Nothing is harder than returning to the office after a relaxing Labor Day weekend. Unfortunately for the owners of office buildings nationwide, it appears clear that nearly 3 years after the pandemic began, many office workers are still not returning
A popular tool used to defer estate tax for property passing to non-citizen spouses is transferring property to a qualified domestic trust or “QDOT”. If property does not pass directly from a decedent to a QDOT, a surviving non-citizen spouse
Plans for beach vacations are in full swing this summer. If you are renting out your house in the Hamptons using Airbnb for less than 30 days, make sure occupancy tax is being collected and remitted. Lodging in Suffolk County
In 2019, the NYS Legislature enacted the Climate Leadership and Community Protection Act (“CLCPA”), which requires the State to rapidly decrease greenhouse emissions and scale up renewable energy capacity. Specifically, the CLCPA mandates that 70% of statewide electric generation be
Businesses and individuals regularly seek to structure their transactions in the most tax-efficient matter. There are instances, however, when the expected tax results eclipse the economic substance of the transaction and the IRS denies those benefits as a tax avoidance
This week, the IRS announced that it will end its policy of unannounced Revenue Officer visits on routine matters. This change, which is intended to reduce public confusion and enhance overall safety measures for taxpayers and employees, reverses a decades-long
With NYC office vacancy rates soaring up to what seems to be insurmountable heights (22% as reported by Cushman Wakefield this week), landlords are being saddled with the inability to cover their building’s loans, carrying costs, or record high property
On May 22, 2023, the U.S. Tax Court determined that the IRS was time-barred from assessing gift tax against taxpayer Ronald Schlapfer.
In 2012, Mr. Schlapfer entered into the Offshore Voluntary Disclosure Program (OVDP), a temporary program that allowed taxpayers
While there is no question that ChatGPT has had an impact across many sectors, attorneys should be very careful before incorporating its use into the practice of law. The artificial intelligence chatbot, which was launched in 2022, is becoming increasingly
U.S. persons are subject to federal income tax on their worldwide income, while non-U.S. persons (nonresident aliens) are subject to federal income tax only on their U.S. source income. Similarly, U.S. persons for federal gift or estate tax purposes are