Clarence G. Kehoe
Partner, Leader of Anchin's Tax Department
Clarence Kehoe, CPA, is the Leader of Anchin's Tax Department, Co-Leader of the Firm’s Compensation & Benefits Services Group as well as a member of the Private Client Group and Executive Committee.
Clarence’s clients include employers and plan sponsors, closely held businesses, high net worth individuals, buyers and sellers of businesses, and individual executives. He works with clients to create and implement benefit plans, and equity and non-equity based executive compensation programs.
Clarence has been quoted in Forbes, USA Today, Fox Business, The New York Law Journal, The Wall Street Journal, Smart Money Magazine, Pension Plan Administrator, HR Magazine, Lawyers Weekly USA, New York Newsday, and TheStreet.com. He has spoken at the National AICPA Conference on Employee Benefits and has appeared on national radio and television discussing tax planning.
Clarence is a member of the American Institute of Certified Public Accountants (AICPA), the New York State Society of Certified Public Accountants (NYSSCPA), and the New Jersey State Society of Certified Public Accountants (NJSSCPA).
- Compensation and Benefits
- Private Client
- Tax Planning and Compliance
- Tax Provisions
- Architecture and Engineering
- Law Firms
- 401(k) Plans to Admit Long-Term, Part-Time EmployeesFebruary 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.
- Will the Increasing Focus on Raising Tax Revenue with Gross Receipts and Excise Taxes Impact You?November 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
- Congress Introduces New Sales Tax LegislationSeptember 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 StatesSeptember 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.
- Evaluating the Use of the New York Charitable Gift Reserve Fund to Secure Tax DeductionsJuly 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.
- Effective 7/1/18: Sales and Use Tax Collection Changes for Vermont and KentuckyJuly 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.
- Supreme Court Opens Door to Taxation of Online SalesJune 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 RulingJune 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.
- New York Reacts to Federal Tax ReformMay 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.
- The Pass-Through Provisions of the TCJA: The Devil is in the DetailsApril 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?April 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.
- Expansion of Tax Basis Limitation RulesMarch 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.
- Repeal of Partnership Technical Termination Rules – 2017 Tax Cuts and Jobs ActMarch 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.
- 11 New Tax Deductions and Reductions Under the New Tax LawJanuary 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.
- Tax Plan Moves ForwardDecember 14, 2017
The Senate and House conference committee made further progress on its tax reform plan.
- Year-End Tax Planning for Businesses: Looming Tax Reform Creates Planning ChallengesOctober 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.
- White House Tax Reform PlanApril 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 BudgetApril 25, 2017
Governor Andrew M. Cuomo announced the passage of the 2018 State Budget (“Budget”) which includes some interesting tax provisions.
- What to Know Before Giving and Accepting Money From RelativesDecember 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.
- Special Election Edition: Taxation and PoliticsOctober 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.
- Changes in the ACH Debit Block Information for New York StateMarch 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.
- 2016 New York, New Jersey, and Connecticut Payroll ChangesJanuary 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.
- Individuals Can Save More Tax in 2015 and Beyond, Thanks to New “Extenders” LawDecember 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.
- Latest “Extenders” Law Boosts Tax Benefits For BusinessesDecember 22, 2015
Several provisions in particular may produce significant tax savings for businesses in 2015 and beyond.
- 7 Things to Check Off Your To-Do List if You Filed an October 15 Federal Tax ExtensionOctober 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.
- Impressive Showing: Solidifying your value proposition with plan sponsorsAugust 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.
- Why Annuities May Earn Investors’ Respect NowJuly 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.
- Pensions Are Taking the Long, Lonely Road to RetirementJuly 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.
- Does Your Firm Sponsor a Self-Insured Health Plan?July 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.
- Indian American woman in Illinois Priti Shah wins $4 million from lottery ticketMay 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.
- New York City Corporate Tax Reform Will Have Significant Impact on 2015 TaxesApril 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,
- Captive Insurance Companies: Are They Right For You?March 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.
- IRS Retroactively Increases Transit BenefitsJanuary 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”)January 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.
- New York, New Jersey and Connecticut Payroll Changes Take EffectJanuary 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 IntangiblesJanuary 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.
- House/Senate Pass Tax Extenders BillDecember 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.
- Is Your Inherited IRA Protected From Creditors?August 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?
- Federal Court Rules Against Key Provision in the Affordable Care Act; Second Court Upholds ItJuly 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 85July 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.
- Choosing the Right Auditor for Your Firm’s Employee Benefit PlanMay 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 Budget to Have a Major Impact on 2014 TaxesApril 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 UpdateMarch 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.
- Important: Monitor Your 2014 Employee Headcount Carefully!February 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.
- Senate Considering Proposal to Eliminate the Cash Basis of Accounting for Many Professional Service FirmsJanuary 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.
- Tax SavingsFebruary 11, 2016
Anchin, Block & Anchin LLP Partner Clarence Kehoe discusses Tax Savings.