Blog
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IRS Provides Additional Guidance on the Employee Retention Tax Credit
August 12, 2021Recent guidance on the Employee Retention Tax Credit has been released by the Treasury Department and IRS. Read Sam Torchia’s responses to critical questions that came out of Notice 2021-49 here.
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New York Budget Bill Includes COVID-19 Relief Package Aimed to Help Small Businesses
April 19, 2021New York’s recently passed budget includes $800 Million in cash assistance for small businesses and for-profit independent arts and cultural organizations who have experienced economic hardship during the COVID-19 pandemic. The program will be administered by the Empire State Development Corporation.
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The IRS Tax Deadline Has Been Extended to May 17th
March 18, 2021 -
Whats Included in the American Rescue Plan
March 12, 2021The American Rescue Plan is meant to provide relief for individuals and businesses struggling due to COVID-19 as well as to achieve other priorities of the Biden Administration. In this article we highlight some of the key provisions.
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Valuing Real Estate Partnerships
March 2, 2021Rental real estate can seem like a very simple business. There is a piece of property. This property gets leased to tenants that pay rent to the property owner. The property owner then pays expenses (taxes, utilities, repairs, etc.), likely pays the bank, and then keeps what is left. Although it seems simple, there are a large number of iterations of this scenario that play out in reality.
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Cannabinoid Hemp Product Requirements to be Sold at Retail
February 9, 2021Back in October, Governor Cuomo announced proposed regulations for cannabinoid hemp products. Per legislation signed earlier this year by Governor Cuomo, the New York State Department of Health is creating a Cannabinoid Hemp Program. The program intends to license cannabinoid hemp processors and retailers and set quality control standards for all cannabinoid hemp products.
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Fairness Opinions
February 2, 2021“Fairness” is a term that has many different meanings to many different people. “Fairness” may truly be in the eye of the beholder. So, how can anyone offer an opinion on what is deemed to be “fair?”
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The Most Important IRS Document as it Relates to Estate & Gift Tax Valuation: Revenue Ruling 59-60
January 22, 2021Amongst other important aspects, the first and potentially most significant aspect of Revenue Ruling 59-60 and its impact on business valuations provides a definition of fair market value. This is one of the many reasons why the standard of value is extremely important in all valuation engagements.
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How President Biden’s Tax Plan Could Impact the Real Estate Industry
January 21, 2021Aside from the increases in tax rates, Biden’s proposed tax plan appears to place a heavy emphasis on reducing the tax breaks real estate developers receive. With possible changes to 1031 exchanges, opportunity zones & step-ups in basis, real estate developers and those in the industry will need to think about its impact on their current business strategy and what they can do to prepare.
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What we Know so far about the Newest Stimulus Package
December 23, 2020
