Features
Ezra Dyckman
&
Charles S. Nelson
The proposed regulations would disallow basis adjustments in many non-abusive scenarios where those basis adjustments are necessary to achieve tax results that correspond to economic reality.
Features
Jeffrey A. Galant
Business owners, among their numerous tasks, should seek to minimize income taxes as they would any other expense, of course accommodating to the extent necessary the needs of their business. In this regard, building a documentary record to support the various tax positions being taken may preserve an income tax deduction that otherwise would be lost
Features
Julie Potts
While the IRS has new ERC claims on pause and works to investigate possible fraud, business owners still have the opportunity to protect themselves from potential civil and criminal penalties.
Features
Louis Guay
Whether acquiring, constructing, or remodeling a real estate property, cost segregation remains one of the most powerful strategies to simultaneously optimize cash flow and taxes.
Features
Cameron Macdonald
Litigation pending in the Suffolk County Supreme Court is challenging fees charged for tax map verifications on real estate instruments filed with the county clerk as unauthorized taxes.
Features
Cameron Macdonald
Local governments have significant leeway to charge fees for services they provide their residents. But fee revenue sources can be attractive options for those local governments needing to fill budget gaps without raising taxes.
Features
Jonathan Weinberg
Law firms have traditionally been large consumers of contract labor for a variety of purposes. These workers are traditionally classified as independent contractors, issued a 1099 and treated as ineligible for employee benefits. In recent years, many states have started to adopt the "ABC" test to determine whether a worker should be classified as an independent contractor or an employee.
Features
Stan Soocher
Structuring finances for independent film productions isn't for the faint of heart, especially where there are multiple entities formed in different states involved in the productions; loans involving different entity members; and efforts on tax returns to deduct net operating losses (NOLs).
Features
Jeremy H. Temkin
In Polselli v. Internal Revenue Service, the U.S. Supreme Court unanimously refused to limit the IRS's ability to issue summonses without notice to situations in which it seeks records of accounts in which a delinquent taxpayer has an interest. This article discusses the court's decision, Justice Jackson's concurring opinion, and the potential for future challenges to the IRS's issuance of summonses without notice.
Features
Jonathan Weinberg
As a result of the TCJA, the owners of pass-through entities are limited in the amount of state and local taxes they can deduct on their Federal income tax return. In response, over 25 states have enacted pass-through entity tax regimes, which allow the owners of law firms to preserve their state and local tax deduction on their income from the law firm.
