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New York Law Journal

Unpacking ANNY, NYC's New Affordable Housing Tax Exemption Program

After two long years since the "lapse" of New York's 421-a program, real estate developers may finally be able to breathe a sigh of relief, as the new ANNY program will bring many of the same real property tax benefits for providing affordable housing.
7 minute read

New York Law Journal

Stretching IRA Payments for Heirs: Using Charitable Remainder Unitrusts

The SECURE Act—starting in 2020— killed the stretch IRA for most heirs. Until that legislation, an heir could generally have required minimum distributions stretched over his or her life expectancy. And that minimized taxes—plus; the assets in the heir's IRA grew tax-free until withdrawn.
5 minute read

National Law Journal

Supreme Court Upholds Repatriation Tax on Foreign Earnings

In their 7-2 decision, the justices rejected arguments that the Mandatory Repatriation Tax violates the Constitution's Apportionment Clause, which requires "direct" taxes be divvied up among the states based on population.
5 minute read

New York Law Journal

Theft Loss Deductions Denied

In two recent Tax Court decisions, it was determined that, although there had been a loss in value attributable to activities ultimately determined to be crimes, no theft loss was allowable to the petitioners because no crime in the nature of theft had been committed against the petitioners themselves to deprive them of property that they owned.
9 minute read

New Jersey Law Journal

How Will the Federal Reclassification of Marijuana Affect New Jersey's Cannabis Industry?

"After nearly 55 years, it appears the federal government is catching up with the times and will recognize that marijuana has an accepted medical use," write Michael F. Schaff and Jennie M. Miller.
7 minute read

National Law Journal

Justices Stick Estate With High Tax Bill Over Life Insurance Policy

The U.S. Supreme Court's decision "upsets the assumptions of many practitioners that the proceeds of life insurance used to redeem a deceased shareholder are not factored into the estate tax calculation," said tax attorney Joel Carpenter.
4 minute read

The Legal Intelligencer

Minimizing Tax Cost in Shutting Down a Captive Insurance Company

With careful planning, substantial tax liability can often be avoided in making a former captive's assets available to meet future business needs of related entities.
7 minute read

New York Law Journal

Partners in Westchester Accounting Firm Plead Guilty to Conspiracy to Defraud the IRS

Defendants were accused of scheming to conceal their clients' personal income and conceal wages paid to their clients' employees, reducing their payroll tax liability.
2 minute read

The Legal Intelligencer

Is Private Placement Life Insurance the Next IRS Tax Enforcement Target?

Taxpayers with PPLI policies and their advisers should consider proactively seeking legal advice about whether they are likely to survive IRS scrutiny and, if not, the best and most appropriate way to get back into tax compliance.
6 minute read

New York Law Journal

NY State Tax Appeals Tribunal Holds Management Services Are Taxable

Clients often unknowingly subject themselves to enormous liability by failing to charge sales tax in circumstances where the taxability is unclear. A recent example of this is the Tax Appeals Tribunal decision in 'Beeline.com'.
7 minute read

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