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Important Tax Update

March 20, 2020

We want to keep you up to date on developments affecting your tax situation during the ongoing health crisis. Please remember that the situation is fluid and things may change rapidly. Postponement of April 15 filing deadline: IRS announced that the April 15 filing deadline will be pushed back to July 15 for all income tax returns. It is not necessary to file an extension. An additional extension of time to October 15 can be requested by July 15. Postponement of tax payments:  The IRS has provided tax payment relief for any person with a federal income tax payment due […]

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Key Provisions Under the SECURE Act

January 2, 2020

The “Setting Every Community Up for Retirement Enhancement” Act (the SECURE Act), which is part of the Further Consolidated Appropriations Act, 2020 (P.L. 116-94) signed into law by the President on December 20, significantly modifies many requirements for employer-provided retirement plans, individual retirement accounts (IRAs), and other tax-favored savings accounts. Congress recently passed-and the President signed into law-the SECURE Act, landmark legislation that may affect how you plan for your retirement. Many of the provisions go into effect in 2020, which means now is the time to consider how these new rules may affect your tax and retirement-planning situation. Here […]

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Qualified Opportunity Zone Funds

December 4, 2019

The 2017 Tax Cuts and Jobs Act initiated a program designed to spur economic growth and development in distressed communities designated as Qualified Opportunity Zones (QOZ). The program provides substantial tax benefits to taxpayers who invest eligible capital gains into Qualified Opportunity Funds (QOF), which can be organized as partnerships or corporations, as long as all requirements defined in the regulations are satisfied. Below are the major highlights of the program: To qualify for the program, investors must have eligible capital gains, which include short-term capital gains, long-term capital gains, net section 1231 gains, and certain gains under section 1256 […]

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New York State’s Fiscal Year 2019-2020 Budget Bill

May 8, 2019

On April 12, 2019, Governor Cuomo signed the New York State (“NYS”) Fiscal Year 2019-2020 Budget Bill (“Bill”) which extends some previously enacted changes as well as adding new provisions. Discussed below are the major highlights of the Bill. PERSONAL INCOME TAX Extension of the Millionaire’s Tax: The top NYS personal income tax bracket of 8.82% was scheduled to expire after 2019. The Bill extends the “Millionaire’s Tax” for five years, through 2024. Extension of Charitable Contribution Deduction Limitation: Currently, the NYS itemized charitable deduction is limited to 50% of the federal deduction for individuals with adjusted gross income (“AGI”) […]

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Final Regulations Under IRC Sec. 199A

February 12, 2019

Introduction On January 18, 2019, the Treasury Department finalized regulations that were issued in proposed form in August 2018 under Section 199A, which deals with the new 20% deduction for “Qualified Business Income” (QBI). They also issued Notice 2019-7, which contains a proposed revenue procedure providing a safe harbor for treating rental real estate enterprises as qualified businesses and issued new proposed regulations dealing with suspended losses, RICs, and certain trusts. Following is a question-and-answer discussion of the key provisions in the new guidance. 1. Specified Service Trade or Business (SSTB) Unless the taxpayer’s income is under the $157,500/$315,000 threshold, […]

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New York State’s Treatment of Certain Federal Tax Cuts and Jobs Act (TCJA) Provisions

February 4, 2019

The TCJA brought about many federal changes to both personal and business taxes. Many states starting point in determining taxable income is federal income which lead them to decouple from certain changes. New York State (NYS)  is one of them. With respect to personal income tax, the NYS Department of Taxation and Finance has put out guidance highlighting its tax treatment of various federal items of income, deductions and credits. Specifically, it issued TSB-M-18(6). Below are the highlights: Personal Tax Income Alimony or separate maintenance payments NYS opted not to follow changes made by the TCJA to the treatment of […]

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Partnership Audit Rules

November 20, 2018

Overview of the New Audit Rules Under the new streamlined audit approach, the IRS will audit the partnership’s items of income, gain, loss, deduction, credit and partners’ distributive shares for a particular year of the partnership (the “reviewed year”). Any adjustments will be made at the partnership level and taken into account by the partnership in the year that the audit or any judicial review is completed (the “adjustment year”). In a significant departure from previous rules, the general rule is that an “imputed underpayment” will be assessed and collected at the partnership level. An adjustment that does not result […]

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Meal Deductibility Under New IRS Guidance

October 4, 2018

The IRS has just issued long-awaited guidance regarding the deductibility of business meals under the Tax Cuts and Jobs Act of 2017. The Act fully eliminated the deductibility of entertainment expenses, while most business meals continue to be 50% deductible. However, it was not clear how this affected meals related to entertaining clients, referral sources, etc. IRS Notice 2018-76 provides that taxpayers may deduct 50% of an otherwise allowable business meal expense if: The expense is an ordinary and necessary expense under §162(a) paid or incurred during the taxable year in carrying on any trade or business; The expense is not […]

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Not-For-Profits ( NFP ) Accounting Changes – Are You Ready?

August 30, 2018

Since 1993, targeted financial reporting standards for Not-For-Profit (“NFP”) organizations  have been relatively unchanged. However, FASB’s soon to be effective ASU 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial statements of Not-for-Profit Entities (“amendments”), contains significant targeted changes and enhancements to the NFP financial reporting model. These amendments change the presentation and disclosure requirements (qualitatively and quantitatively) for several NFP areas such as: (i) reduction in net asset classes (ii) reporting on functional expenses (iii) disclosure of liquidity, flexibility and availability of financial resources, and (iv) several other areas. Transparency, disaggregation, modernization and understanding liquidity were the underlying themes for […]

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Quality of Earnings Reports

August 27, 2018

It is clear that the economy is growing stronger and investment dollars are flowing more freely, particularly in certain industries such as HealthCare. Accordingly, many enterprises are evaluating if they should sell their business or expand through acquisitions. Human nature is to explore the sell side first. However, no matter which side of the fence an enterprise is on (i.e., buyer, seller, or in the process of determining which side their enterprise should be on), relying on an external professional analysis is one of management’s most valuable tools to help arrive at an answer and to provide third party comfort […]

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