Legal Updates & Commentary for Tax & Estate Planning
Over the last few months, we’ve considered on several occasions how Albany may respond to the fiscal crisis arising from the pandemic and the ensuing reduction in economic activity. These circumstances have placed an incredible strain upon the State’s various social safety nets,[i] as many individuals find themselves in…
Last week, we reviewed some of the tax measures discussed by Governor Cuomo in his report on the State of the State, and how they may affect New York businesses and their owners.[i] Today, we’ll take a look at just a few of the “revenue provisions” included in Mr.…
“Good fences make good neighbors,” or so Robert Frost’s neighbor from “beyond the hill” says to him when “on a day” they “meet to walk the line and set the wall between” them “once again.” The neighbor repeats this proverb in response both to Frost’s question regarding the purpose of the wall –…
Over the years, the Democrats in Albany have regularly made noise about increasing the rates at which New York State taxes the income of its wealthier residents.
With the election of Governor Cuomo in 2010, and with the Party’s supermajority in the State Assembly since then,[i] two of the three components…
Just over three weeks to go, then 2020 will be behind you. But don’t drop your guard just yet. Three weeks is a long time – plenty of time, in fact, for one more punch to the gut, another kick in the teeth, etc.
Your business started off the year well…
It has been more than eight months since the enactment of the CARES Act,[i] yet here we are, with the end of 2020 in sight, and we are still debating whether taxpayers should be allowed to claim a deduction for business expenses that were properly paid using the proceeds of a loan under the…
How are you coping with social distancing? Are you working remotely? If so, has it been as “seamless” as you would have others believe? Have you snuck out to visit family or close friends, or have they asked you to stay away because they or a loved one suffer from a…
There’s a gray pall hanging over New York that has clouded the judgement of many politicians, and has left many of its residents feeling anxious and off-balance. No, it’s not the smoke from all the newly lit joints, blunts and pipes drifting across from New Jersey, following the recent approval by that…
A “perfect storm” may be defined as a critical state of affairs arising from the convergence of a number of negative factors, often after the unexpected introduction of some catalytic event.
The situation in which we find ourselves today may be described as a perfect storm from several different perspectives.
For many…
