Articles in Tax

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

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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

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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

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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

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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

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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

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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

Understanding the Section 232 National Security Tariffs on Steel and Aluminum

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Three months after taking office, as part of his “America First” policy, President Trump directed U.S. Department of Commerce Secretary, Wilbur Ross, to undertake an investigation under Section 232 of the Trade Expansion Act of 1962, as amended, of whether imports of steel and aluminum (including downstream products) threaten the national security of the United States. Secretary Ross complied with Read More

POST U.S. TAX REFORM, WHAT CORPORATE STRUCTURE IS RIGHT FOR YOU?

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Given a range of changes made to the Internal Revenue Code by the Tax Cuts and Jobs Act of 2017—which we’ll call the “Tax Act” for short—many privately held businesses are reconsidering their current corporate structure. The new law enacted a number of substantial changes, leading CEOs and in-house counsel to wonder whether it is more advantageous to conduct their Read More