Can a Partnership’s Payment to a Partner for Services Not Be Treated as Such...
Memory Lane You may recall how clear it became, as the bill that would become the Tax Cuts and Jobs Act (“TCJA”)[i] moved through Congress in late 2017, that C corporations were about to realize a...
View ArticleNew York: Deficits, Taxes and 2021
Only 347 Days to Go What a year it has already been, and we are just beginning the third full week of 2021. The Democrats swept Georgia, thereby giving that Party a majority in the U.S. Senate and...
View ArticleTaxes In New York’s FY 2022 Budget
Budget Time in New York Last week, we reviewed some of the tax measures discussed by Governor Cuomo in his report on the State of the State, and how they may affect New York businesses and their...
View ArticleTurning a Hobby into a Business And into Tax Trouble
“Find a Hobby” Over the years, many colleagues, friends and family who have observed my work habits have suggested, with the best of intentions, that I find a “hobby,” by which they mean something...
View ArticleBudget Resolutions, Reconciliation and Tax Increases: Is it Time for the...
Procedural Mumbo Jumbo? [i] Remember your civics class in elementary school? * * * . What’s that? Not really. * * *. Doodling, you say? * * * . The principal’s office? OK, what about high school social...
View ArticleStatutory Residence for the “Former” New Yorker
“Tax the Rich” in N.Y. Over the last few months, we’ve considered on several occasions how Albany may respond to the fiscal crisis arising from the pandemic and the ensuing reduction in economic...
View ArticleThe Biden Presidency: How Will Cannabis Business Be Taxed?
Wither the Weed? It has been one month since Mr. Biden’s inauguration as President of the United States. Among the many questions being asked of President Biden is whether he will seek the...
View ArticleLeaving New York? Plan for the Taxation of Deferred Compensation
Into the Fire Let’s play a game of “Guess Who?”[i] Here are the clues: the legislature has called for an investigation into his mishandling of the crisis brought on by the pandemic,[ii] he has stated...
View ArticleCorporate Tax Hike on the Horizon: Using Reasonable Compensation to Withdraw...
Corporate Rate Increase? We begin this week with the Senate having passed the President’s $1.9 trillion coronavirus relief and economic stimulus plan (the “American Rescue Plan”[i]) following a...
View ArticleHow Dealings between Related Parties Doomed a Captive Insurer
Insurance: What is it? How does it work? Assume that Acme Co[i] is paying premiums for commercial insurance[ii] coverage to protect itself from economic losses that may arise out of various events....
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