Amidst a rush to reduce tax burdens in major cities like New York City, San Francisco, and Washington, D.C., owners are aggressively filing property tax appeals, with some seeking reductions as high as 75 percent, a sign of the extreme uncertainty of commercial real estate values. Joseph Cioffi Continue Reading
The IRS Releases Grab Bag Guidance on the SECURE 2.0 Act
The Bottom Line Almost a year after the SECURE 2.0 Act of 2022 was enacted as part of the Consolidated Appropriations Act, 2023, the IRS released guidance (Notice 2024-2) in the form of a grab bag Q&A aptly named “Miscellaneous Changes Under the SECURE 2.0 Act of 2022.” The Notice covers Continue Reading
Employee Relations Law Journal | The Need for Employers To Get ”Control” of IRS Controlled Group Rules
Business owners have wide discretion in determining the best corporate structure to use in setting up their businesses. Some use a single entity, while others use multiple entities, which can take the form of corporations, partnerships, and limited liability companies. Regardless of form, however, Continue Reading
Estate Planning Issues to Consider Before Selling Your Business
The Bottom Line Business owners can minimize taxes and maximize proceeds on the sale of his or her business by utilizing different estate planning strategies.It is critical, though, that the estate planning be done well in advance of the sale of the business or even before the preparation of a Continue Reading
New York State Introduces Elective Pass-Through Entity Tax
The Bottom Line S corporations and partnerships should be aware of a new election that may allow them to reduce the federal income tax of their New York individual owners. New York State’s budget for the fiscal year 2022, which was signed into law on April 19, 2021, includes an elective Continue Reading
Additional Tax Credits to Employers Who Extend FFCRA Benefits Through September 2021
The Bottom Line The American Rescue Plan Act of 2021 (ARPA), signed into law by President Biden on March 11, 2021, included a voluntary extension of the Families First Coronavirus Response Act (FFCRA). The extension allows eligible employers to continue to receive tax credits for Continue Reading
Taxing Digital Advertisements Face Stiff Legal Challenges
The Bottom Line The economic impact of COVID-19 cannot be understated; one impact has been to local and state budgets. States have experienced significant budget shortfalls due to limited economic activity and, as a result, state legislatures are searching for ways to raise revenue in order to Continue Reading
The Agency 100 | States Seek to Tax Digital Advertising Revenue
The economic impact of COVID-19 cannot be understated. States have experienced significant budget shortfalls due to limited economic activity, and as a result, state legislatures are searching for ways to raise revenue. Several states are looking into ways to close the budget gap by taxing digital Continue Reading
Maryland Passes Digital Advertising Tax
The Bottom Line After more than a year of contention, Maryland’s proposed digital advertising services tax has become law (the Act). On February 12, 2021 the Maryland Senate voted to override Governor Hogan’s previous veto of the legislation. The Act requires “persons” to pay a tax at rates Continue Reading
IRS Provides Cafeteria Plans with Flexibility Due To COVID-19
The Bottom Line Employers are rightfully concerned that many of their employees are dealing with a host of serious financial issues caused by COVID-19. Employers have been further frustrated that Internal Revenue Service (IRS) rules have prevented them from relieving their employees’ stress by Continue Reading