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Recent Developments

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  • The Tax Cuts and Jobs Act increased the dollar limits on the immediate deductibility of certain capital assets placed in service during the tax year.  Before determining whether accelerated depreciation is beneficial, it is important to consider whether the asset purchased must be capitalized.  In…

  • If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes…

  • On June 21 the Supreme Court ruled in favor of South Dakota in their case against Wayfair, granting the state the authority to impose sales tax obligations on out-of-state transactions from “remote sellers”, where the seller has no physical presence, or nexus, in that state,…

  • New York State recently passed legislation scheduled to go into effect October 9, 2018, designed to prevent sexual harassment as a response to the widespread allegations of sexual harassment in the workplace. The new legislation requires employers to conduct mandatory annual sexual harassment training for…

  • Do you need to make an estimated tax payment by September 17? To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two. The third 2018…

  • If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) could also have an impact. Wins and taxable income You must report 100% of your…

  • Contemplating compensation increases and pay for performance As a business grows, one of many challenges it faces is identifying a competitive yet manageable compensation structure. After all, offer too little and you likely won’t have much success in hiring. Offer too much and you may…

  • Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets. To discourage such strategies, Congress created the “kiddie” tax back in 1986. Since then, this…

  • Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you — your time — would also be deductible. Unfortunately, that’s not the case. Donations of time…

  • There continues to be much uncertainty about the Affordable Care Act and how such uncertainty will impact health care costs. So it’s critical to leverage all tax-advantaged ways to fund these expenses, including HSAs, FSAs and HRAs. Here’s how to make sense of this alphabet soup…