The Consolidated Appropriations Act, 2021 -
In a bipartisan effort, H.R. 133-116th Congress: Consolidated Appropriations Act, 2021 (the "Consolidated Appropriations Act, 2021") overwhelmingly passed both the House and the...more
12/23/2020
/ Business Expenses ,
Business Taxes ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Debt ,
Federal Taxes ,
Income Taxes ,
IRS ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Pending Legislation ,
Tax Deductions ,
Tax Relief ,
Trump Administration
On August 8, 2020, President Trump issued an executive order, directing the U.S. Treasury to grant employers the ability to defer the withholding, deposit and payment of certain payroll taxes as further COVID-19 tax relief....more
9/2/2020
/ Coronavirus/COVID-19 ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Payroll Taxes ,
Social Security Taxes ,
Tax Deferral ,
Tax Liability ,
Tax Relief ,
Trump Administration ,
U.S. Treasury ,
Wage and Hour ,
Withholding Tax
A Succinct Summary of the Key Tax Provisions -
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (colloquially, the “CARES Act” or the “Act”). The CARES Act is a...more
4/1/2020
/ CARES Act ,
Charitable Deductions ,
Coronavirus/COVID-19 ,
Employee Retention ,
Excise Tax ,
Financial Stimulus ,
Net Operating Losses ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Retirement Plan ,
Small Business ,
Student Loans ,
Tax Credits ,
Tax Deductions ,
Tax Exemptions ,
Tax Liability ,
Tax Relief ,
Trump Administration
On March 13, 2020, President Trump issued an emergency declaration that, in part, instructed the U.S. Department of the Treasury (“Treasury”) to provide taxpayers with “relief from tax deadlines” due to the impact of the...more
3/30/2020
/ Coronavirus/COVID-19 ,
Federal Taxes ,
Filing Deadlines ,
Generation-Skipping Transfer ,
Gift Tax ,
Income Taxes ,
IRS ,
Tax Liability ,
Tax Penalties ,
Tax Planning ,
Tax Relief ,
Tax Returns ,
Trump Administration ,
U.S. Treasury
On March 13, 2020, President Trump issued an emergency declaration, which in part instructed the U.S. Department of the Treasury (“Treasury”) to provide taxpayers with “relief from tax deadlines” due to the impact of the...more
3/20/2020
/ C-Corporation ,
Coronavirus/COVID-19 ,
Federal Taxes ,
Filing Deadlines ,
Income Taxes ,
IRS ,
Tax Deferral ,
Tax Liability ,
Tax Penalties ,
Tax Planning ,
Tax Relief ,
Tax Returns ,
Trump Administration ,
U.S. Treasury
New York Attorney General Barbara Underwood and New York Governor Andrew Cuomo announced today that the state of New York, joined by the states of Connecticut, New Jersey and Maryland, have instituted a lawsuit against the...more
7/18/2018
/ 16th Amendment ,
Constitutional Challenges ,
Federal Taxes ,
Governor Cuomo ,
Income Taxes ,
IRS ,
Itemized Deductions ,
SALT ,
Secretary of the Treasury ,
State Attorneys General ,
State Taxes ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tenth Amendment ,
Trump Administration
Charitable organizations work hard to maintain exempt status. These organizations operate in a highly regulated landscape: In exchange for enjoying freedom from income taxes, they must comply with strict organizational and...more
3/28/2018
/ Business Taxes ,
Charitable Donations ,
Charitable Organizations ,
Colleges ,
Endowment Funds ,
Estate Tax ,
Excise Tax ,
Executive Compensation ,
Fringe Benefits ,
Gift Tax ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Itemized Deductions ,
Standard Deduction ,
Tax Benefits ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Exempt Entities ,
Tax Exemptions ,
Tax Planning ,
Tax Reform ,
Trump Administration ,
Universities ,
Unrelated Business Income Tax
The Tax Cuts and Jobs Act (“TCJA”) creates the need for tax planning with respect to several major life-changing activities individuals may encounter, including marriage, divorce, home ownership, casualty losses, medical...more
3/9/2018
/ Alimony ,
Alternative Minimum Tax ,
Child Tax Credit ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Itemized Deductions ,
Local Taxes ,
Medical Expenses ,
Mortgage Interest ,
Personal Exemptions ,
Standard Deduction ,
State Taxes ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Exemptions ,
Tax Liability ,
Tax Planning ,
Tax Rates ,
Tax Reform ,
Tax Refunds ,
Trump Administration
BACKGROUND -
The Tax Cuts and Jobs Act (“TCJA”) creates, modifies or eliminates a number of employment and employee fringe benefit related provisions of the Code. Both employers and employees need to be aware of these...more
2/28/2018
/ Affordable Care Act ,
Compensation & Benefits ,
Covered Employees ,
Deferred Compensation ,
Employee Relocations ,
Fringe Benefits ,
Income Taxes ,
Individual Mandate ,
Internal Revenue Code (IRC) ,
IRS ,
Meal and Entertainment Expenditures ,
Medical Leave ,
Paid Family Leave Law ,
Pre-Employment Agreements ,
Repeal ,
Tax Benefits ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Reform ,
Transportation Costs ,
Trump Administration
BACKGROUND -
The Tax Cuts and Jobs Act (“TCJA”) adopted a new 20% deduction for non-corporate taxpayers. It only applies to “qualified business income.” The deduction, sometimes called the “pass-through deduction,” is...more
1/30/2018
/ Business Income ,
Business Taxes ,
C-Corporation ,
Compensation ,
Deduction Limitations ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Landlords ,
Limited Liability Company (LLC) ,
Pass-Through Entities ,
Property Owners ,
S-Corporation ,
Shareholders ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Penalties ,
Tax Reform ,
Threshold Requirements ,
Trump Administration ,
W-2 ,
Wage and Hour
BACKGROUND/PRIOR LAW -
PartnershipUnder IRC § 708(a), a partnership is considered as a continuing entity for income tax purposes unless it is terminated. Given the proliferation of state law entities taxed as partnerships...more
1/23/2018
/ Business Assets ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Limited Liability Company (LLC) ,
Limited Liability Partnerships ,
Mergers ,
Partnerships ,
Repeal ,
Reporting Requirements ,
Tax Cuts and Jobs Act ,
Tax Planning ,
Tax Reform ,
Termination ,
Trump Administration
As indicated at the end of 2017, I intend to provide our readers with an in-depth review of the Tax Cuts and Jobs Act (“TCJA”). With the help of two of my colleagues, Steven Nofziger and Miriam Korngold, we will do this in a...more
On April 11, 2017, we discussed what constitutes Tax Reform. On April 24, 2017, we explored the process by which Tax Reform will likely be created by lawmakers. In our May 3, 2017 blog post, we focused on the likely timing...more
5/19/2017
/ Alternative Minimum Tax ,
Anti-Avoidance ,
Business Taxes ,
Carried Interest ,
Corporate Taxes ,
Estate Tax ,
Gift Tax ,
Income Taxes ,
International Tax Issues ,
Itemized Deductions ,
Manufacturers ,
Pass-Through Entities ,
Popular ,
Presidential Memorandum ,
Standard Deduction ,
Tax Rates ,
Tax Reform ,
Trump Administration
On April 11, 2017, we discussed what constitutes Tax Reform. On April 24, 2017, we explored the process by which Tax Reform will likely be created by lawmakers. In this blog post, we focus our attention on the likely timing...more
On April 11, 2017, we discussed what constitutes Tax Reform. In this blog post, we will explore the process by which Tax Reform will likely be created. After reading this post, if it seems to you that the legislative process...more
This is the first of a series of posts on Tax Reform. In this series, I will be covering: what Tax Reform means, the legislative process for enacting it, the likely timing of its arrival, the estate & gift tax and income tax...more