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TAX PLANNING & COMPLIANCE STRATEGIES

Planning for the Future

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:

  • Planning
    • Personal financial planning
    • Estate, trust and gift planning
    • Mergers and acquisitions
    • Dispositions of business assets or stock
    • Liquidations and distributions
    • Reorganizations
    • Distribution planning for qualified plans
    • Deferred compensation and retirement planning
    • Pension, profit-sharing and 401(k) plans
    • Cafeteria and flexible benefit plans
    • ESOPs
    • Charitable foundations
    • 529 plans
    • Tax credits and incentives
  • Compliance
    • 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

Success Stories

News

  • Digitized Hundred Dollar Bill
    Cryptocurrency Transactions Face Further IRS Scrutiny – What You Need to KnowJuly 29, 2021

    The IRS is cracking down on taxpayers who do not report their virtual currency transactions on their income

  • Anchin in the News
    Interest in Opportunity Zones Peaks as Higher Rates LoomJuly 27, 2021

    The real possibility of higher capital gains rates has fueled interest by investors in opportunity zone funds.

    While Code Section 1400Z, providing for the funds, was slipped into the Tax Cuts and Jobs Act late in the legislative process and with little fanfare, it quickly became popular with investment advisors.

  • Anchin Alert
    Employee versus Independent Contractor Misclassification: A Costly Post-Pandemic MistakeJuly 22, 2021

    As the U.S. economy continues to recover, many businesses are increasing employment to pre-pandemic levels. However, according to various surveys, job seekers across a variety of industries are now prioritizing flexible work arrangements, including part-time and telecommuting opportunities. There seems to be a strong sentiment against the more traditional “in-office, nine to five” career. While many businesses appear to be adapting to the workforce’s desires, these new employment models raise concerns with respect to employment classification, specifically employees versus independent contractors.

  • Anchin in the News
    Planning Ahead: Expected Changes for the Real Estate Industry July 15, 2021

    The Trump Administration enacted one of the largest changes to the tax code when it passed the Tax Cuts and Jobs of 2017 (“TCJA”), which contained various provisions that resulted in significant benefits to the real estate industry, such as the pass-through deduction and the extension of bonus depreciation, to name a few. The question now is, how will this, and other long-standing federal policy norms that the real estate industry relies on to do business, all change under the Biden Administration?

  • Anchin Alert
    Puerto Rico Act 60: How You Can Lower Your Federal and State Tax Rates Under the Resident Tax Incentive CodeJuly 12, 2021

    The Tax Incentive Code, known as “Act 60”, provides tax exemptions to businesses and investors that relocate to, or are established in, Puerto Rico. The incentives are particularly attractive to U.S. citizens who move to Puerto Rico because they do not need a residency permit, their Puerto Rico income is exempt from U.S. federal and state income taxes and they get to keep benefits such as Medicare and Social Security. Furthermore, the Puerto Rico tax code mirrors the U.S. Internal Revenue Code, making the transition much easier for those who become bona fide residents of Puerto Rico.

  • Anchin Alert
    Can New York State’s Pass-Through Entity Tax Program Help Reduce your Overall Tax Burden?July 8, 2021

    On April 19, 2021, New York Governor Andrew Cuomo signed the 2021-2022 budget bill into law. The budget supports through significant tax increases, the Governor's $311 billion infrastructure plan, which is the largest and the most expansive in New York State's history. One of the key favorable provisions of the law is a new, elective Pass-through Entity (“PTE”) Tax. This new tax is enacted as a work around to the $10,000 state and local tax (“SALT”) deduction limitation, which was implemented under the Tax Cuts and Jobs Act (“TCJA”). Since state income tax is imposed directly on the Pass-through Entity, the income tax paid is fully deductible by the entity for federal income tax purposes and not limited by the $10,000 cap, which does not apply to business entities. In addition, electing taxpayers provide their owners with a credit to be utilized on their New York State (“NYS”) income tax return equal to such owners’ appropriate share of the tax paid by the PTE.

  • Anchin Alert
    Caution: COVID-Era Remote Worker Tax Relief Coming to an EndJune 30, 2021

    At the onset of the COVID-19 pandemic and subsequent shelter in place orders, many states extended temporary relief from state tax nexus and payroll withholding obligations to out-of-state employers with remote employees working within a state. While under normal circumstances, the physical presence of remote employees in a state often creates income and sales tax nexus and employer payroll withholding tax responsibilities, the relief provisions allowed companies to disregard the presence of remote workers in their state for these tax purposes. However, as the pandemic comes to a close in the United States, businesses should be aware that states will begin to roll back these exemptions, which were granted solely on the basis that they were temporary.

  • Photo of multi-generational family sitting together outside
    Communication Is Key to the Successful Transfer of WealthJune 29, 2021

    In our experience, surprises can often be avoided by having a family meeting to explain the main goals of the estate distributions well before the grantor passes. 

  • Photo of pie chart next to a stack of hundred dollar bills
    Have you considered adding a tax apportionment clause to your estate plan?June 29, 2021

    If your estate could be subject to estate tax, it’s important to consider how the tax will be apportioned – that is, who will bear the burden of the tax. Including a carefully worded apportionment clause in your estate plan may be beneficial.

  • Anchin in the News
    Anchin: Personalized Accounting Services for Holistic GrowthJune 18, 2021

    The COVID-19 pandemic has presented challenges to accounting firms and their clients, many of whom are still working on a strategy to combat this unprecedented situation. While CFOs and other finance professionals spent much of 2020 addressing the pandemic's hardships, in 2021 they will likely be shifting their focus toward implementing long-term plans to position their organizations for growth and profitability. Despite its toll on people and businesses, the pandemic has created an opportunity for accounting firm leaders to influence positive outcomes by reevaluating and adjusting their goals and executing wellthought-out strategies. As a result, advisory services are among the fastest-growing segments for firms such as Anchin, one of the country's leading accounting and advisory firms. Since the onset of the pandemic, Anchin’s team of professionals have made it a priority to assist their clients through COVID-19 related hardships including guiding clients through the transition to remote working, evaluating cash flow and costs, and providing them with continuous information and updates on the Paycheck Protection Program (PPP) and other incentives and programs.

  • Anchin Alert
    Supreme Court Leaves Affordable Care Act in PlaceJune 17, 2021

    Last year, the Affordable Care Act was challenged by certain states in the U.S. Supreme Court.

  • Anchin Alert
    Can You Benefit from New Jersey’s New Emerge Program?June 9, 2021

    On January 7, 2021, New Jersey passed the Economic Recovery Act of 2020 (the “Act”), which contains a comprehensive recovery package addressing the ongoing economic impact of the COVID-19 pandemic. Specifically, the Act includes over 15 different economic development programs incentivizing job creation, capital investment and community revitalization. Recently, the New Jersey Economic Development Authority (“NJEDA”) approved details regarding the Act’s new Emerge Program (the “Program”), a jobs-based tax credit program for businesses that invest private capital in the state and target priority industries. These tax credits are available for up to seven years.

  • Time is (Like) Money - How to Make Sure You Have Enough
    Time is (Like) Money - How to Make Sure You Have EnoughJune 1, 2021

    Successful people have busy lives. Entrepreneurs, C-Level and financial service executives’ days (and nights) are filled with making important business decisions and attending client, investor and board meetings. They typically have a sophisticated and complicated financial picture. weekends creating spreadsheets to track investments and personal financial obligations should not be the reward for creating multi-generational wealth. 

  • Sign indicating Tax Law changes ahead
    Proposed Tax Changes Are in Play – How Can You Prepare? May 28, 2021

    While we have all been focusing on the various pandemic-related relief programs for businesses and individuals, it is now time to prepare for possible changes to the tax code. Planning and preparation for these changes is challenging due to the uncertainty around which provisions will change, but the more knowledgeable you are about the possibilities, the more you can do to plan. The Biden tax proposals may impact individuals, families, and businesses. Read this brief overview of some of the more important proposals, which are focused on high-income taxpayers.

  • Anchin in the News
    The CRE Industry is Battling Back Against Proposed Tax ReformsMay 17, 2021

    Commercial real estate  stakeholders are rolling up their sleeves and digging in to battle proposed tax reforms that could deal a devastating blow to the investment marketplace.

  • Anchin Alert
    What Technology Companies Need to Know About the Enhanced NJEDA Technology Business Tax Certificate Transfer ProgramMay 12, 2021

    The Technology Business Tax Certificate Transfer Program enables qualified, unprofitable, NJ-based technology or biotechnology companies with fewer than 225 U.S. employees (including parent company and all subsidiaries) to sell a percentage of their net operating losses (NOL) and research and development (R&D) tax credits to unrelated, profitable corporations.

  • Anchin in the News
    Biden Tax Proposal Would Squeeze Apartment-Building OwnersMay 11, 2021

    The Biden proposal has yet to become part of a bill and passed by Congress. But property investors already view it as the latest threat to their business after the pandemic undercut many of the biggest real-estate categories. Widespread work-from-home policies have reduced office demand while travel restrictions have hurt hotel owners.

  • Anchin Alert
    Is There Any End in Sight for the IRS Backlog of Tax Returns and Refunds?May 10, 2021

    As the May 17, 2021 tax deadline quickly approaches, the Internal Revenue Service (IRS) is struggling to catch up with the tremendous backlog of returns and other correspondence submitted since the start of the COVID-19 pandemic. According to the IRS’ Taxpayer Advocate Service, the agency is holding onto approximately 31 million tax returns, including amended returns and net operating loss carryback refund claims, for processing. This backlog has grown by about 2 million since last month alone.

  • Anchin Alert
    What A/E/C Firms Need to Know About the R&D Tax Credit and the Employee Retention CreditMay 7, 2021

    In order to stimulate the U.S. economy during the pandemic, the federal government enacted stimulus initiatives including the Paycheck Protection Program (PPP). The PPP enabled a business to receive a loan, with the ability to be forgiven if used according to loan guidelines that were put in place to help businesses keep their workforce employed during the COVID crisis. While many architecture, engineering, and construction (A/E/C) businesses successfully participated in the program, receiving the loan and later applying for and receiving forgiveness, the tax ramifications of receiving a PPP loan initially were somewhat unclear. One area of uncertainty was the tax deductibility of expenses covered by the PPP, which would also impact and reduce the expenses that could be claimed for the Research and Development (R&D) tax credit.

  • Anchin in the News
    High Commitment to Clients' Needs Delivers ResultsMay 6, 2021

    Anchin Private Client is honored to have been named “Best Tax Advisor” by the 8th annual Family Wealth Report Awards. This piece shares some thoughts from Jared Feldman, Leader of Anchin Private Client, on what makes the team successful and pays tribute to the many people, both within Anchin and among our clients’ other trusted advisors, that make excellent client service possible.

  • Vacation Villa Thumbnail for Keep it All in the Family: Make Sure You are Properly Planning for Your Vacation Home
    Keep it All in the Family: Make Sure You are Properly Planning for Your Vacation HomeApril 29, 2021

    Without a solid plan and ground rules that all family members agree to, conflict and tension may result in a ruined vacation — or worse yet, having to sell the home.

  • Anchin Alert
    SBA Opens Application Portal for Restaurant Revitalization GrantsApril 29, 2021

    On Friday, April 30 at 9:00 AM EST, the portal registration opens, signaling the start of the application process.

  • Anchin Alert
    Is Your Company Eligible for a Refundable Payroll Tax Credit for Missed Work Time Related to the COVID-19 Vaccination?April 26, 2021

    The American Rescue Plan extended and expanded the provisions of this credit to include employees who are experiencing symptoms, seeking a medical diagnosis or awaiting  the results of the COVID test or are in the process of obtaining or recovering from the effects of any COVID-19 immunization.

  • Anchin Alert
    SBA Releases Program Details of the Restaurant Revitalization FundApril 22, 2021

    Recent updates by the Small Business Administration (“SBA”) are captured here, and we expect the SBA to issue additional formal guidance in the next few weeks. The newly released rules may be significant to you and include updates on grant eligibility; calculation, amount, timing and use of grant funds; as well as information on how to apply.

  • Anchin Alert
    The Fiscal Year 2022 New York State Budget – The Benefits and Costs to YouApril 12, 2021

    New York Governor Andrew M. Cuomo and legislative leaders have announced an agreement on the state’s fiscal year 2022 budget, which, among its various provisions, will significantly raise tax rates and make New York City the highest taxing jurisdiction in the country. The notable changes are discussed below, and it is important for taxpayers to consider how they may be impacted going forward.

  • Anchin in the News
    New York State’s Tax Increase: What High Earners Need to KnowApril 8, 2021

    Taxes are going up for New York’s highest earners.

    Legislation passed Wednesday raises income-tax rates on single filers with more than about $1.1 million of income and joint filers reporting more than about $2.2 million. The changes mean top earners in New York City will be subject to the highest combined local tax rate in the country.

  • Anchin Alert
    The $2.25 Trillion Infrastructure “American Jobs Plan” and What it Means for the Architecture, Engineering and Construction CommunityApril 5, 2021

    President Biden has put forward the long-awaited $2.25 trillion “American Jobs Plan” spending proposal for a massive infrastructure renovation. The “American Jobs Plan” lays out a budget of $621 billion for transportation infrastructure; $689 billion for building and utilities; and $500 billion for worker training, research and development, and domestic manufacturing initiatives.

  • Anchin in the News
    Best Bosses 2021April 5, 2021

    MARC WIEDER & ROBERT GILMAN Anchin, Block & Anchin As partners and co-leaders of the real estate practice group at Anchin, Block & Anchin, Marc Wieder and Robert Gilman lead a 36-member team that represents some of the biggest players in commercial real estate on everything from transactional guidance and 1031 exchanges to advisory on tax strategy to cash flow analysis. The duo has an impressive reputation among both clients and colleagues.

  • Anchin in the News
    Want Commercial Property Tax Relief? Don't Hold Your BreathMarch 28, 2021

    Economic slumps traditionally set off battles between local governments trying to make up lost revenue by holding the line on property taxes and property owners trying to cut their taxes to be more in line with their diminished bottom lines.

    For many commercial property owners, the pandemic-inspired recession has set that dynamic in play once again but with some new twists. For one thing, not all owners have had a hard time, such as most industrial owners. More importantly, tax experts say the prospect of a relatively short downturn might give taxing authorities the upper hand.

  • Anchin in the News
    Groups See Target on 1031 ExchangesMarch 26, 2021

    Concern is mounting that the Biden Administration’s next policy package could eliminate a crucial tax break for commercial real estate owners, which could translate into lower transaction volumes and demand for lending.

  • Anchin Alert
    What Architecture, Engineering and Construction Firm Owners Need to Know About the Impact of a Full or Partial Suspension on the Employee Retention CreditMarch 25, 2021

    A/E/C firms that experienced some type of government suspension in 2020 may qualify for this credit even if they did not have the required reduction in Gross Receipts. Even if you were considered an essential contractor, you may still qualify as having experienced a partial government suspension.

  • Anchin Alert
    IRS Extends Some April 15th Filing DeadlinesMarch 18, 2021

    In a news release, the IRS and Treasury Department announced an extension of the April 15th deadline to May 17th for the filing of 2020 individual income tax returns and the associated tax payments.

  • Anchin in the News
    Changes to R&D Expensing—Unpleasant Surprise to Taxpayers and Great Opportunity for BipartisanshipMarch 18, 2021
  • Anchin Alert
    American Rescue Plan Provides $28.6 Billion in Relief for Restaurants via the Restaurant Revitalization GrantMarch 15, 2021

    On March 11, 2021, President Biden signed into law the $1.9 trillion coronavirus relief bill entitled American Rescue Plan Act of 2021 (“ARP”), which includes a $28.6 billion grant program under Section 5003, Support for Restaurants. The focus of this Alert is on the key clauses of the Restaurant Revitalization Grant pursuant to the ARP. We expect the Small Business Administration (“SBA”) to issue additional formal guidance in the next few weeks.

  • Anchin Alert
    What You Need to Know About the American Rescue Plan Act of 2021March 12, 2021

    On March 11, 2021, the American Rescue Plan Act of 2021 (ARP) was signed into law by President Biden. The contents of the $1.9 trillion bill are mostly in line with the plan set forth by President Biden before he was inaugurated on January 20. The package is intended to provide additional economic relief related to the ongoing COVID-19 pandemic, and the majority of funds are allocated towards enhanced unemployment relief, expanded funding for COVID-19 relief programs, aid to state and local governments, and assistance to schools. From a taxpayer perspective, the bill included tax provisions that provide relief both to businesses and individuals through enhancements, and expansions of credits and programs that were put in place to keep families and small businesses afloat through the ongoing crisis. This includes an extension of payroll tax credits first instituted at the start of the pandemic for businesses. 

  • Anchin Alert
    Do You Qualify for the Tax Benefit of Home Office Deductions?March 9, 2021

    Are you one of the millions of people working from home during the COVID-19 pandemic? To contain the spread of the COVID-19 virus, many business owners and their employees were required to work from home. After incurring the costs to set up a workstation, you may have noticed that you are using more electricity and water, talking more on the phone, and relying on an extra cost super-fast internet connection to get your work done. How should you treat these extra costs? Have you been wondering whether you can claim a federal tax deduction for home office expenses? Here is what you need to know about qualifying for home office tax deductions.    

  • Anchin in the News
    Anchin Opens Long Island Office to Accommodate Growing Team of Industry Experts March 4, 2021

    Anchin is pleased to announce that it has opened an office on Long Island, in Uniondale, New York.

  • Anchin Alert
    Be Careful of the Hidden Impact of PPP Loan Forgiveness on FAR Overhead RatesMarch 2, 2021

    At first glance, it may seem like a no-brainer for architecture, engineering or construction (“AEC”) companies to apply for forgiveness of their Paycheck Protection Program (“PPP”) loan. If the loan qualifies for forgiveness, the forgiveness is not taxable, and, thanks to recently passed legislation, the expenses paid with the loan proceeds are deductible. In effect, this would be tax-free money from the government. However, an AEC company that participates in government contracts has other considerations related to PPP loan forgiveness – primarily the potential impact of forgiveness on Federal Acquisition Regulation (“FAR”) overhead rates. An AEC company that participates in government contracts must frequently calculate indirect costs (overhead) rates before submitting a bid for a contract.These rates must be compliant with the FAR, a complex set of rules governing the federal government's contract process and the rates to be billed under the contract.

  • Anchin Alert
    When Should a Landlord Accrue Rents?February 26, 2021

    As the COVID-19 pandemic affects every aspect of our lives, we continue to see how the outbreak has negatively affected our economy too.  Every industry has been impacted by Coronavirus shutdowns.  One of the hardest hit industries is the real estate rental market. Whether you are a landlord or a tenant, you are feeling the impact.  

  • Five Financial Steps for the “Suddenly Single” Playing with Ring Graphic
    Five Financial Steps for the “Suddenly Single”February 24, 2021

    Becoming “suddenly single” due to divorce or death of a spouse is challenging both emotionally and financially. This is true in any environment, but it is even more so during a pandemic when there is already so much uncertainty.

  • What to Consider Before Relocating Overseas - Airplane Graphic
    What to Consider Before Relocating Overseas February 24, 2021

    COVID-19 has caused many to rethink where they want to shelter during quarantine and for how long. Those who have the option are moving away from densely populated cities and some are even considering a move out of the country. If you are deliberating moving your family abroad, you are among many households that are considering a major change in lifestyle.

  • Anchin Alert
    New Jersey Follows Federal Tax Treatment of PPP LoansFebruary 22, 2021

    New Jersey Governor Phil Murphy and State Treasurer Elizabeth Maher Muoio have announced that federal Paycheck Protection Program (PPP) loans will receive the same beneficial tax treatment in New Jersey as they do at the federal level. Following the federal government’s lead, PPP loans will be tax exempt for New Jersey state income tax purposes, and those who received the loans can also deduct business expenses paid for with the money from these tax-exempt loans.

  • Anchin Alert
    State Tax Implications of PPP Expense Deductibility and Loan ForgivenessFebruary 18, 2021

    The Paycheck Protection Program (PPP), created as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act and extended under the Consolidated Appropriations Act of 2021, provided much-needed relief for businesses struggling to stay afloat during the COVID-19 pandemic. While the CARES Act specifically excluded forgiven loans from taxable income at the federal level, the deductibility of the associated expenses remained in question until the enactment of the Consolidated Appropriations Act which clarified the allowance of such deductions.

  • Anchin Alert
    Flexible Spending Accounts: New Opportunities Are Available to Your EmployeesFebruary 9, 2021

    Since Congress recognized that the forfeiture of account balances would place an unfair financial burden on taxpayers through no fault of their own, legislation was recently passed that offers relief to employees.

  • What Does the New Stimulus Package Mean for Landlords?
    What Does the New Stimulus Package Mean for Landlords? February 3, 2021

    The highly anticipated second stimulus relief package, released shortly before the holidays, on December 22, 2020, has a provision that will finally provide benefits to property owners.  

  • QIP
    QIP vs. Repair Regulations – Decisions, Decisions, Decisions…February 3, 2021

    Has your business been hit hard by the COVID-19 pandemic? While many business’s operations have been greatly affected by the pandemic, the good news is that much needed relief is now accessible to many. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020, providing widespread economic relief, including some significant tax law changes. The new CARES Act provision on qualified improvement property (QIP) tax treatment is particularly noteworthy for taxpayers in the real estate, restaurant, retail, and hospitality industries as these businesses have been hit hard by the COVID-19 pandemic.

  • Anchin in the News
    Anchin’s Real Estate Group’s Robert Gilman and Marc Wieder Named to Crain’s New York’s 2021 Most Notable in Real EstateFebruary 2, 2021

    NEW YORK--()--Anchin, Block & Anchin LLP (“Anchin”), a leading accounting, tax and advisory firm, today announced Robert Gilman and Marc Wieder, co-leaders of the Real Estate Group, have been recognized on Crain’s New York’s Notables in Real Estate list for 2021. The award honors real estate executives who have significantly impacted the New York City real estate industry, and celebrates their professional, civic and philanthropic achievements.

  • A Tax Checklist for Newly Married Couples
    A Tax Checklist for Newly Married CouplesJanuary 21, 2021

    Marriage changes a lot of things, taxes and other matters are on that list. Newlyweds should know how saying “I do” can affect their tax situation and other matters.

  • Anchin in the News
    The Financial Changes High Net Worth Women Need to Plan for as Joe Biden Takes OfficeJanuary 19, 2021

    Worth sat down with Anchin Tax Partner Tara Burek to discuss the changing relationship between women and wealth, what high net worth women need to keep in mind as they do their financial planning and what we all need to know about how tax policy might be changing with Biden at the helm.

  • Anchin Alert
    New Stimulus: Careful Planning Is Required To Maximize Benefits from the Enhanced Employee Retention Credit (ERC)January 11, 2021

    The ERC is a refundable payroll tax credit available to businesses affected by COVID-19 that continue to pay salaries to their employees.  Whereas the original version of this provision (from the CARES Act) was very limited in scope, the current version has expanded the universe of taxpayers who qualify for the credit and, at the same time, has increased the amount of the credit.

  • Anchin Alert
    New York Resident State Credits for Pass-Through Entity TaxesJanuary 7, 2021

    With the release of IRS Notice 2020-75 permitting the deduction of state pass-through entity (PTE) tax payments, many taxpayers are considering electing into PTE tax regimes as a workaround for the $10,000 cap on state and local tax deductions on federal tax returns. To date, New Jersey, Maryland, Louisiana, Oklahoma, Rhode Island and Wisconsin have enacted elective PTE taxes. Connecticut is the only state with a mandatory PTE tax. A number of other states, including New York, are debating the enactment of PTE taxes in 2021.

  • Anchin Alert
    New Stimulus: What You Need to Know about the Tax Provisions of the Consolidated Appropriations Act, 2021 (The Act) December 30, 2020

    Additional relief is on the way for individuals and businesses. Here are the key provisions of the additional round of stimulus in The Act passed by Congress and signed by the President.

  • Anchin in the News
    How Class C Apartment Residents are Getting ByDecember 29, 2020

    The pandemic’s impact on apartment dwellers hasn’t been uniform.

  • Anchin Alert
    Expenses Paid for with PPP Loan Funds are Now DeductibleDecember 28, 2020

    After many months of debate and consternation, Congress has finally overridden the guidance issued by the IRS and Secretary Mnuchin regarding deducibility of expenses paid for with PPP loan funds. 

  • Anchin's Year End Trusts & Estates Series
    Grantor Retained Annuity Trusts (GRATs), a Proven Estate Planning StrategyDecember 11, 2020

    As we approach year end, many are capitalizing on today’s low interest rates and values using estate planning techniques that may be unavailable under a new U.S. administration. Setting up a Grantor Retained Annuity Trust (GRAT) is a proven and regulated approach that should be considered before it is too late.

  • Anchin Alert
    Reducing Your New Jersey Tax Liability with BAITDecember 9, 2020

    The $10,000 federal limitation on the deductibility of state and local taxes, known as the State and Local Tax (SALT) deduction, continues to be a major concern for many taxpayers, particularly those in high-tax jurisdictions. To circumvent this cap, several states have introduced entity-level taxes on pass-through entities (PTEs), which ostensibly treat the entity tax as a deduction by the trade or business rather than an itemized deduction at the individual partner level, which would be subject to the SALT limitation. Individual partners, in turn, receive a credit for the entity-level taxes paid. Questions loomed regarding whether the Internal Revenue Service would respect such deductions until it released Notice 2020-75 in November, indicating that the deductions of these tax payments are in fact permitted. New Jersey joined the SALT workaround bandwagon this year by establishing its Business Alternative Income Tax (BAIT). 

  • Anchin Alert
    2020 Financial Services Year-End Tax Planning AlertDecember 8, 2020

    As we publish our annual year-end tax planning alert, we are frequently reminded that 2020 is no ordinary year. What began as a normal filing season was extended to July 15, 2020, and came with other ramifications of the COVID-19 pandemic -- quarantine in place, working from home, CARES Act, social and economic turmoil as well as a still-unsettled election and political environment.

  • Anchin Alert
    Where Can You Find “Lost” Money in the Pandemic?December 8, 2020

    The COVID-19 pandemic has caused financial hardships for many businesses and taxpayers. Shelter-in-place orders closed companies’ doors for months resulting in significant losses of revenue and job cuts. Businesses are now adapting to new ways of operating and are seeking alternative avenues to generate much-needed revenue. However, in doing so, many companies and taxpayers are overlooking a $40 billion cache of money that’s already theirs.

  • Anchin Alert
    What IRS Guidance on Deductibility of PPP Expenses Means To YouNovember 30, 2020

    The forgiveness of a Paycheck Protection Program (PPP) loan is excludible from taxable income. Earlier this year, the Treasury Department released Notice 2020-32 which states that expenses paid with the proceeds of a forgiven loan should not be deductible for tax purposes, as that would result in a double tax benefit. Many professional tax advisors thought the IRS reasoning behind Notice 2020-32 was not sound and did not match the original intent of Congress when they made forgiven PPP loan proceeds excludible from income. Indeed, the Congressional Budget Office had to “rescore” the cost of the legislation as they assumed the expenses would be allowed as a deduction. All are waiting for additional legislative guidance to clarify this matter. While certain members of Congress, on both sides of the aisle, have voiced opposition to the IRS position, no legislation has been forthcoming to date.

  • Anchin's Year End Trusts & Estates Series
    Two Easy Ways to Use Low Interest Rates in Your Estate PlanNovember 24, 2020

    Current estate planning has focused on utilizing a taxpayer’s historically large lifetime exemption because this amount is slated to decrease under the current law in a few years (and possibly sooner by government action). When the exemption has already been used, here are two more planning techniques that will also help the taxpayer benefit from the unusually low interest rate environment.

  • Anchin in the News
    Multifamily Beats the OddsNovember 18, 2020

    While hotels, retail and offices sink, the multifamily sector is sailing along.

  • Philanthropy and Tax Reform: Is it Advantageous to Accelerate Contributions?
    Philanthropy and Your Taxes: Doing Well by Doing GoodNovember 17, 2020

    Some of the nation’s wealthiest families and individuals are among the most philanthropically inclined. Understanding that they did not achieve their level of success without a supporting cast, many families believe that it is important to give back to the communities and causes that are nearest to their hearts. Here are a few tax-related strategies to consider to ensure that you are doing well by doing good.

  • Anchin Alert
    Fringe Benefits That May Affect Your Payroll Reporting and Tax WithholdingNovember 17, 2020

    To Our Business Clients: Attached for your convenience is a summary of the tax treatment of certain fringe benefits for payroll tax and income tax reporting…

  • Anchin Alert
    Anchin’s Post-Election Insights: To Carryforward or Carryback Losses…That Is the QuestionNovember 16, 2020

    The CARES Act allows a five-year carryback of any tax losses generated in a taxable year beginning after December 31, 2017 and before January 1, 2021. Alternatively, a taxpayer can make an election to waive these tax loss carrybacks on their 2020 return and instead carry the tax losses forward to future years. With a Biden Administration approaching, an increase in tax rates is possible. Changes may include raising taxes on corporations to 28% (from 21%), increasing the top personal income tax rate back to 39.6% (from 37%) and eliminating the 20% qualified business income deduction for those making $400,000 or higher.

  • Anchin's Year End Trusts & Estates Series
    Preserving Your Family Legacy with Spousal Lifetime Access Trusts (SLATs)November 13, 2020

    We are currently experiencing a perfect storm for estate planning – a historically high Federal gift tax exemption coupled with depressed values, largely attributable to the pandemic.  A married couple has the ability to transfer up to $23 million out of their estate with no gift tax payable.  This exemption is scheduled to be reduced by half in five years, or sooner, through new legislation.  While taking advantage of this significant estate planning opportunity is very appealing, many people are reluctant to part with this level of assets.  Fortunately, there is a vehicle which allows for assets to be transferred to a trust, removing them from the estate, while still allowing access if needed.

  • Anchin Alert
    Opportunity For Tax Savings: State and Local Pass-Through Entity Taxes Not Subject to the Federal Deduction CapNovember 12, 2020

    Earlier this week, the Department of the Treasury and IRS announced that state and local taxes imposed at the entity level on pass-through entities are permitted as a federal tax deduction. Forthcoming proposed regulations will clarify that state and local income taxes imposed on and paid by a pass-through entity are allowed as a tax deduction by the pass-through entity in computing its taxable income. Such tax payments are not subject to the $10,000 state and local tax (SALT) deduction limitation on individual partners and shareholders who itemize deductions.

  • Anchin Alert
    Non-qualified Stock Options vs. Incentive Stock Options: Which is right for your company?November 12, 2020

    Being able to attract and retain key talent can substantially aid a company’s ability to succeed and grow. There are many offerings that can appeal to key employees, and one that tends to be popular is a stock option plan. If you are looking to provide your employees with an incentive stock option (“ISO”) plan or a non-qualified stock option (“NSO”) plan, you will want to make a careful and informed choice. 

  • Anchin Alert
    Anchin’s Post-Election Insights: Planning for Upcoming Capital GainsNovember 11, 2020

    Next year may be one with many changes to the tax law. One key area of focus is how capital gains are taxed. While control of Congress may not be decided until January, now is the time to review your future capital gains related transactions and lay out your plan to minimize potential significant increases in tax.

  • Anchin Alert
    Anchin’s Post-Election Insights: Tax ConsiderationsNovember 9, 2020

    Here are a few thoughts to consider as we look to a new administration with new tax plans for 2021. Now is the time to start to plan for tax changes while there is still time to act in 2020.

  • Anchin RE Update: Tax Basis Method Capital Reporting Requirement and What It Means to You
    Tax Basis Method Capital Reporting Requirement and What It Means to YouNovember 4, 2020

    This reporting requirement is no small undertaking and may require a review of all prior year tax returns and Schedule K-1s starting from a partnership's inception.

  • Anchin Alert
    Is Your Business Eligible for State and Local Tax Savings during the Pandemic?October 27, 2020

    One of the looming state tax issues created by the COVID-19 pandemic is how businesses allocate their service revenues among states and localities in light of current telecommuting and shelter-in-place orders. Typically, state laws source service revenues using one of two basic approaches: cost of performance or market-based. Depending on which option a state utilizes, how these provisions are applied will have a significant impact on a business’ overall tax liability and could actually lead to state tax savings in 2020.

  • Worthless Investments – Not Ideal, but There Is a Silver Lining
    Worthless Investments – Not Ideal, but There Is a Silver LiningOctober 19, 2020

    While minimizing tax exposure is by no means a unique planning goal, there has been an increased interest in discussing certain strategies. One of many tax concepts that have been highlighted recently is the topic of how worthless investments work and play into the planning discussion.

  • Flex plan: Building flexibility into Estate Planning
    GRATs: An Appealing Estate Planning Technique When Interest Rates or Asset Values are LowOctober 19, 2020

    The financial crisis has created an interest rate environment that is very favorable to estate planning. One of the most compelling estate planning opportunities amidst low interest rates is the establishment of a Grantor Retained Annuity Trust (GRAT).

  • Anchin Alert
    Pandemic Planning: What Should Businesses with Remote Employees Know About State Taxes?October 14, 2020

    With states of emergency and telecommuting stretching through more than half of 2020, businesses are facing serious concerns about state taxes. Below are some of the more significant factors businesses need to consider as they evaluate their state tax footprint for 2020 and beyond. Also discussed are recommended actions companies should adopt to help navigate their state tax compliance obligations. Uncertainty over state tax positions persists as the authorities continue to assess their fiscal responses to the pandemic. However, taxpayers should proactively prepare for whenever guidance is ultimately provided.

  • Anchin in the News
    Three Anchin Professionals Named to Crain’s New York Business 2020 List of Notable Women in Accounting and ConsultingOctober 8, 2020

    Anchin is proud to recognize Lami Ajibesin, Mela Garber and Terry Pissi for being awarded inclusion on Crain’s Notable Women in Accounting and Consulting list for 2020. 

  • Anchin Alert
    What Does the New Jersey 2021 Fiscal Year Budget Mean for You? October 1, 2020

    On Tuesday, September 29th, New Jersey Governor Phil Murphy signed a $32.7 billion budget into law, further increasing taxes on millionaires and businesses.

  • Anchin in the News
    What Is a Limited Liability Partnership?September 21, 2020

    LLP STANDS FOR LIMITED liability partnership. As the name suggests, an LLP provides its members with a degree of liability protection, shielding them and their personal assets.

  • Anchin in the News
    Ins and Outs of Tax-Loss HarvestingSeptember 14, 2020

    Tax-loss harvesting isn’t new, but robo-advisors have brought more awareness of the concept in recent years. New portfolio management tools are also helping automate the process further, making it easier for advisors to exercise ever-more-sophisticated strategies.

  • Anchin Alert
    Social Security Tax Deferral Raises Questions and ConcernsSeptember 8, 2020

    In our previous communication, we wrote about President Trump’s executive order allowing a deferral of the employee’s portion of FICA or social security tax (6.2% of wages). The Treasury just released Notice 2020-65 providing some additional guidance on the topic. Unfortunately, many questions remain unanswered.

  • Anchin Alert
    What A/E/C Firms Need to Remember About the CARES ActAugust 31, 2020

    At this point, so much has happened this year that the CARES Act may seem like old news, yet its tax provisions remain in effect and, in some cases, beyond 2020 (unless subsequent legislation changes them). Careful planning may allow architecture, engineering and construction (A/E/C) firms to fully benefit from the wide and varying tax relief offered.

  • Anchin in the News
    Tax pros’ top grumbles about the IRS Coronavirus slowdownAugust 28, 2020

    Anchin's Paul Gevertzman comments on the impact of the pandemic on the IRS and tax filers.

  • Anchin Alert
    IRS Will Suspend the Mailing of Delinquent Notices Until Backlog Is ClearedAugust 24, 2020

    The IRS will stop mailing certain notices to taxpayers about their overdue taxes until it clears its 12 million pieces of mail backlog that accumulated while its processing centers were closed during the peak of the COVID-19 outbreak.

  • Anchin Alert
    What do the Proposed Carried Interest Regulations Mean for You? August 20, 2020

    On July 31, 2020, the Internal Revenue Service (IRS) released proposed regulations (the Proposed Regulations) relating to the scope and applicability of Internal Revenue Code Section 1061. This alert will provide an overview of the Proposed Regulations and how they may affect hedge, private equity and other investment funds.

  • Anchin Alert
    Two Important Tax Opportunities Are About to ExpireAugust 19, 2020

    The Coronavirus Aid, Relief and Economic Security (“CARES”) Act provided numerous opportunities for tax relief, two of which are about to lapse.

  • Anchin in the News
    Anchin Welcomes Construction Industry Tax Specialist Joseph Molloy to the Architecture & Engineering and Construction Industry GroupsAugust 18, 2020

    Joseph is the latest addition to the AEC team and will provide resources to support the team's ongoing growth. His focus on delivering timely and valuable tax strategies fits well with the breadth of tax services provided by the team, including Federal and State Tax Credits, and accounting method options.

  • Anchin Alert
    What Does the Executive Order Deferring Payroll Tax Mean For You?August 18, 2020

    President Trump recently released a memorandum on deferring the withholding, deposit and payment of the employee’s share of the 6.2% social security tax on wages paid during the period of September 1, 2020 through December 31, 2020. This deferral only applies to employees with bi-weekly pre-tax income of less than $4,000. This approximates an annual salary of $104,000. Treasury Secretary Mnuchin recently stated that participation in this program is optional for an employer. Should you participate? Here are a few concerns and considerations to help you make that decision while additional details are released.

  • Anchin Alert
    Beware of Erroneous IRS Tax NoticesAugust 14, 2020

    Following this year’s July 15th deadline, you may have received an erroneous notice from the IRS regarding a balance due, tax penalties or interest related to a payment you made by check. 

  • Anchin in the News
    INSIGHT: Taking Another Look at the Foreign-Derived Intangible Income DeductionJuly 24, 2020

    The Foreign-Derived Intangible Income (FDII) income deduction is not the simplest of calculations. Gwayne Lai, Amanda Scott, and Yair Holtzman of Anchin show how some taxpayers can use existing R&D data to get a head start.

  • Anchin in the News
    Are You Rich? How the Wealthy Are DefinedJuly 20, 2020

    "Wealth should make it easier to stop working if you want to or need to, and ensure that your standard of living can be matched or exceeded by your heirs," says Jared Feldman, CPA, partner and leader of Anchin Private Client.

    How much money do you need to be rich? According to respondents of a 2019 Modern Wealth Survey from Charles Schwab, once you have $2.3 million in personal net worth, you can call yourself wealthy.

  • Anchin in the News
    Industry Executives Take Long View on COVID RecoveryJuly 17, 2020

    The coronavirus pandemic is likely to infect the city’s real estate sector well into next year, according to a new survey of C-Suite executives.

  • Global High-Wealth Exams among IRS July Priorities
    Global High-Wealth Exams among IRS July PrioritiesJuly 15, 2020

    July 15th is an important date this year since it is the updated deadline to file individual tax returns. Furthermore, the IRS recently announced its campaign to audit High Net Worth (HNW) individuals is starting on that date.

  • QIP Opportunities
    Qualified Improvement Property (QIP) OpportunitiesJuly 15, 2020

    The new QIP guidance issued by the CARES act provides a wide range of flexibility and options for building owners. See below for more information on the various QIP opportunities and helpful hints to maximizing your tax relief.

  • CARES Act Amends a Previous QIP (Qualified Improvement Property) Drafting Error
    Qualified Improvement Property (QIP)July 15, 2020

    As many of you may recall, Congress made a technical error when drafting the Qualified Improvement Property (QIP) section of the CARES Act. Qualified Improvement Property (QIP) is defined as any improvement to an interior portion of a building which is nonresidential real property if the improvement is placed in service after the date the building was first placed in service by any taxpayer.  This drafting error, referred to as the “retail glitch,” intended QIP to be defined as 15-year property eligible for bonus depreciation. However, the law was incorrectly written and QIP was defined as 39-year property, making it ineligible for bonus depreciation. 

  • Anchin Alert
    U.S. Tax Court Reaffirms Architecture, Engineering and Construction Industry’s Right to Claim R&D Tax CreditsJuly 7, 2020

    Taxpayers within the Architecture, Engineering and Construction (AEC) industry received a big win from the U.S. Tax Court this past December. The Tax Court’s decision reaffirmed that AEC industry companies contracted by developers or other clients are indeed eligible to claim R&D tax credits for research activities they perform. This has long been a contentious issue between the IRS and AEC Industry taxpayers. Populous Holdings, an architectural design services company, had claimed R&D tax credits on its 2010 and 2011 tax returns totaling nearly $300,000. The IRS disallowed these claims, arguing that the research activities were funded by Populous clients who contracted with the company for its services.    

  • Anchin in the News
    20 Things To Know About the New Tax DeadlineJuly 2, 2020

    In response to the coronavirus pandemic, the Internal Revenue Service has extended the deadline to file and pay any taxes owed from the original date of April 15 to July 15.

    everything you need to know." data-reactid="18">If you’re planning on taking advantage of the new deadline, here’s everything you need to know.

  • Anchin Alert
    REMINDER: Required Minimum Distributions From Retirement Plans Are Waived for 2020July 1, 2020

    One of the many provisions of the “CARES” Act is that required minimum distributions (RMDs) from retirement plans are waived for the 2020 tax year.  RMDs usually impact those who were at least 70 ½ years of age at the end of  2019, or who will be at least 72 years of age at the end of 2020.  It can also impact younger persons who have inherited a retirement plan, such as an IRA, from a decedent.

  • Added benefits of giving with charitable gift annuities
    Donor-Advised Funds: Their Place in Today’s ClimateJune 30, 2020

    Citizens have been quick to expand their philanthropic focus and do whatever they can to help those hit hard by the pandemic and its financial fallout.

  • Anchin in the News
    Rebuilding Your Business in the Face of COVID-19 June 25, 2020

    Rebuilding your business in the face of COVID-19

  • Anchin in the News
    Anchin: The Virtual Strategist CFOJune 12, 2020

    Chris Noble explains how Anchin's outsourced accounting services group, now rebranded as the Client Accounting Advisory Services Group (CAS), is a natural extension of Anchin's proactive client service model.

  • Anchin Alert
    New York State Announcement on June 15th Estimated Income Tax PaymentsJune 12, 2020

    On the evening of June 11th, New York State came out with announcement N-20-8 which states that it will be treating the estimated payments made by individuals, corporations or fiduciaries on June 15th as the first quarterly installment previously due on April 15th, and the payment on July 15th as the second installment previously due on June 15th. New York State had not given any indication prior to this time that they were going to take this position.

  • Anchin Alert
    Proposed Carried Interest Regulations Are Back at OIRA for a Second LookJune 5, 2020

    The Office of Management and Budget’s (OMB) Office of Information and Regulatory Affairs (OIRA) has again received for review, proposed regulations with respect to section 1061— often referred to as the carried interest rules. The battle over carried interest continues as proposed rules are back at the OMB for review after the OMB initially signed off on them in late February 2020.

  • Anchin Alert
    What You Need to Know about Additional Opportunity Zone Relief Available due to COVID-19 PandemicJune 5, 2020

    Qualified Opportunity Funds (“QOF”) and their investors have been working diligently to try and meet certain time-sensitive deadlines in order to comply with various Opportunity Zone rules. Due to the COVID-19 pandemic and the quarantine restrictions instituted by local governments, meeting these deadlines has been challenging, if not impossible. The Internal Revenue Service has released Notice 2020-39 (“the Notice”) providing much-needed relief for QOFs and their investors. The Notice provides relief for the 180 day investment requirement for QOF Investors, the 90 percent investment standard for QOFs, and the 30 month substantial improvement period. The Notice also confirms the 24-month extension of the working capital safe harbor and the 12-month extension for QOFs to reinvest certain proceeds.

  • Anchin in the News
    Bracing for More Job Losses, Looking Toward Better DaysJune 4, 2020

    As tomorrow’s U.S. unemployment numbers are predicted to hit at least 20 percent due to the COVID-19 shutdowns, economists and commercial real estate experts say there will be post-pandemic changes on the commercial real estate landscape during the slow road to recovery.

  • Anchin Alert
    Favorable New Options Are Available for Employer-Sponsored Health PlansJune 1, 2020

    If you are an employer, it is likely that your firm sponsors one or more tax-advantaged health plan options for employees. Examples are traditional medical coverage, Flexible Spending Arrangements (FSAs) and dependent care assistance (DCA) programs. Normally, employees must elect whether to participate in such plans, and to what extent, before the year begins.  The ability to make mid-year changes is very limited.  COVID-19 has changed this. 

  • Anchin Alert
    Key Tax Considerations When Deciding to Make a Pandemic Re-location into a Permanent Move May 28, 2020

    Many of you have vacated your homes in the New York City area and other high-traffic areas in response to the COVID-19 outbreak. Now, phased re-openings and a slow return to normalcy bring a lot of questions about the end date for what was expected to be a short-term re-location. As a result, many of you are thinking of staying where you are and wondering if there could be tax benefits to doing so.

  • Anchin in the News
    Coronavirus PPP Exclusion Puts Landlords in Financial JeopardyMay 20, 2020

    While lawmakers provided aid to small businesses across the country through their multitrillion-dollar stimulus legislation, landlords have been unable to apply for funding – leaving some facing serious financial challenges.

  • Anchin in the News
    Questions New York's CRE Companies Have for Their AccountantsMay 20, 2020

    NEW YORK CITY—The pandemic has caused a level of economic disruption never seen before. Not surprisingly, real estate companies have many questions for the professionals that they rely on, such as financial advisors and accountants. Marc Wieder, an accounting and audit partner at the real estate group at Anchin, Block and Anchin, one of North America’s largest public accounting firms, has been fielding queries from the firm’s New York’s owners, developers, fund managers, agents and brokers, since day one.

  • Anchin Alert
    For Companies Retooling to Fight COVID-19, R&D Tax Credits Are Important WeaponsMay 14, 2020

    For many companies, catalyzing successful innovation is already critical to long-term strategy and success. Companies recognize the importance of tax credits and incentives as critical weapons in remaining competitive and harnessing innovation. This R&D tax credit may be increasingly attractive for companies that are redesigning their business processes and/or product innovation in the face of the pandemic.

  • Anchin Alert
    An Overlooked Tax Benefit for Construction Firms: Business Interest Limitation ChangesMay 13, 2020

    The Tax Cuts and Jobs Act (TCJA) of 2017 was generally a taxpayer-friendly legislation for the business community. However, there were several provisions in that Act that were implemented as revenue raisers to partially offset the cost of those tax breaks. One of those revenue raising provisions was the business interest expense limitation. This limitation can potentially impact construction companies of all entity types. The recently passed Coronavirus Aid, Relief and Economic Security (CARES) Act modified and increased the existing 30% business interest limitation to 50% for the years beginning with 2019 and 2020.  For partnerships, this will not apply to years beginning with 2019, but only for 2020.

  • Anchin Alert
    NYS Sales Tax Filing and Payment Extension Deadline ApproachesMay 8, 2020

    Quarterly and annual New York State sales tax vendors who were unable to file or pay March 20, 2020 sales tax returns due to the COVID-19 outbreak must file these returns and make payments by May 19, 2020. Some may be eligible to have penalties and interest waived, but penalty abatements must be submitted for approval and are not automatic.

  • Anchin in the News
    19 Things To Know About the New Tax DeadlineMay 4, 2020

    In response to the coronavirus pandemic, the Internal Revenue Service has extended the deadline to file and pay any taxes owed from the original date of April 15 to July 15.

    If you’re planning on taking advantage of the new deadline, here’s everything you need to know.

  • Anchin Alert
    The CARES Act: Commonly Asked Questions for Technology CompaniesMay 1, 2020

    With Congress swiftly passing the largest economic stimulus package in history, it’s no surprise that the provisions of the CARES Act raised a significant amount of questions. In the past week alone we’ve seen more guidance and continued confusion amongst taxpayers. We hope the confusion subsides as more guidance is released over the coming days.  Although we have received many questions, here are some of the most commonly asked questions we have recently discussed with technology companies.

  • Anchin Alert
    What to Know About the Research & Development (R&D) Tax Credit and the IRS’ New Compliance CampaignMay 1, 2020

    The R&D tax credit can be a powerful incentive, often providing a hidden source of cash from prior years’ expenses while also serving to significantly reduce current and future years’ federal and state tax liabilities. The R&D tax credit is also a tool for refueling a company’s R&D efforts. Planning ahead by creating an infrastructure that identifies qualifying research activities and collects contemporaneous documentation is essential to reducing future tax liabilities and synthesizing an R&D tax credit that will be sustainable on audit examination. There has been a new development related to this credit. 

  • Anchin Alert
    IRS Update: Deductions Related to Forgiven PPP Loans Are Non-DeductibleMay 1, 2020

    Late yesterday, the Internal Revenue Service (“IRS”) issued Notice 2020-32, relating to the deductibility, for Federal Income Tax purposes, of the expenses paid with the proceeds of a PPP loan that is subsequently forgiven.  

  • Anchin Alert
    IRS Unveils Online Application to Assist With Economic Impact Payments to IndividualsApril 30, 2020

    The recently enacted CARES Act provides recovery rebates of up to $1,200 for many individuals. These rebates are phased out based on an income limitation. For those who may be eligible for these payments, a newly created online application will allow taxpayers to provide direct deposit information to speed up the payments and also get payment dates.

  • Anchin Alert
    Important Changes From the CARES Act Provide Relief to the Real Estate IndustryApril 30, 2020

    The recently passed CARES Act repealed provisions of The Tax Cuts and Jobs Act (TCJA) of 2017 that eliminated the ability to carryback Net Operating Losses (NOLs) and also limited the use of an NOL carryforward to 80% of taxable income. This important change now allows for NOLs incurred in tax years 2018, 2019 and 2020 to be carried back 5 years allowing for tax refund claims.

  • Anchin Alert
    The CARES Act Provides New Refund Opportunities April 23, 2020

    The Tax Cuts and Jobs Act (TCJA) of 2017 limited the amount of business losses that a non-corporate taxpayer can utilize to offset their non-business income.

  • The COVID-19-related Estate Planning Opportunity You Won’t See Anywhere in the CARES Act
    The COVID-19-related Estate Planning Opportunity You Won’t See Anywhere in the CARES ActApril 22, 2020

    On March 17, 2020, President Trump signed the Coronavirus Aid, Relief and Economic Security (CARES) Act into law. The CARES Act provides for billions of dollars in relief for American workers and businesses.  However, mentioned nowhere in the bill is a major tax cut that in the long-term could be worth far more to owners of businesses and substantial estates than any of the short-term benefits in the CARES Act. 

  • Anchin Alert
    Private Investment Funds, Related Entities and Individuals Can Benefit From COVID-19 ReliefApril 21, 2020

    The COVID-19 pandemic has put significant stress on the liquidity and profits of hedge funds, private equity/venture capital funds and their respective portfolio companies. On March 18, 2020, the Families First Coronavirus Response Act and on March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) were signed into law. Given these uncertain times and the multitude of changes, provisions and opportunities these laws present, we’ve prepared a general summary of certain relevant matters that private investment funds, related entities and individuals should consider in order to help navigate this crisis. Accordingly, please use this guide for general information purposes only, and please reach out to us with any specific questions or issues you have.

  • Anchin Alert
    An Update on PPP Loan ForgivenessApril 20, 2020

    The CARES Act provides that PPP loans can be forgiven, on a federally tax-free basis, up to 100% of the amount borrowed if the company meets certain criteria.

  • Anchin Alert
    Important Reminder – Update Your Calendar For New Tax DatesApril 14, 2020

    The COVID-19 pandemic has changed so much about our personal and financial lives. One item to keep in mind is that the Internal Revenue Service, along with most states, have changed the due date for filing income tax returns and paying your balances for 2019, as well as your 1st and 2nd quarter estimated tax payments for 2020.

  • Anchin’s Private Equity Industry Group
    Navigating Uncharted Waters: Responding to the Business Impact of COVID-19March 31, 2020

    While all organizations are in uncharted waters in dealing with the resulting economic turmoil, professional firms such as ours have a responsibility to help clients navigate through the crisis. Many businesses have addressed the immediate needs created by the pandemic: implementing remote workplace regimens, revising paid-time-off and other policies to assist employees, enacting customer support programs, etc. Having addressed the most urgent needs, it is now time to focus on issues that pose an existential threat to long-term business continuity and viability. Here is some advice that we’re sharing with our firm’s clients.

  • Anchin Alert
    Understanding How the Tax Provisions of the Coronavirus Aid, Relief and Economic Security (CARES) Act Provide Broad ReliefMarch 30, 2020

    On Friday, March 27, 2020, the CARES Act became law. The Act includes a wide range of financial and tax relief for businesses and individuals. It is the largest stimulus package ever passed. The Anchin COVID-19 Resource Team can provide support and insight with your evaluation of benefits, coordinate assistance under different provisions of the Act, and assist you in your application for benefits. 

  • Anchin Alert
    Introducing Anchin’s COVID-19 Resource TeamMarch 30, 2020

    To assist you with evaluating the broad range of programs now available, we have established the Anchin COVID-19 Resource Team, a coordinated group of experienced professionals that will work alongside your engagement teams, in claiming the benefits you need to meet your cash flow, maintain your workforce and handle other critical challenges.

  • Anchin Alert
    Senate Approves Over $2 Trillion in Relief to Ease Economic HardshipMarch 26, 2020

    The Senate finally approved legislation providing over $2 trillion of relief designed to ease the hardship caused by the coronavirus outbreak. This legislation still requires approval from both the House and President. Approval from both is expected over the next few days.

  • Anchin Alert
    What the Families First Coronavirus Response Package Means to YouMarch 26, 2020

    As noted in an earlier release, phase two of the federal government’s legislation requires certain size employers to provide paid sick leave as well as paid family and medical leave to employees. The government then provides a fully refundable credit against payroll taxes to offset the qualified amounts paid to employees. There are additional details below. First, however, in order to understand the tax credits available, one must understand the paid leave you may be required to provide your employees.

  • Anchin Alert
    COVID-19 Guidance for the Architecture & Engineering and Construction IndustriesMarch 25, 2020

    The impact of the coronavirus has affected nearly every industry, and the A/E/C sectors are no exception. Although essential construction is exempt from the workforce order that Governor Cuomo announced on Friday, it is likely that there may be jobs shutting down or slowing down in the near future.

  • Anchin Alert
    Our Latest COVID-19 Update: Information On Business Relief, Tax and Financial MattersMarch 23, 2020

    The past week was one of the more challenging we have faced. Going forward, for as long as it's useful, we will bring you a regular round up of relevant COVID-19 information highlighting what you need to know to manage through this crisis.

  • Anchin Alert
    Treasury Announces Additional Relief For Taxpayers Through Extension of April 15th Filing DeadlineMarch 20, 2020

    Treasury Secretary Mnuchin announced today that the filing deadline for federal tax returns originally due April 15th will be extended 90 days until July 15th, 2020 as an additional step aimed at providing relief to taxpayers. This action followed a previous announcement that the deadline to make tax payments had been extended to July 15th. 

  • Anchin Alert
    What You Need to Know About the Families First Coronavirus ActMarch 20, 2020

    The Families First Coronavirus Response Act was signed into law on March 18th. The Act requires most private employers with fewer than 500 employees to provide paid sick and family leave to employees affected by the coronavirus. It also provides certain tax relief to assist businesses in providing these additional benefits. The Act is currently scheduled to take effect April 2, 2020.

  • Anchin Alert
    Treasury Relief Postpones Certain Tax PaymentsMarch 19, 2020

    The IRS has released guidance related to the postponement of certain tax payments as relief to taxpayers during the Covid-19 outbreak. This measure provides one of the first of what will likely be several measures to improve the liquidity of businesses and individuals.

  • Anchin Alert
    Covid-19 – Addressing Key Business IssuesMarch 16, 2020

    The disruption to the economy and to how we socialize due to Covid-19 is quite significant. As with other major disruptions of the past, we will likely progress through a period of uncertainty after which businesses will slowly recover. Here are several key items to address so you can keep your business and its employees on track.

  • Anchin Alert
    Tax Filing Update – Covid-19March 16, 2020

    President Trump declared a national emergency under the Robert T. Stafford Disaster Relief and Emergency Assistance Act in response to the coronavirus. This declaration allows the Treasury Department and the IRS to extend the deadline for certain taxpayers and small businesses to pay taxes until December 31, 2020 as Treasury Secretary Steven Mnuchin suggested earlier this week.

  • The Wealth Tax: What it is, Who Wants it and the Implications to the UHNW
    The Wealth Tax: What it is, Who Wants it and the Implications to the UHNWFebruary 28, 2020

    The 2020 Presidential election is shaping up to be one of the most intense in recent memory. Several issues are splitting candidates, parties and voters; none has proven to be more divisive than the wealth tax proposed by two Democratic candidates. The proposals from Sens. Bernie Sanders and Elizabeth Warren have proven to be quite controversial, polarizing parties and even economists. At the least, their wealth tax provisions need to be studied by ultra-high-net-worth individuals and the professionals that serve them.

  • Gearing Up for Estate Planning
    Gearing Up for Estate PlanningFebruary 28, 2020

    Reviewing the previous year’s financial data when preparing taxes often spurs families to think about changes they may want to make in both the near and long term. 

  • Mela Garber on yahoo! Finance
    How Marriage Influences Your TaxesFebruary 28, 2020

    This month, Anchin Private Client Tax Leader Mela Garber discussed tax and marriage with Yahoo! Finance. The segment provided insight into a variety of considerations. “The Center” sat down with Mela to help dive into the details.

  • Anchin in the News
    What to Know About the Marriage Tax PenaltyFebruary 20, 2020

    Tax reform helped level the playing field, but married couples may still find themselves at a disadvantage at tax time. 

  • Anchin Alert
    How PR, Marketing and Advertising Firms Define “Consulting” Will Impact Their Eligibility for the Valuable 20% Pass-Through Entity Tax DeductionFebruary 18, 2020

    In 2017, Congress enacted the Tax Cuts and Jobs Act (TCJA).  The legislation created new Section 199A, Pass-through Entity Deduction, allowing non-corporate taxpayers a 20% deduction on Qualifying Business Income (QBI).  However, the definition of income eligible for this tax benefit for public relations, marketing and advertising firms is not straight-forward.

  • Anchin Alert
    New Jersey’s State and Local Tax (SALT) Cap OpportunityFebruary 13, 2020

    On January 13, 2020, New Jersey enacted the Pass-Through Business Alternative Income Tax (the “NJPTBA tax”) Act, effective for tax years beginning on or after January 1, 2020. This represents a State and Local Tax (SALT) cap workaround (similar to legislation already in place in Connecticut), that provides an opportunity to workaround to the Federal state tax deduction limitation of $10,000 (the “SALT cap”) passed under the Tax Cuts and Jobs Act (TCJA) in late 2017.

  • Anchin in the News
    Evaluating The Best Tax Structure With The TCJA Tax CutsFebruary 6, 2020

    With the Tax Cuts and Jobs Act (TCJA) going into effect, many construction business owners are re-evaluating their choice of entity. The TCJA has cut the federal “C” corporate income tax rate to a flat rate of 21% from a top rate of 35% and removed the corporate alternative minimum tax (AMT). Owners of pass-through entities — partnerships, S corporations and LLCs — are taxed on their shares of business income at rates as high as 37% (down from 39.6%).

    A C corporation offers substantial tax advantages for businesses. Pass-through entities offer advantages as well. Here are some factors to consider when determining whether to restructure your business as a C corporation.

  • Anchin Alert
    Changes to the Philadelphia and the State of Pennsylvania Nexus LawFebruary 6, 2020

    The state of Pennsylvania is using the Wayfair v. South Dakota decision as precedent to announce that, effective tax years beginning January 1, 2020, corporations that don’t have a physical presence in the state, but have $500,000 or more in gross receipts sourced to the state, will have nexus for Pennsylvania corporate net income tax and will be required to file an income tax return. This is the first time Pennsylvania has imposed corporate net income tax based solely on economic nexus.

  • Anchin Alert
    States Modify Thresholds for Tax Filing Requirements (Oregon, Washington, Ohio, Texas and Massachusetts)February 3, 2020

    The states of Oregon, Washington, Ohio, Texas and Massachusetts have made modifications to their thresholds and tax filing requirements.

  • Flex plan: Building flexibility into Estate Planning
    Flex Plan: Building Flexibility into Estate PlanningJanuary 30, 2020

    The Tax Cuts and Jobs Act (TCJA) made one substantial change to the federal gift and estate tax regime. It more than doubled the combined gift and estate tax exemption, as well as the generation-skipping transfer (GST) tax exemption. This change is only temporary, however. Unless Congress takes further action, the exemptions will return to their inflation-adjusted 2017 levels starting in 2026.

  • Anchin in the News
    A different calculationJanuary 28, 2020

    Yair Holtzman and Sharlene Sylvia share insights about how companies can take advantage of the alternative simplified credit with NJBiz.

  • Anchin Alert
    New Tax Legislation Impacts Your Retirement PlanningJanuary 8, 2020

    On December 19, 2019, the SECURE (“Setting Every Community Up for Retirement Enhancement”) Act became law.  The legislation contains a lengthy series of provisions impacting retirement plans and their participants.  Two such changes are especially significant.

  • Anchin Alert
    Wayfair State Threshold Updates for 2020January 6, 2020

    There are far-reaching impacts of the Wayfair decision that continue to evolve as individual states modify their laws. Provided here is an update for 2020 of the state thresholds required to register and collect sales tax in light of the Wayfair decision.

  • Anchin Alert
    The Impact of the New Spending BillDecember 19, 2019

    A spending bill currently working its way through Congress is expected to be signed by President Trump this week to avoid a government shutdown. The bill includes certain “tax extenders” as well as other tax provisions.

  • Anchin Alert
    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.

  • Anchin Alert
    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. 

  • Anchin in the News
    What Tax Credits Do I Qualify For?December 2, 2019

    TAX SEASON IS AROUND the corner, and if you want to reduce how much you pay the government, you need to understand which tax credits you can claim.

  • IRS Finalizes Rules Confirming No Estate Tax Clawback
    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 Transactions
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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 trust
    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
    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 Gifts
    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 volunteering
    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 annuities
    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 where
    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.

  • Anchin Alert
    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%.

  • Anchin Alert
    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.

  • Anchin Alert
    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 Fitness: Educating a Spouse
    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 Here
    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 Life
    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
    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.

  • Anchin in the News
    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
    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 election
    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.

  • Anchin State of the Construction Industry 2017
    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.

  • Thumbnail Headshot Yair Holtzman
    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.

  • Anchin Alert
    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 in the News
    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.

  • Real Estate Opportunity Zone
    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.

  • Anchin Alert
    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 Stock
    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 TCJA
    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.

  • Anchin Alert
    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. 

  • Anchin Alert
    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. 

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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:

  • Frank Schettino and Marc Federbush in Fashion Mannuscript Magazine
    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?
    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 Apple
    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
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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 Changes
    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 Inheritance
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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. 

  • Anchin in the News
    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.

  • Real Estate: Lost in Translation: Technical Issues Create Confusion Over New Depreciation Rules
    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.

  • Real Estate Like-Kind Exchanges
    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.

  • Real Estate Tax Deduction
    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. 

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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 in the News
    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.

  • Anchin Alert
    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. 

  • Anchin Alert
    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.

  • Anchin Alert
    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 Law
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin in the News
    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 Purchases
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin in the News
    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.

  • Anchin in the News
    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.

  • Anchin Alert
    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.

  • Anchin in the News
    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%.

  • Real Estate Businessman
    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 Contributions
    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.

  • Anchin in the News
    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.

  • Anchin Alert
    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).

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin in the News
    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.

  • Anchin in the News
    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.

  • Anchin Alert
    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 2018
    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. 

  • Anchin Alert
    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.

  • Anchin in the News
    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.

  • Anchin Alert
    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”). 

  • Anchin Alert
    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 Mind
    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.

  • Anchin in the News
    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.

  • Anchin Alert
    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.

  • Anchin in the News
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin in the News
    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.

  • Anchin in the News
    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.

  • Anchin in the News
    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.

  • Anchin Alert
    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.

  • Anchin in the News
    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.

  • Anchin Alert
    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

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin in the News
    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.

  • Anchin Alert
    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. 

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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).

  • Anchin in the News
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    Tax Plan Moves ForwardDecember 14, 2017

    The Senate and House conference committee made further progress on its tax reform plan.

  • Anchin Alert
    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.

  • Anchin Alert
    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…

  • Anchin Alert
    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.

  • Anchin in the News
    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.

  • Anchin Alert
    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.

  • Private Client Newsletter
    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.

  • Private Client Newsletter
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin in the News
    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.

  • Anchin Alert
    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 Alert
    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.

  • Anchin in the News
    Location LuresNovember 6, 2017

    Tax Partner Paul Gevertzman offers practical observations on credits and incentives, providing positives & negatives and showcasing pitfalls.

  • Anchin Alert
    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.

  • Anchin Alert
    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

  • Anchin Alert
    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.

  • Private Client Newsletter
    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.

  • Anchin in the News
    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.

  • Anchin Alert
    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.

  • Anchin in the News
    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.

  • Anchin in the News
    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.

  • Anchin in the News
    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.

  • Anchin Alert
    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. 

  • Private Client Newsletter
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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. 

  • Anchin in the News
    Wine, Art, Cars: Alternative Luxury InvestmentsSeptember 14, 2017

    Partner Russell Shinsky advises on boat ownership regarding depreciation, sales tax and mortgage interest deductibility.

  • Anchin in the News
    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.

  • Anchin Alert
    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.

  • Private Client Newsletter
    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.

  • Private Client Newsletter
    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. 

  • Private Client Newsletter
    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.

  • Anchin in the News
    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.

  • Anchin Alert
    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.

  • Private Client Newsletter
    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.

  • Private Client Newsletter
    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. 

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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. 

  • Private Client Newsletter
    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. 

  • Private Client Newsletter
    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?

  • Anchin in the News
    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.

  • Anchin in the News
    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.

  • Private Client Newsletter
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin in the News
    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.

  • Anchin in the News
    Tax Debt Could Cost You Your PassportMarch 7, 2017

    Barry Weisman, Tax Partner, guides us through the process to that extreme eventuality.

  • Private Client Newsletter
    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.

  • Private Client Newsletter
    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.

  • Private Client Newsletter
    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.

  • Private Client Newsletter
    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.

  • Private Client Newsletter
    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.

  • Private Client Newsletter
    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).

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin in the News
    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.

  • Anchin Alert
    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).

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin in the News
    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.

  • Anchin in the News
    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.

  • Private Client Newsletter
    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.

  • Private Client Newsletter
    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

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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).

  • Anchin in the News
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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,…

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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.

  • Anchin Alert
    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 Alert
    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.

  • Anchin Alert
    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.

  • Anchin in the News
    The NYSSCPA Technical Hotline: the Expertise You DeserveJanuary 21, 2014

    Anchin's Tamir Dardashtian shares his experiences as a hotline volunteer.

  • Anchin Alert
    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.

  • Anchin in the News
    Need Guidance? Remember the NYSSCPA Technical HotlineDecember 1, 2011

    Anchin's Tamir Dardashtian shares that those who provide answers also benefit. 

  • Anchin in the News
    In Agreement on Estate Taxes, Even More ComplicationsSeptember 9, 2011

    Anchin's Tamir Dardashtian comments on this newly complex tax issue. 

  • Anchin in the News
    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.

  • Anchin in the News
    Top Accounting Firms in New Jersey Commercial Real Estate

    Anchin has deep experience working alongside real estate firms and developers of all sizes including many top Real Estate organizations in the industry. Our Real Estate Group advises a broad range of clients including real estate owners, developers, fund managers, agents/brokers and property managers. Our clients operate across all real estate asset classes including commercial, residential (multi-family), industrial, and hospitality.

  • COVID-19 Update Center

    The Anchin COVID-19 Update Center is available to simplify your access to critical financial information. It is updated regularly to supplement your communications with your…

  • Anchin Alert
    Ohio January 1, 2020 Nexus Changes

    An out-of-state person is only required to register and pay the CAT if that person has bright-line presence in Ohio. A person has bright-line presence…

  • Anchin Alert
    Texas January 1, 2020 Nexus Changes

    Tax Rates, Thresholds and Deduction Limits Franchise tax rates, thresholds and deduction limits vary by report year. Use the rate that corresponds to the year for…

  • Anchin Alert
    Washington January 1, 2020 Nexus Changes

    Washington State imposes a Business and Occupation (B&O) tax which is a gross receipts excise tax. It is measured on the value of products, gross proceeds…

  • Anchin Alert
    Oregon January 1, 2020 Nexus Changes

    The new Corporate Activity Tax (CAT) is imposed on businesses for the privilege of doing business in this state, applicable to tax years beginning January…

  • 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…

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