely busy month for the tax community as President Obama signed into law the Hiring Incentives to Restore Employment Act (“HIRE Act”) on March 18, and the Patient Protection and Affordable Care Act on March 23, as amended by the Health Care and Education Reconciliation Act (“Health Care Reform Acts”) on March 30. The new laws have several significant tax-related provisions that affect individual and business taxpayers including law firms, attorneys, their staff, and their clients.
- Some Highlights of The Recently Enacted Stimulus Bill4/1/2009
On Feb. 17, 2009, the newly elected President Obama signed into law the colossal $800 billion American Recovery and Reinvestment Act of 2009 (the “Act”). This 1,000-pluspage piece of legislation contains many important tax-breaks and enhancements that can benefit law firms and their clients, as well as individual attorneys and staff members and their families. This article addresses several of these key tax provisions included in the new act that may be advantageous.
- The Housing Assistance Tax Act And the Emergency Economic Recovery Act2/1/2009
In response to the nation’s economic downturn, former President Bush signed into law the Housing Assistance Tax Act of 2008 (“Housing Act”) on July 30, 2008 and the Emergency Economic Recovery Act of 2008 (“Bailout Plan”) on Oct. 3, 2008. The new laws have several significant tax-related provisions that affect individual and business taxpayers including law firms, attorneys, their staff, and their clients.
- 101 Ways to Steal in the Restaurant and Bar
Methods Perpetrated by All Employees 1. Employee doesn’t ring up sale and keeps cash. 2. Short ring: Under-ring the correct price of item and pocket the difference. 3. Serving and collecting while register is reading between shift changes.
- Top Restaurant Links
Internal Revenue Service (IRS)www.irs.gov Tips – Withholding and Reportinghttp://www.irs.gov/taxtopics/tc761.html
- CPE for CFO’s Recap - June 14, 2016
Anchin’s June 2016 installment of CPE for CFO’s, held on June 14th, began with a panel of experts...
- How Does Tax Reform Impact You?
6 Recent Tax Law Changes That Technology Companies Need to Know07/25/2019 Automatic Extension Available for Making Portability Election1/31/2019 What Should Businesses Know About Qualified Opportunity Zones?1/15/2019 How Can a Cost Segregation Study under the TCJA Benefit You?1/15/2019 Anchin Webinar Recording: Everything You Need to Know About the New Opportunity Zone
- Retaining a Business Valuation Expert
For many attorneys, telling their clients to retain a business valuation (“BV”) expert is an everyday type of event. Estate and gift tax attorneys need credible valuations for gift tax filings, setting up trusts, and other estate planning strategies. For other attorneys, retaining a business valuation expert is only common in certain cases, such as the marital law attorney involved in the divorce of a business owner.
- Calculating Lost Profits in Commercial Litigation
Lost profits (or lost earnings) are economic damages suffered by a plaintiff as the result of a defendant’s harmful act. Economic damages are measured as the earnings the plaintiff would have received had the harmful event not occurred less the earnings the plaintiff actually received or will receive after the harmful act.
- Hiring a Forensic Accounting or Business Valuation Expert: What You Need to Know
The following guidance is intended to provide some clarity in evaluating an expert’s credentials and how they may fit in with a particular area of expertise an attorney requires for a particular matter.
- Understand the Fraud Triangle to Help Combat Occupational Fraud
Occupational fraud costs companies an estimated 5% of their revenue every year. On a global scale, that represents approximately $4 trillion lost annually. Despite these figures from the Association of Certified Fraud Examiners’ 2018 Global Study On Occupational Fraud And Abuse (ACFE Study), many companies fail to incorporate comprehensive policies and procedures to prevent, detect and mitigate fraud. Gaining an understanding of the Fraud Triangle can help management, accountants and counsel develop proper internal controls to help combat fraud in the workplace.
- Oregon January 1, 2020 Nexus Changes
The new Corporate Activity Tax (CAT) is imposed on businesses for the privilege of doing business in this state, applicable to tax years beginning January 1, 2020. The CAT is not a transactional tax, such as sales tax, or an income tax. Oregon’s CAT is
- Washington January 1, 2020 Nexus Changes
Washington State imposes a Business and Occupation (B&O) tax which is a gross receipts excise tax. It is measured on the value of products, gross proceeds of sale, or gross income of a company conducting business in Washington. It applies to the gross income of the
- Ohio January 1, 2020 Nexus Changes
An out-of-state person is only required to register and pay the CAT if that person has bright-line presence in Ohio. A person has bright-line presence if any one of the following applies at any time during the calendar year: The person’s property in this state is
- Texas January 1, 2020 Nexus Changes
Tax Rates, Thresholds and Deduction Limits Franchise tax rates, thresholds and deduction limits vary by report year. Use the rate that corresponds to the year for which you are filing. https://comptroller.texas.gov/taxes/franchise/
- COVID-19 Update Center
The Anchin COVID-19 Update Center is available to simplify your access to critical financial information. It is updated regularly to supplement your communications with your Anchin Relationship Partner. Email us at COVID19@anchin.com. The Interplay Between the Paycheck Protection Program and the Employee Retention Credit: How to
- Considerations for Starting a Hedge Fund
Hedge funds comprise the largest segment of the alternative asset market. With this status comes large profit potential. Many talented traders and investment professionals consider starting their own funds at some point during their careers. Launching a fund is not an easy or inexpensive undertaking, but it can be both personally and financially rewarding. Below, we guide you through some of the considerations and necessary steps to start your fund.
- Considerations for Starting a Private Equity Fund
As private equity firms continue to succeed and become ever prevalent in the alternative investment space, more aspiring portfolio managers are joining the race to launch their own private equity fund. While today there are many successful and large private equity firms, many of the firms in this space are small-to-midsize shops with employees ranging from just a few to several hundred. The following summarizes several steps that managers should follow to launch a private equity fund.
- Considerations for Starting a Real Estate Fund
As real estate funds continue to succeed and become more prevalent in the alternative investment industry, and with more institutional investors increasing allocations to real estate, more aspiring portfolio managers are joining the race