Mar 11, 2019

The Care and Feeding of Your Charity

According to Giving USA, in 2017 Americans contributed $410.02 billion to charity, crossing the $400 billion mark for the first time. Giving by individuals totaled an estimated $286.65 billion and $45.89 billion was gifted to foundations. There are over 1.5 million charitable organizations in the U.S., predominantly public charities and private foundations. A public charity… Read more


Jan 22, 2019

Final Pass-Through Deduction Rules Grant Welcome Relief for Rental Real Estate Activities

Rental Real Estate - Sign in Yard

On Friday, January 18, 2019, the Treasury Department issued final rules under IRC Section 199A. As part of this regulation package, Treasury also provided much-needed relief and clarity for rental real estate activities.  This development creates some hope that similar rules may be in store for Opportunity Zone Funds. Background IRS Section 199A is a… Read more


Jan 9, 2019

LLCs, Partnerships and the Tax Time Machine

LLCs and partnerships and taxes

Many LLCs and partnerships amended their governing documents in 2018 because of the various new tax rules that came into effect last year. For example, many pass-throughs converted so-called “guaranteed payment” arrangements. Under new IRC Section 199A, certain types of income qualify for a lower income tax rate – depending on the facts, the federal… Read more


Jul 25, 2018

“Beginning of Construction” for Investment Tax Credit for Solar Energy Projects Defined by the IRS

Solar Investment Tax Credit & Solar Energy Projects

On June 22, 2018, the IRS released guidance to assist developers and owners of solar energy projects in determining the “beginning of construction” for solar energy projects for purposes of the Investment Tax Credit (ITC) under Section 48 of the Internal Revenue Code. In extending the ITC in 2015, Congress changed the previous “placed-in-service” standard… Read more


Sep 7, 2016

Call to Action: Proposed Regulations May Limit Valuation Discounts

The Internal Revenue Service published proposed regulations on August 4, 2016 that will severely limit valuation discounts on the transfer of ownership interests to family members in family-controlled entities, such as corporations, partnerships and limited liability companies.  The proposed regulations will apply to all family-controlled entities, even those that own operating businesses. Generally, when a… Read more


Mar 21, 2013

Casualty Loss Deduction for Coop Owners

Tax Form

In the aftermath of a natural disaster or other casualty, apartment owners are faced with the cost of repairs, sorting out insurance, and tax issues – for both their own apartment and their building.  Fortunately, one of the tax issues has now been resolved by the United States Court of Appeals for the Second Circuit… Read more


Jan 10, 2012

Taxpayers Take Notice: IRS Issues New Voluntary Disclosure Guidelines for Overseas Accounts

Authored by: Scott Harty, Esq. On January 9, 2012, the IRS reopened the Offshore Voluntary Disclosure Program (the “2012 OVDP”) to U.S. taxpayers who wish to voluntarily disclose unreported offshore assets.  Taxpayers wishing to participate in the 2012 OVDP must file amended returns for the years covered by the 2012 OVDP (generally the prior 8… Read more


Dec 26, 2007

Amendment to the 80/20 Rule

NYC Condos

On December 20, 2007, President Bush signed into law legislation dramatically liberalizing the so-called “80/20 Rule” restricting the amount of non-shareholder income cooperatives may receive.[1]  As a practical matter, the legislation will eliminate commercial income restrictions for most cooperatives. Under the former rule, in order for a cooperative shareholder to receive the tax benefits normally… Read more