Recent Tax Court Ruling Provides a Big Win to Land Conservation Easements In recognition of the need to preserve the country’s heritage, Congress allowed an income tax deduction for owners of significant property who give up certain rights of ownership…
A Large Majority of Finance Leaders Expect a Hybrid Workplace Model in 2023 A large majority of North American finance leaders expect their company to feature a hybrid workplace model in 2023 and beyond, in part as a response to…
Myths About The Employee Retention Credit The employee retention tax credit (ERC) is overlooked by many organizations that might be eligible to take advantage of the credit, because it involves a complicated piece of legislation, and it can be difficult to…
SALT Workarounds Continue As New York Extends the Program to New York City With the restriction of state and local tax paid being included as part of the $10,000 tax limitation on personal income tax returns, many states have implemented…
IRS Announces that Hurricane Ian Victims Qualify for Tax Extensions to Feb. 15 The IRS has extended tax filing deadlines to February 15, 2023, for individuals and businesses throughout Florida in response to the destruction and displacement wrought by Hurricane…
When Does Owning or Managing Rental Real Estate Make You a “Real Estate Professional?” Rental activities are, per se, passive. Passive activity loss (“PAL”) rules limit the ability to offset net losses from passive activities (like rental income) against other nonpassive…
Deadline to Qualify for IRS Expanded Penalty Relief is September 30th IRS Notice 2022-36 provides welcome penalty relief for taxpayers who have failure-to-file penalties and certain information return penalties for tax years 2019 and 2020. Taxpayers do not have to…
The RPT; A Deferred Compensation Platform That Offers Tax-Free Distributions to Business Owners The Restricted Property Trust (RPT) is an employer-sponsored plan that is an attractive alternative and/or supplement to deferred compensation plans for successful business owners who wish to…
IRS Offers Penalty Relief to Most Late Filers of 2019 and 2020 Tax Returns The Internal Revenue Service is providing penalty relief to most individual and business taxpayers who filed their 2019 or 2020 returns late due to the COVID…
New York Enhances SALT Cap PTET Workaround for Pass-Throughs; Will Include PTET for NY City New York State is expanding a tax break that allows smaller companies to circumvent the $10,000 limit on state and local tax deductions from the…