Insight

Back in April, many Americans (about one in 10 filers), asked for and received a six month extension to file their 2018 federal income tax returns. The new deadline is today, October 15th. The New York Times caught up with MWE partner Lance Christensen to learn more information about the new deadline and what…

Fewer people currently are subject to transfer taxes than ever before. But gift, estate and generation-skipping transfer (GST) taxes continue to place a burden on families with significant amounts of wealth tied up in illiquid closely held businesses. Fortunately, Internal Revenue Code Section 6166 provides some relief, allowing the estates of family business owners to…

Be better prepared for the upcoming state and local trick or treat season by joining MWE’s director of SALT, Joseph Pizzimenti, Esq., on Wednesday, 10/30 for a complimentary webinar. Joe will be giving updates on the Wayfair decision, what’s hot in SALT, and what to expect next. Attendees will earn one and a half…

The growing cannabis industry has piqued the interest of many business owners and investors who predict it could become a multi-billion dollar industry. Legal developments bolster this enthusiasm, as more than 30 states and the District of Columbia have thus far legalized marijuana for medical and/or recreational purposes. Varying state laws, however, are slowing overall…

September highlights from The MWE Advisor: Tax implications of refinancing your home; Reviewing bonus depreciation options for your business.

Yesterday, a Manhattan judge dismissed a lawsuit filed by four states including New York and New Jersey, saying that they failed to demonstrate that Congress exceeded its taxing authority when implementing the $10,000 cap on state and local tax deductions. After the news broke, Fox Business sat down with MWE SALT director Joseph Pizzimenti,…

Infographic: How to get (tax) credit for your home’s green energy upgrades.

According to a recent Bloomberg article, HILL TAX BRIEFING: House Tax Writers Consider SALT Change Today, several members of the House Ways and Means committee will be meeting soon to discuss the $10,000 limit on the State and Local Tax itemized deduction that was adopted as part of the Tax Cuts…

by: Michael Barg, Tax Supervisor as published in Law360 Lawyers across firms and organizations play a critical role in fostering a culture of compliance. Business meal and entertainment costs are one area where developing a strong compliance culture can help minimize the risk of an audit, assessment…

On September 3, 2019, the New York Department of Taxation and Finance issued three TSB-M announcements that summarize tax law changes adopted as the result of the State’s 2019-2020 Budget {“Budget”} that may affect New York taxpayers’ 2018 returns: TSB- M-19(3)C, Summary of Corporation Tax Budget Legislation Enacted in 2019 Read More

If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The third 2019 estimated tax payment deadline for individuals is Monday, September 16. Even if you do have some withholding from paychecks or payments you receive,…

As teachers head back for a new school year, they often pay for various expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct them on their tax returns. However, there are limits on this special deduction, and some expenses can’t be written off.

  Listen to real estate professionals as they discuss investing, financing and acquisition activity in Queens as well as market expectations for the coming year at Bisnow’s Long Island City & Queens Annual Conference. MWE partner John Schmuck will be moderating this lively conversation on September 26, 2019, at One Court Square…

Financial reporting generally focuses on the results of continuing operations. But sometimes businesses sell (or retire) a product line, asset group or another component. In certain situations, such a disposal should be reported as a discontinued operation under U.S. Generally Accepted Accounting Principles (GAAP). Starting in 2015, the rules changed, limiting the scope of transactions…

Infographic: Read this before you try to sell your business.

On July 17, the Financial Accounting Standards Board (FASB) voted to issue a proposal that would delay several landmark accounting rules for certain companies. If finalized, the deferral would apply to new guidance for reporting leases, hedging transactions, credit losses and long-term insurance contracts. Summary of the changes The following table summarizes key implementation date…

Years ago, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. And while the tax caused some families pain in the past, it has gotten worse today. That’s because the Tax Cuts and Jobs Act (TCJA) made…

Failure to collect accounts receivable (AR) in a timely manner can lead to a myriad of financial problems for your company, including poor cash flow and the inability to pay bills. Here are five effective ideas to facilitate more timely collections:

Infographic: How cost segregation studies help companies reduce taxes.

Many middle-market companies are feeling the squeeze this year. Even as sales remain steady, their gross margins have shrunk dramatically. In many cases, closer review of the financials reveals the cause to be an increase in material costs, spurred by the ongoing trade wars. In March 2018, the Trump administration imposed hefty tariffs on most…

Listen in as MWE SALT Director Joseph Pizzimenti, Esq., offers updates on what’s hot in State and Local Taxes, Wayfair, and what to expect next.

The new lease accounting rules represent one of the biggest changes in standards in a while – and management, statement users, accountants and auditors are working to understand and comply with them. Join MWE partner Paul Becht, CPA, and other accounting experts for this complimentary webinar as they discuss key conceptual differences from…

by: Michael Barg, Tax Supervisor E-commerce sites hold tremendous growth potential for small and mid-size businesses. Partnering with online marketplaces and facilitators can expand customer reach in ways traditional sales channels often can’t match. These new opportunities come with new challenges. In practical terms, an established New York-based business may sell products regionally and have nexus…

If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make matters worse, the penalty can be assessed personally against a “responsible individual.” If a business makes payroll tax payments late, there are escalating penalties. And…

According to experts, when Americans in high-tax states saw the impact of the $10,000 cap on state and local tax deductions on their returns this filing season, more and more began exploring the idea of moving to lower-tax states. Fox Business sat down with MWE SALT Director Joseph Pizzimenti, Esq., to talk about the…

Infographic: Read this before making plans for an inherited windfall.

as published in Trust and estate issues are always complex. While fiduciary and individual income tax matters in the past have generally been dissimilar, the new tax law compounds the differences. In contrast to individuals, trusts and estates can still claim certain deductions between now and 2025 that will save…

Due to the massive changes in the Tax Cuts and Jobs Act (TCJA), the 2019 filing season resulted in surprises. Some filers who have gotten a refund in past years wound up owing money. The IRS reports that the number of refunds paid this year is down from last year — and the average refund…

as published in When the Tax Cuts and Jobs Act was enacted in 2017, it was largely heralded as a good move for real estate owners and developers across New York state (NYS). However, two new provisions within the law have created unusual dynamics for this group – with one change that may not be…