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Charitable Donation Substantiation

The Strict Requirements of the Contemporaneous Written Acknowledgement (“CWA”) Background In our last article, we discussed donations of appreciated property. As was mentioned previously, charity is a very important and...

Step Up in Tax Basis – S Corp vs Partnership

Exploring Distinct Characteristics of these Entity Types and the 338(h)(10) Election That Bridges the GAP! Background In the tax world, the Partnership structure is viewed as the aggregate of its...

Donations of Appreciated Property

Exploring the so-called DOUBLE Benefit! Since its introduction to the tax code in the early history of US tax legislation, charity was, and still remains, an important and integral feature...

New NYS Consumer Protection Disclosure Law and How it Affects Your Business

NY General Business Law § 518 Effective this past Sunday February 11, 2024, there are new disclosure requirements for businesses that accept credit card payments in connection with the sale...

Tax Benefits and Detriments of Hiring Family Members

Tax Benefits and Detriments of Hiring Family Members Social media is abuzz with armchair tax professionals that are promoting the tax savings technique of putting family members on payroll. Let’s...

Fasten Webinar on Entity Types and Versatility of the LLC

Learn which entities are best for your business formation, especially with regards to real estate.

Important HR Updates for Companies Hiring in NYC

As a trusted business advisor and partner, we strive to bring any matter of business to your attention. NYC recently enacted the salary transparency provisions to the New Yok City...

IRS Penalty Relief

IRS is Granting Penalty Relief for Tax Years 2019 and 2020 On August 23, 2022 the IRS released Notice 2022-36 granting penalty relief with respect to certain tax filings for the 2020...

Inflation Reduction Act (IRA) of 2022

A Brief Summary of the Tax Provisions in the new Budget Reconciliation Bill Making its Way through Congress Overview Senate democrats have passed a new bill to address rising inflation as...

FAQs Related to State Pass-Through Entity Tax Elections

Introduction Recently, there has been a significant uptick in the number of questions surrounding the tax considerations of deducting state pass-through entity (PTE) taxes for the 2021 tax year. As...