Category: Tax Planning & Controversy

New York State has enacted a new surcharge on certain high-value residential properties in New York City that are not used as a qualifying primary residence. Commonly referred to as the "pied-à-terre" tax, the surcharge is administered by the New York City Department of Finance and is designed to generate additional revenue from luxury homes...

When business owners think about mergers and acquisitions, the focus is usually on valuation, growth opportunities, and getting the deal across the finish line. Buyers are often focused on strategic expansion, market share, or operational synergies, while sellers are thinking about liquidity, retirement, or the next stage of their business journey. What frequently receives less...

It’s that time of year when you may be thinking…my tax return (or extension) has been filed, but I cannot pay the balance due. What should I do?  If you haven’t filed a return or extension, a return or extension should be filed as soon as possible. Many taxpayers assume that they should wait to...

Weather motivates some; politics motivates others; the ability now to work remotely and spend less on housing costs is also often cited as a reason for wanting to leave… and… yes… taxes are a significant factor in people’s desire to head elsewhere. Whatever the reason, the migration out of NY is significant and likely will...

On June 21, 2019, the U.S. Supreme Court unanimously decided North Carolina Department of Revenue v. Kimberley Rice Kaestner 1992 Family Trust, holding that The Due Process Clause does not permit a state to tax a trust’s income when the state’s only connection to the trust is the residence of a trust beneficiary. Kimberley Rice...

On May 29, 2019, the New York State Department of Taxation and Finance released Technical Memorandum TSB-M-19(1)S highlighting some of the Sales and Use Tax changes enacted in the 2019-2020 NYS Budget. One such item is the extension of the segregated accounts program through December 31, 2024. The NYS Tax Department encourages all sales tax...

As the April 15th deadline for filing 2018 income tax returns draws near (April 17th for Maine, Massachusetts and the District of Columbia), many taxpayers may face a situation in which they do not have the funds available to pay the taxes due on their returns. This situation will be even more common than usual...

Sales tax….no one likes collecting it and no one likes paying it. How many times have you heard a business owner say “but if you pay me cash…” How many times has a business owner said my customers won’t agree to pay sales tax because the store next door is not charging it? We’ve all...

As enacted by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 and made a permanent part of the Internal Revenue Code by the American Taxpayer Relief Act of 2012, “Portability” allows a surviving spouse to utilize the unused portion of the Federal Estate tax exemption of their deceased spouse (the Deceased...