Articles in Tax

Telecom Tax Ceilings in NYS – Inventory Filing Deadline Is April 30, 2019

Posted

Further to our client alert from January, regarding the Court of Appeals’ decision in the T-Mobile case, it has come to our attention that the NYS Office of Real Property Tax Services (ORPTS) has begun to issue telecom ceiling determinations which include certain telecom assets (including fiber) that are now considered taxable real property as a result of that decision. ORPTS has also notified Read More

Section 301 Tariffs Might Extend Beyond China to the EU

Posted

On April 12, 2019, the Office of the United States Trade Representative (USTR) published in the Federal Register a notice, Initiation of Investigation; Notice of Hearing and Request for Public Comments: Enforcement of U.S. WTO Rights in Large Civil Aircraft Dispute.1 The investigation could lead to the U.S. imposing tariffs on new, non-military helicopters, fuselages, undercarriages and civil aircraft parts from France, Germany, Read More

Opportunity Zone Update: New Proposed Regulations Released

Posted

The United States Treasury Department released on Wednesday long-awaited new proposed regulations (“New Regulations”) to the Opportunity Zone Program, a tax incentive program created by the Tax Cuts and Jobs Act of 2017. The Opportunity Zone Program was designed to increase investment in certain economically distressed communities designated as “Opportunity Zones” by providing tax incentives to investors that reinvest gains Read More

Opportunity Zone Program Offers Attractive Tax Benefits for Long-Term Investors

Posted

The Opportunity Zone program was created as a provision of the Tax Cuts and Jobs Act of December 2017. The program was developed with the intent to help encourage investment in economically distressed communities – called qualified opportunity zones (QOZs) – by allowing taxpayers to invest realized capital gains in qualified opportunity funds (QOFs). Investors in QOFs are granted both Read More

NAFTA May Be Replaced by USMCA: What Would That Mean for Your Taxes?

Posted

On September 30, 2018, representatives from Canada, Mexico and the United States of America (the “U.S.”), announced that after thirteen months of intense negotiations, the three countries reached a preliminary agreement. This agreement revises the terms of the North American Free Trade Agreement (“the NAFTA”). The full text of the proposed agreement was published by the U.S. government on October Read More

Changes Overseas Investors in UK Property need to know about

Posted

There are a number of changes that overseas investors need to know about if they hold UK property. The first relates to the introduction of capital gains tax (“CGT”).  Unlike many jurisdictions, foreign owners have not had to pay tax on UK property gains.  This is set to change from April next year.  From April CGT will apply to gains Read More

A New Zone of Opportunity – Worth the Investment

Posted

Patrick T. Fitzgerald Authors Article for Buffalo Business First It’s no secret that last December, President Donald Trump was undertaking significant efforts to have the Tax Cuts and Jobs Act of 2017 (“Act”) passed by Congress. Like other major federal legislation reform efforts that had come before it, the Act included certain provisions establishing new (or revising existing) programs that Read More

SOME KEY CONSIDERATIONS FOR THE PRUDENT PROSPECTIVE YACHT PURCHASER

Posted

Most of us only dream of purchasing that ultimate symbol of freedom and luxury—the ocean-going yacht. If that floating fantasy is now within your reach and desire for fulfillment, you have much to consider and decide, especially if you are new to boating. Careful consideration of your purchasing options, resources, and legal issues using appropriate professional assistance will go a Read More

IS THAT PAYMENT TAXABLE? 5 KEY TAX FACTS ALL EMPLOYERS SHOULD KNOW

Posted

There is no end to the creativity employers bring to the task of providing benefits and rewards to current and former employees, and that creative thinking is often applied with the intent of reducing or avoiding tax liability to the employee.  Whether it is a carefully crafted severance agreement (great idea!!), a convoluted deferred compensation plan, or a purported gift Read More

ICE Form I-9 Compliance Investigations in the Trump Era

Posted

Employer liability for Form I-9 violations can range from $220.00 - $2,191.00 per Form I-9 with violations. Last month, the United States Immigration and Customs Enforcement (“ICE”), which is charged with enforcing I-9 Employment Eligibility Verification compliance, raided nearly one hundred (100) 7-Eleven stores across the country, including stores in New York, New Jersey and Pennsylvania. ICE served inspection notices, Read More