In these times, it is an absolute necessity for every business to have the best tax advisors available.
Anchin has an extensive tax department staffed by dedicated professionals, many with an advanced degree in taxation or law. Members of our tax department specialize in areas such as corporate tax and transactions, individual tax, estate and gift taxes, sales use taxes, international and interstate taxation, personal financial planning, and pension and profit-sharing plans.
With the size, breadth and experience of our tax department, we are able to grapple with the toughest tax issues and achieve the most favorable results for our clients.
Planning is the emphasis in our tax department. A tax specialist is assigned to your account. Tax planning is a year-round activity. With enough lead time, we can be creative and give you more flexibility and options to eliminate, reduce or defer tax obligations. With a clear understanding of your business and objectives, our audit and tax professionals work together to effect tax savings, which are frequently quite substantial.
On the personal side, a carefully designed pension plan, profit-sharing plan, or program of gifts, trusts and estate planning can help build a financial base for you and your family, now and in the future.
Expert tax planning & compliance consulting services include:
- Personal financial planning
- Estate, trust and gift planning
- Mergers and acquisitions
- Dispositions of business assets or stock
- Liquidations and distributions
- Distribution planning for qualified plans
- Deferred compensation and retirement planning
- Pension, profit-sharing and 401(k) plans
- Cafeteria and flexible benefit plans
- Charitable foundations
- 529 plans
- Tax credits and incentives
- Tax return preparation for corporations, partnerships, individuals, trusts, estates and other entities
- International taxation
- Representation before federal, state and local taxing authorities, including tax examinations, filing protests and answering correspondence
- Sales and use tax
- Payroll taxes
- Resolution of tax examinations, notices, desk audits
- Food and Beverage Case Studies
Beverage Company (New York, NY) Retained to prepare tax returns and provide consulting Advised on opening of production facility and assisted in obtaining tax credits from NYC Advised
- IRS Issues Notice Delaying Certain Aspects of Partnership Reporting RequirementsDecember 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.
- 2019 Financial Services Year-End Tax Planning AlertDecember 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.
- IRS Finalizes Rules Confirming No Estate Tax ClawbackNovember 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 TransactionsNovember 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.
- Recently Released Draft Partnership Instructions and Schedule K-1 Raise QuestionsNovember 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.
- Fringe Benefits That May Affect Your Payroll Reporting and Tax WithholdingNovember 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 trustOctober 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.
- Tax Considerations for the Sandwich Generation October 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.
- Adding Restrictions to Control Usage of Charitable GiftsOctober 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.
- What You Can Deduct When VolunteeringSeptember 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.
- Added Benefits of Giving with Charitable Gift AnnuitiesAugust 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 WhereAugust 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.
- Westchester County Increases Sales and Use Tax RateJuly 29, 2019
Starting August 1, 2019, local sales and use tax in Westchester County, New York will increase by 1%, from 3% to 4%.
- 6 Recent Tax Law Changes That Technology Companies Need to Know July 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.
- Crossing State Lines to Gain Tax Savings and Other BenefitsMay 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.
- Family Financial Fitness Part 2April 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 April 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.
- Family Financial FitnessMarch 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.
- The 2018 Gift Tax Return Deadline Is Almost HereMarch 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.
- The Financial Considerations of Marrying Later in LifeFebruary 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 February 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 EntrepreneursFebruary 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 utilizeFebruary 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.
- What’s the matter with the Kiddie Tax today?February 5, 2019
Anchin's Tamir Dardashtian shares some alternatives.
- Estate Planning for Unique Family Situations January 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.
- Automatic Extension Available for Making Portability ElectionJanuary 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.
- Industry Spotlight – Architecture, Engineering & ConstructionJanuary 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.
- What is the R&D Tax Credit?January 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.
- Meet the Anchin R&D Tax Credits Team: Yair HoltzmanJanuary 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.
- How Does the Government Shutdown Affect Your Taxes?January 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"January 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.
- What Should Businesses Know About Qualified Opportunity Zones? January 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.
- 2018 Financial Services Year-End Tax Planning AlertDecember 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.
- Exploring the Benefits of Donating Appreciated StockNovember 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 TCJANovember 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.
- Details of N.J. Amnesty Program Announced for Eligible TaxpayersNovember 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 WithholdingNovember 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?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
- Key Considerations for Settling a Loved One’s EstateOctober 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 AnsweredOctober 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 PossibleOctober 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 GuidanceOctober 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:
- More than HistoriansOctober 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.
- Philanthropy and Tax Reform: Is it Advantageous to Accelerate Contributions?September 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 AppleSeptember 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.
- Post-Retirement Planning: A Checklist for Seniors September 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.
- 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.
- There’s a new sheriff in town: the not-so-new IRS Consolidated Partnership Audit Regime (“CPAR”)September 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.
- 529 Plans and Tax ChangesAugust 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.
- Beware IRD If Anticipating an InheritanceAugust 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.
- Proposed “Pass Through” Deduction Regulations - What does It mean for My Business?August 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.
- More on the New Qualified Opportunity Zones – Formation and Operation of a FundAugust 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.
- 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.
- New Jersey grapples with new tax lawJuly 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.
- Lost in Translation: Technical Issues Create Confusion Over New Depreciation RulesJuly 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.
- Defer tax with a Section 1031 exchange, but new limits apply this yearJuly 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.
- Is Being Highly Leveraged a Good Thing?July 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.
- Is the Tax Cuts and Jobs Act (“TCJA”) Eating Law Firms Breakfasts, Lunches and Dinners?July 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 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.
- Anchin offers analysis of the 2017 Tax Cuts and Jobs Act in relation to the value of equity interestsJune 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.
- 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.
- Attention Amazon Vendors – Changes to Sales Tax Collection Policy in WA, MA and NYJune 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.
- More on the New Qualified Opportunity Zones – Significant Tax BenefitsJune 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.
- Estate Planning Under the New Tax LawMay 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.
- Did the Tax Cuts and Jobs Act of 2017 Increase the Value of Equity Interests?May 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 InvestorsMay 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 IndustryMay 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 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.
- Governmentʼs New Tax Law Helps Contractors Catch a BreakMay 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 PurchasesApril 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.
- 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.
- Pre-April 17 Tax Pointers: The Quirks And QuestionsApril 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 UpdateApril 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?April 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.
- Q&A with Anchin’s Marc Wieder: Tax Reform’s CRE ImplicationsApril 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.
- Will you pay tax on 80% of your flow-through income? Maybe, Maybe NotApril 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?April 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?
- Requirements to Keep In Mind When Making Charitable ContributionsMarch 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.
- New Tax Law May Encourage Home RentalsMarch 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” TaxMarch 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 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.
- New Tax Law Provides Potential Deferral Opportunity for Equity Compensation Granted by Privately Held CompaniesMarch 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 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.
- Tax Cuts and Jobs Act Impacts 529 PlansFebruary 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.
- Individual Tax Rates, Brackets and AMT under the 2017 Tax Reform Act February 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.
- Hellenic Professionals Host US Tax Reform Panel DiscussionFebruary 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.
- Mnuchin: IRS will close S Corp carried interest “loophole”February 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.
- Individual Income Tax Deductions under the 2017 Tax Reform Act February 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.
- Anchin Construction & Development Forum 2018February 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 DeductionFebruary 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 AuditFebruary 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 February 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 CompaniesFebruary 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 MindJanuary 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.
- How New Tax Law Will Impact PR FirmsJanuary 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 CompaniesJanuary 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 metrosJanuary 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.
- Tax Cuts and Jobs Act: Key provisions affecting Hedge Funds, Private Equity Funds and Other Investment Funds or Fund VehiclesJanuary 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.
- South Dakota v. Wayfair Inc. May Significantly Change How Retailers Collect Sales TaxJanuary 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.
- 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.
- Ready for the 2018 tax season? It starts Jan. 29, and here’s why you should file early.January 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.
- When Are Your Taxes Due? A Schedule and Primer for Filing for 2017January 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.
- Tax Cuts and Jobs Act: Key Provisions Affecting Estate PlanningJanuary 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.
- Why You Should File Your Taxes ASAPJanuary 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 OwnersJanuary 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 RefundJanuary 1, 2018
Check the status of your federal or state tax refund
- Tax Cuts and Jobs Act Offers Favorable Tax Breaks for BusinessesDecember 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.
- Tax Bill Impacts Service FirmsDecember 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.
- The Tax Cuts and Jobs Act Overrides the Tax Court Decision in Grecian Magnesite Mining While the IRS Seeks to Appeal the Same DecisionDecember 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.
- The Tax Reform: NY CRE Experts Weigh InDecember 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.
- The Tax Cuts and Jobs Act Doesn’t Cut the R&D Tax CreditDecember 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.
- New Tax Law Brings Big Changes for Individual TaxpayersDecember 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 IndustriesDecember 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 1986December 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 ownershipDecember 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 ReleasedDecember 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?December 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 ForwardDecember 14, 2017
The Senate and House conference committee made further progress on its tax reform plan.
- How the Senate Tax Bill Could Cost YouDecember 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 AlertDecember 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 YorkersDecember 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
- Senate Passes Tax BillDecember 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!December 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 ManhattanDecember 1, 2017
The New York City Council passed a bill that will relieve many businesses in Manhattan of a portion of their tax expense.
- Domestic Employee Payroll: When Running a House is the Same as Running a BusinessNovember 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 AbroadNovember 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 AdvancesNovember 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 CorpsNovember 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 BillsNovember 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 PlanNovember 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 UpdateNovember 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 KidsNovember 13, 2017
Tax Partner E. Richard Baum shares his observations on non-skip beneficiaries.
- More Thoughts on Tax ReformNovember 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 ReformNovember 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 LuresNovember 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 MethodNovember 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 ReformNovember 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
- Fringe Benefits That May Affect Your Payroll Reporting and Tax WithholdingNovember 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.
- Does Taking Care of My Parents Mean That I've Made a Taxable Gift?October 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.
- U.S. Research and Development Tax CreditOctober 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.
- 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.
- Wisconsin’s Foxconn Deal Highlights How States Use Cash to Sweeten BidsOctober 20, 2017
Tax Partner Paul Gevertzman weighs in on this increasingly popular approach.
- A Prenup Can Protect Your InvestmentsOctober 18, 2017
Lydia Vercelli, Member of Anchin's Matrimonial Advisory Group, presents some viable alternatives to the standard agreement.
- How to Protect Your Assets Without a PrenupOctober 14, 2017
Mela Garber, Leader of Anchin's Matrimonial Advisory Group, shares how—and why—to keep your premarital funds safe.
- New Research Credit Directive Provides Safe Harbor for Taxpayers That Expense R&D Costs on Audited Financial StatementsOctober 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.
- Simple Techniques to Actively Reduce the Size of Your EstateSeptember 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.
- Federal Tax Proposal ReleasedSeptember 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.
- Sales and Use Tax Exemptions Extended for Certain Property and Service Purchases for Leased Commercial Office Space in Lower ManhattanSeptember 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.
- Tax Relief for Hurricane VictimsSeptember 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.
- Wine, Art, Cars: Alternative Luxury InvestmentsSeptember 14, 2017
Partner Russell Shinsky advises on boat ownership regarding depreciation, sales tax and mortgage interest deductibility.
- Tax-advantaged ways grandparents can give to grandchildrenSeptember 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 DecisionAugust 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.
- Alternatives to a Prenuptial AgreementAugust 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.
- Donating Art and Collectibles - A Discussion of Important FactorsAugust 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 WayAugust 22, 2017
Grandparents that provide financial support for their grandchildren should be aware that there are certain tax advantages available to them.
- Maximizing Your Inheritance ValueAugust 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 2018August 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.
- Art and Other Collectibles - Tax ConsequencesJuly 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 BoatJuly 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.
- Key New York City Tax Breaks ExtendedJuly 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.
- Proposed Carried Interest Bills Still AliveJuly 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.
- It’s Not Too Late to Amend Your 2016 Tax Return for the R&D Tax CreditJuly 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.
- How to Minimize Estate IssuesJune 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.
- Utilizing a Roth IRA in Your Estate PlanJune 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?
- 1031 'Like-Kind' Exchanges Are Under Fire AgainJune 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.
- Tax Developments Could Place Chill on Real Estate Deal FlowJune 19, 2017
Robert Gilman, Co-Practice Leader of Anchin's Real Estate Group, discusses the proposed changes to how carrried interest is taxed.
- The Pitfalls of Keeping the HouseMay 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.
- 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.
- Sharp turns: Unexpected twists in the 2017 tax filing seasonMarch 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 PassportMarch 7, 2017
Barry Weisman, Tax Partner, guides us through the process to that extreme eventuality.
- How Big Is Sixth's Circuit's Attack On IRS Substance Over Form Rule?February 28, 2017
Barry Weisman, Tax Partner, reacts to the Sixth Circuit Summa Holdings ruling.
- New Foreign Bank and Financial Accounts (FBAR) Filing DeadlinesFebruary 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.
- How Uncle Sam Factors into Your Wedding PlansFebruary 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.
- Make Sure Your Business is on the Path to Comply with PATHJanuary 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 TimeJanuary 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.
- Bitcoin: It’s Not Just a Currency, It’s an Asset ClassJanuary 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.
- Protect Yourself Against Scams This Tax SeasonJanuary 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).
- Important Changes for the 2017 Tax Filing Season for all Calendar Year Law FirmsJanuary 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.
- 2017 TAX CALENDARJanuary 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.
- 2016 Real Estate Year-End Tax Planning UpdateDecember 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 TipsDecember 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.
- Deadline Extended for ACA Information Reporting to EmployeesDecember 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.
- 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.
- DOL’s Overtime Rule Blocked by U.S. District CourtDecember 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).
- Election Outcome Likely to Result in Major Tax Law ChangesNovember 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.
- Fringe Benefits That May Affect Your Payroll Reporting and Tax WithholdingNovember 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 strategiesOctober 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 RulesOctober 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 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.
- A College Savings Plan Is Also Great for Estate Planning Across GenerationsSeptember 29, 2016
A 529 plan can be an especially efficient vehicle for gift-giving to multiple generations with maximal tax efficiency
- IRS Proposed Regulations Target Gift and Estate Tax Planning StrategiesAugust 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.
- Tips to Avoid IRS Phone Scams: What You Need to KnowJune 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 changesJune 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).
- 5 Boomer Tax Traps to AvoidApril 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.
- 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.
- IRS Extends Several Affordable Care Act Filing DeadlinesJanuary 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
- 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.
- Social Security UpdateDecember 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.
- Medicare Changes for 2016: What You Need to KnowDecember 2, 2015
The Centers for Medicare & Medicaid Services just released 2016 Medicare premium, co-pay and deductible rates.
- U.S. Supreme Court Decision in Obergefell v. Hodges Has Far-Reaching Tax and Benefits Implications for Same-Sex Married CouplesJuly 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.
- New York State ACH Debit Block ID ChangesJune 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.
- How the U.S. Supreme Court Ruling Can Impact Your TaxesJune 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.
- 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,
- Identity TheftJanuary 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 2015January 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.
- 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.
- The Art of Tax Planning - Part 3January 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 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.
- 2015 TAX CALENDARJanuary 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 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.
- Uncertainty over expired tax provisions complicates year end tax planningNovember 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 WithholdingNovember 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.
- Tax Incentives for U.S. Work on Foreign ProjectsJuly 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.
- Repair Regulations: Capitalize vs. ExpenseJuly 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.
- New York State Gift, Estate and Trust Law ChangesMay 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 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.
- 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.
- The NYSSCPA Technical Hotline: the Expertise You DeserveJanuary 21, 2014
Anchin's Tamir Dardashtian shares his experiences as a hotline volunteer.
- 2014 TAX CALENDARJanuary 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.
- Need Guidance? Remember the NYSSCPA Technical HotlineDecember 1, 2011
Anchin's Tamir Dardashtian shares that those who provide answers also benefit.
- In Agreement on Estate Taxes, Even More ComplicationsSeptember 9, 2011
Anchin's Tamir Dardashtian comments on this newly complex tax issue.
- Some Highlights of The Recently Enacted Stimulus BillApril 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.
- 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
- 2019 - 2020 Tax Planning GuideDecember 9, 2019
The guide includes tax planning strategies for investors, business owners, individuals and families, as well as education, retirement, estate planning and other tax saving opportunities. The on-line guide will be updated regularly to reflect any changes that are made in tax law on the federal level.
- Guide to Maximizing Social Security BenefitsMarch 1, 2019
Anchin, Block & Anchin LLP is pleased to present this compilation of strategies, “Guide to Maximizing Social Security Benefits”. Social Security benefits play an important role for retiring baby boomers. Different Social Security strategies can help to boost your monthly benefit if planned in advance. In order to optimize the use of these strategies, you need to know the basics about Social Security benefits. The strategies in this booklet explain various alternatives that can maximize Social Security benefits for your family.
- 2018 - 2019 Tax Planning GuideDecember 12, 2018
We at Anchin firmly believe that tax planning is not a year-end event, but a year-round process. With last December’s Tax Cuts and Jobs Act
- INSIGHT: Save Money While Fighting CyberattacksDecember 12, 2018
The Research and Development tax credit is a U.S. business incentive offered to companies that experiment with emerging technologies, including cybersecurity solutions. The article offers guidance related to this section of the tax code and highlights the types of core business activities that can qualify for this generous credit.
- A Tactical Approach to R&D Tax Credits for Defense ContractorsNovember 12, 2018
The purpose of this article is to help private military defense contractors obtain a better understanding of the federal R&D tax credit and how it may help enable military defense innovations. This article also explores recent defense innovations for land, air, sea, cyberspace, and outer space threats and how the federal R&D tax credit incentive offered may be able to save a business money when developing these solutions.
- Refueling innovation in the US chemicals industry by taking advantage of the research and development tax creditAugust 1, 2018
It is worthwhile for any US based business in the chemical industry that is attempting to innovate to consult with an R&D tax credit professional if they are not already claiming this credit. Even if a company is already claiming this credit it is worth examining to ensure this benefit is truly optimized.
- Guide to Education Tax SavingsJuly 1, 2017
Anchin, Block & Anchin LLP is pleased to present this compilation of articles titled “Guide to Education Tax Savings.” The cost of education continues to be
- Tax Ideas for a Booming IndustryMarch 20, 2017
The construction industry is alive and well in 2017. As a major force in New York and the greater US economy, it employs more than
- Harnessing Efficiency and Building Effectiveness in the Tax DepartmentJanuary 1, 2010
Introduction Organizations employ a number of formulas to improve their business processes. These actions typically involve searching for internal cost-savings opportunities, developing departmental strategic relevance and
- Anchin Webinar: A Wake Up Call: Some of the Eye-Opening and Under-Publicized Impacts of the TCJAFebruary 27, 2018
In this recorded webinar, Anchin Private Client assembled a panel of professionals to discuss some of the most impactful changes, share insight on common misconceptions and misunderstandings uncovered in our conversations with clients and contacts, and address questions from attendees.
- Anchin Webinar: Tax Reform for the Architecture, Engineering and Construction IndustriesFebruary 5, 2018
In this recorded webinar, Anchin assembled a panel of tax professionals from our Architecture, Engineering and Construction Industry Group to specifically address issues relevant to the A/E/C industry.
- Anchin Webinar: Tax Reform Discussion - How will the Bill Affect You? Get the Answers; Not Just the FactsJanuary 12, 2018
In this recorded webinar, Anchin assembled a panel of top professionals from varying viewpoints, including Real Estate, Financial Services, Professional Services, Technology, and Private Client to have a Q&A session on the effects of the new tax reform.
- Tax Considerations for Growing Construction CompaniesJune 6, 2017
Anchin Partner Phillip M. Ross discusses tax considerations for growing construction companies, specifically adjusting processes to meet requirements that take affect once certain levels of growth are achieved, and methods of preserving cash flow.
- Gifting: How to Leverage 529 Education PlansJune 6, 2017
Anchin Partner E. Richard Baum discusses leveraging 529 education accounts, gift tax annual exclusions, gift maximums, the tax benefits of gifting in advance, and other important considerations.
- The Impact of a Potential Repeal of the Federal Estate TaxMay 22, 2017
Anchin Partner E. Richard Baum discusses the role of life insurance in planning for the federal estate tax and explores the potential repercussions, should these