By Ephraim Fishman, CPA A popular methodology of deferring taxable gain on the sale of business property is to use a 1031 exchange or like-kind exchange. The Internal Revenue Code 1031 is available to those who hold a property that qualifies as productive use in business or…
Flexible work might be the critical component of retention When we speak to our clients across almost all industries, we hear a common refrain – in the current environment, it is difficult to retain and attract employees. Workers and potential employees are looking at many different aspects…
On April 9th, 2022, New York Governor Kathy Hochul signed the state’s Fiscal Year 2022-23 budget bill. Among the various tax provisions in this historic bill, there are two noteworthy changes to the New York PTE tax. Under the original PTE tax law, the tax base for…
President Biden signed an executive order on March 9, 2022, titled “Ensuring Responsible Development of Digital Assets.” The document details the U.S. government’s strategy regarding digital assets, including cryptocurrencies, central bank digital currencies (CBDCs), stablecoins and other types of exchange that are recorded on the blockchain. What does…
The IRS, which was dealing with a lot of controversy over its decision to use facial recognition software, has reversed course, and in February 2022, announced it would allow taxpayers to use alternative methodologies to authenticate their accounts. The IRS had adopted the technology as a way to…
January 1, 2022 signaled the start of the new year as well as the start date for a number of new laws, rules, and regulations. Among them is one that will impact business owners utilizing third-party network payment providers, such as PayPal, and Venmo. The new rule,…
When the COVID-19 pandemic started, no one could have envisioned how long remote work would last, or that working remotely could become a permanent option for many employees. Many LMC clients have reached out to us for clarification on the withholding tax requirements for remote workers. They are…
The Taxpayer Certainty and Disaster Tax Relief Act of 2020 extended through the end of 2021 four temporary tax changes that affect charitable contributions, that were originally enacted by the CARES Act. Here is a summary of the provisions: Deduction for individuals who don’t itemize; cash donations…
The IRS began issuing the third round of Economic Impact Payments in March 2021 and continued through December 2021. The third payments differ from the earlier payments in several respects: • Payment amounts are different. The maximum credit is $1,400 per person, including all qualifying dependents claimed on…
As the tax filing deadline approaches, the LMC tax team wanted to share some changes in the tax law that might affect you: Changes to the charitable contribution deduction Taxpayers who don’t itemize deductions may qualify to take a deduction of up to $600 for married…
