Taxation
GOP-Controlled House Passes Second Phase of Tax Reform Bill
On September 28, The Washington Post reported that House Republicans were able to pass the second phase of tax reform that would include making individual tax cuts from last year’s bill permanent and extending deductions for certain business owners. Under the bill, the rate reductions for individuals and the doubling of the child tax…
Does Your Appraiser Know How Much Your Charitable Contribution Is Worth?
After ten years, the Internal Revenue Service (IRS) has finalized its regulations regarding reporting cash and other charitable contributions made by individuals, partnerships or corporations. Wealth Management reported that the changes made to the proposed regulations before they were finalized were minor, but nevertheless are worth paying attention to.
Major Tax Breaks for Foreign Entities Selling U.S. Real Estate Interests
There are many foreign investors, including individuals and corporations, who invest in the U.S. real estate market. There are several taxation provisions that govern the sale of foreign-held investment properties. The Protecting Americans from Tax Hikes Acts of 2015 (PATH) contains provisions which direct how real estate profits are taxed, and created exceptions when the…
Federal and State Tax Filing Changes Affect New York Businesses
The New York City Department of Finance has announced that there has been a delay in producing new tax forms for New York City business owners. As a result of the delay, business owners now have an additional six months to file their taxes. Based on the new changes to New York State corporate tax…