Feb 4, 2021 | Firm Updates, Tax Tips
Qualified Opportunity Funds (QOFs) were created as part of the Tax Cuts and Jobs Act of 2017 in order to provide tax incentives to investors who invest capital gains in economically distressed communities. A QOF is defined as an investment vehicle organized as a...
Dec 21, 2020 | Firm Updates, Individual Tax, Tax Tips
The purpose of the kiddie tax is to prevent the abuse of transferring income-generating assets to your children in order to benefit from lower tax rates. Per the Internal Revenue Service, the kiddie tax applies if: The child has unearned income, such as interest and...
Dec 10, 2020 | Firm Updates, Tax Tips
President-Elect Joe Biden has proposed reducing the lifetime estate and gift tax exclusion. Whether you should act now to preserve the larger current exclusion depends on your personal situation. The lifetime estate and gift tax exclusion is higher than it has ever...
Oct 26, 2020 | COVID-19 Response, Firm Updates, Individual Tax, Small Business, Tax Tips
Working from home, or telecommuting has become a standard work practice amidst the coronavirus pandemic. Employers with employees who are working in states other than the state in which the company is physically present must be aware of a variety of problems related...
Jun 12, 2020 | Firm Updates, Tax Tips
In March, New York State released N-Notice N-20-2 which moved the traditional first estimated payment due date of the year of April 15, 2020, to July 15, 2020. Considering the traditional second estimated payment due date of June 15, 2020, the timing of these two due...
Jan 28, 2020 | Firm Updates, Tax Tips
A guaranteed payment is a payment by the partnership that is made without regard to the income of the partnership (meaning the payment is guaranteed even if the partnership doesn’t have a profit). The partnership’s deduction for guaranteed payments will reduce the...
