The New York State Department of Taxation and Finance has issued guidance on the recently enacted New York Pass-Through Entity Tax. Technical Memorandum, “Pass-Through Entity Tax,” TSB-M-21(1)C, (1)I (N.Y.S. Dep’t of Taxation...more
On April 19, 2021, New York Governor Andrew Cuomo signed into law legislation that creates a New York Pass-Through Entity Tax, effective for tax years beginning on or after January 1, 2021. This consequential tax legislation,...more
In a recent announcement (Notice 2020-46), the Internal Revenue Service (“IRS”) provided guidance to employers for how to exchange employee elections to forego vacation, sick, or personal leave for cash payments that the...more
On April 30, 2020, the Internal Revenue Service (“IRS”) published Notice 2020-32, which provides that no deduction is allowed for federal income tax purposes for an expense that is otherwise deductible if the payment of the...more
The Internal Revenue Service (“IRS”) has broadened the scope of taxpayers who ordinarily would have been required to meet a filing or payment federal tax deadline between April 1, 2020 and July 15, 2020. Those taxpayers now...more
Recently enacted legislation related to COVID-19 allows an eligible employer to claim tax credits if the employer is required to pay certain sick or family leave wages to employees who are unable to work due to circumstances...more
On March 27, 2020, the Federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) in the wake of the coronavirus (“COVID-19”) pandemic. The CARES Act, in part, provides relief to...more
3/31/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Financial Stimulus ,
Income Taxes ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
On March 18, 2020, the U.S. Senate approved by a 90-8 margin the Families First Coronavirus Response Act, which was passed earlier in the week by the U.S. House of Representatives (“HR 6201” or the “Act”). The bill was signed...more
On December 20, 2017, Congress passed its comprehensive tax reform bill, the Tax Cuts and Jobs Act (“the Act” or “the Bill”), which was signed into law by President Trump on December 22, 2017. The Bill represents one of the...more
2/21/2018
/ Business Income ,
Business Taxes ,
Capital Gains ,
Corporate Taxes ,
Income Taxes ,
Pass-Through Entities ,
S-Corporation ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Rates ,
Tax Reform
Action Item: The recently enacted PATH Act contains key tax provisions for businesses and individuals alike, including permanently expanding Section 179 of the Internal Revenue Code; extending the availability of...more
Blank Rome’s annual estate planning newsletter discusses certain concepts and techniques that we hope may be of interest to our clients and friends....more
1/27/2015
/ Digital Assets ,
Durable Power of Attorney ,
Employee Benefits ,
Estate Tax ,
Family Limited Partnerships ,
FATCA ,
FBAR ,
FDIC ,
Foreign Bank Accounts ,
Gift Tax ,
GST ,
Health Insurance Portability and Accountability Act (HIPAA) ,
QTIP Trusts ,
Revocable Trusts ,
Same-Sex Marriage ,
Tax Planning ,
Transfer Taxes