Tax Pitfalls for Foreign Owners of U.S. Real Property Many nonresident aliens invest in U.S. real estate which can be complicated from a tax perspective. These complications include potential U.S. estate tax exposure as well as income and information reporting…
Incentive Stock Options (ISOs) vs Non-Qualified Stock Options (NSOs); A Comparative Analysis Stock options are one of the most common forms of equity compensation that a company can use to incentivize its workforce. When a company issues options to US employees, there…
Hiring a Family Member in Your Business; Some Benefits and Drawbacks A majority of American small businesses are family-owned and many business owners welcome the prospect of keeping their businesses operating within the family unit. While hiring family members can…
Crowdfunding Complexities May Produce Tax Surprises Crowdfunding is the solicitation of money from a large number of people through the internet for charitable or entrepreneurial purposes. Crowdfunding has become increasingly popular during the past decade, sometimes resulting in taxable income…
IRS Audit Rates Plummet, Especially for the Wealthy. Average Rate is Currently 0.25% The Internal Revenue Service has been auditing fewer taxpayers since 2010, according to a new report, but audit rates have been plunging the most for higher-income taxpayers.…
New York State Extends Pass-Through Entity Election Date New York has extended the deadline for making the pass-through entity election from an initial deadline of March 15th to September 15 for the 2022 tax year. The law requires that electing…
Employee Incentive Compensation Plans In the current highly competitive marketplace for employee talent, many companies are seeking ways to recruit, retain and incentivize key employees. A properly designed incentive compensation plan can accomplish these objectives while aligning the interests of…
Key Business and Individual Tax Provisions from the Biden Administration’s Proposed Budget for Fiscal Year 2023 The Biden Administration proposed $5.8 trillion budget for the fiscal year 2023 includes the following key business and individual proposed tax provisions: BUSINESS TAXATION…
Additional EIDL Funding Available for a Limited Time The SBA has reopened applications for those businesses who have already applied for and received an Economic Disaster Loan (EIDL) who may be interested in receiving additional financing before the program runs…
New York Credits and Incentives for Businesses Included in 2022-2023 Budget On April 11, 2022, New York State Governor Kathy Hochul signed into legislation the more than $220 billion 2022-2023 fiscal year budget package. The budget includes the creation, extension…