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Insights & Alerts

June 27, 2016
IRS Provides Additional Transition Relief for Employers Claiming the Work Opportunity Credit
IRS issued Notice 2016-40 on Friday, which provides additional transition relief for employers claiming the Work Opportunity Credit, as extended by the Protecting Americans from Tax Hikes Act of 2015 (PATH).
June 22, 2016
Tax Flash - Banking Affiliates' Inclusion within NYC Combined Tax Return
New York City Appeals Tribunal - Appeals Division released on May 19, 2016, that a non-nexus banking affiliate does not have to be included in the combined tax return.
June 20, 2016
Tax Court Rejects Widow's Claim of Deceased Spouse's Unused Tax Credit
The Tax Court recently ruled that a widow could not use her deceased husband's alternative minimum tax (AMT) credit which arose from his exercise of employee stock options prior to their marriage. 
June 13, 2016
Reclassification of Related Party Corporate Debt – Treasury Proposes New Section 385 Regulations
On April 4, 2016, The US Treasury and the IRS proposed new regulations pursuant to IRSr Section 385.
June 9, 2016
The FBAR –Deadline Approaching
The deadline for filing the 2015 Report of Foreign Bank and Financial Accounts (FinCEN Form 114) (the FBAR) is quickly approaching.
June 7, 2016
Tax Flash - Nevada's Commerce Tax: Is Your Company Ready for its First Annual Filing?
As of June 30, 2016, entities conducting business in the state of Nevada will be obligated to file a Commerce Tax Return for the first time.
May 10, 2016
Tax Flash - Research & Development Tax Credit: Consider the Extension and Changes to Law When Preparing 2015 and 2016 Tax Returns
In December 2015, the Protecting Americans from Tax Hikes Act of 2015 ("Tax Extenders Bill") was signed into Law. The law includes an expansion of the rules related to the Federal Research and Development (R&D) Credit effective as of January 2016, as well as making the R&D Credit permanent.
May 9, 2016
Key Trust Elections that Need to Be Considered by Early March
Many of our clients serve as trustees or executors and should be aware of certain elections that may be available to them. This is especially true now, as there are elections that need to be made by March 7 of this year.
May 5, 2016
Tax Flash - IRS Issues New Regulations on Partnership Treatment of Employees
The Internal Revenue Service has issued new temporary regulations and proposed regulations providing that where a partnership owns 100% of the interests of a disregarded entity, a partner of the partnership cannot be treated as an employee of the disregarded entity. The Service believes that this is a clarification of the current rules.
May 2, 2016
Tax Debt Can Lead to Passport Revocation
In case taxpayers didn't already have enough reasons to keep current with their tax obligations, the Fixing America's Surface Transportation Act (FAST Act), signed into law in December, has added one more.
April 11, 2016
Tax Flash - New York State Budget Agreement for 2016-2017 Reached on Time
New York State's political leadership, led by Governor Andrew Cuomo, proudly announced at the end of March that for the sixth straight year, they have reached a budget agreement on time. As is usual, the budget includes landmark policies and provisions that will strengthen working and middle class families and the business community, while improving the lives of all New York State citizens.
March 21, 2016
New Compliance Requirements for Indiana Nonresident Withholding
The Indiana Department of Revenue (INDOR) has updated its regulations, effective for tax years beginning January 1, 2015, providing for changes to the composite and withholding compliance requirements for trusts, partnerships and corporations. 
March 14, 2016
Taxpayers Denied Charitable Contribution After Failing to Attach Appraisal to Return
The Tax Court recently supported the IRS' decision to deny taxpayers a charitable contribution deduction for a conservation easement that was greater than $5,000. The deduction was denied after the taxpayers failed to attach an appraisal for the easement with their return. The IRS also imposed accuracy-related penalties and interest that the Tax Court also upheld.
March 7, 2016
Tax Flash - IRS Warns of Email Schemes During 2016 Tax Season
The IRS has issued an alert advising all taxpayers to be aware of fraudulent email schemes during tax filing season. The IRS has seen a surge in email scams designed to trick taxpayers into thinking these are official communications.
March 7, 2016
Partnerships Granted Extension to Make Basis Election
Under IRC Section 754, a partnership may elect to adjust the basis of partnership property to fair market value when it distributes property or when a partnership interest is transferred.
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