Turning 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 ArticleLou Vlahos Quoted in Forbes’ Recent Article on Proposed Wealth Tax Act
Tax Law for the Closely Held Business blog author Lou Vlahos was quoted in Peter J. Reilly’s March 4 Forbes column “Wealth Tax Act Would Double IRS Enforcement Budget—And Other Details From Sen....
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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