To avoid the manipulation of tax consequences to which transactions between certain related taxpayers may be susceptible, the IRS and the Courts generally require that such transactions be closely scrutinized to ensure that...more
12/2/2022
/ Arms Length Transactions ,
Capital Distributions ,
Capital Gains ,
Closely Held Businesses ,
Fair Market Value ,
Internal Revenue Code (IRC) ,
IRS ,
Like Kind Exchanges ,
Limited Liability Company (LLC) ,
Partnerships ,
Tax Avoidance
Some folks eagerly await the release of a new album. Others camp outside of big box retailers to get the jump on holiday gifts. There are those who line up at box offices to purchase tickets for a concert that is months away....more
11/11/2022
/ Estate Tax ,
Federal Budget ,
Financial Adviser ,
Gifts ,
Grantor Trusts ,
Green Book ,
Internal Revenue Code (IRC) ,
IRS ,
Priority Guidance Plan ,
Tax Advice ,
Trusts ,
U.S. Treasury ,
Ways and Means Committee
“Show Me the Money”-
Much has been written in recent months about how well the investment portfolios of private foundations have performed over the last several years.
For example, a study conducted by the Council on...more
10/12/2022
/ Bipartisan Budget Act ,
Business Income ,
C-Corporation ,
Charitable Organizations ,
Closely Held Businesses ,
Distribution Rules ,
Donor-Advised Funds (DAFs) ,
Internal Revenue Code (IRC) ,
Investment Portfolios ,
IRS ,
Private Foundations ,
Required Minimum Distributions ,
S-Corporation ,
Tax Deductions ,
Tax Liability
The Housing Market-
During the first quarter of 2022, the housing market accounted for 16.7 percent of gross domestic product (“GDP”). This figure represents a return to historic norms following the substantial reduction...more
6/15/2022
/ Affordable Housing ,
Capital Gains ,
GDP ,
Great Recession ,
Housing Market ,
Internal Revenue Code (IRC) ,
Inventory ,
Limited Liability Company (LLC) ,
Mortgages ,
Real Estate Brokers ,
Real Estate Development ,
Real Estate Investments ,
Real Estate Market ,
Tax Court ,
Tax Returns
The 2023 Budget-
Last week, the New York Legislature passed the State’s 2022-2023 Budget. The $220 billion Budget reflects an $8 billion increase over last year’s budget (a more than 3 percent jump). It is also $4 billion...more
4/13/2022
/ Cannabis-Related Businesses (CRBs) ,
Controlled Substances Act ,
Decriminalization of Marijuana ,
Federalism ,
Financial Services Industry ,
Financial Stimulus ,
Internal Revenue Code (IRC) ,
IRS ,
Medical Marijuana ,
Pass-Through Entities ,
Popular ,
State Budgets ,
State Taxes ,
Tax Revenues
Go After Real Estate?
During the 2020 presidential campaign, there was one segment of the “rich” for which then-candidate Biden seemed to have reserved some of his harshest criticism – wealthy real estate investors....more
5/11/2021
/ Capital Gains ,
Estate Tax ,
Income Taxes ,
Installment Agreements ,
Internal Revenue Code (IRC) ,
Investment Property ,
Joe Biden ,
Like Kind Exchanges ,
Political Campaigns ,
Real Estate Investments ,
S-Corporation ,
Step-Up Basis ,
Tax Increases ,
Tax Planning
In advance of the President’s address to Congress this evening, the White House this morning released a summary of Mr. Biden’s proposed changes to the Internal Revenue Code. These changes, together with his previously...more