CLE Presentation by Shamsey Oloko
Trump’s Tax Plan Then And Now, Part 2
Every American taxpayer is waiting to see what specific tax plan Donald Trump will implement as President of the United States. The first part of this blog addressed the differences between Trump’s 2015 proposed tax plan and his current 2016 tax plan. While there are differences, there are, of course, the constants in Trump’s tax proposals, which demonstrate the tax policies that Trump has emphasized as important from the beginning of his presidential candidacy.
Tax Law Changes In The New York State Budget Act, Part 3
In early spring of 2016, Governor Cuomo of New York signed into law the 2016-2017 Budget Act (S6409C/A9009C) (“Budget Act” or “Act”). This legislation includes amendments to the New York tax reform legislation contained in the 2014-2015 New York State Budget and the New York City tax reform legislation contained in the 2015-2016 New York State Budget. It also contains provisions which affect certain state credits and incentives, and state sales tax provisions. This is the third part of a three-part series summarizing some of the more significant provisions of the Budget Act.
Interest or bad debt deductions
Seven Things You Can STILL Do, Before Year-End, To Reduce Your 2016 Taxes.
2017 is almost here. It’s never too early to plan ahead when it comes to reducing your taxes. An experienced and knowledgeable tax professional can help any individual or business make the right year-end savings moves with important advice and assistance. Since tax planning is mostly about timing, here are a few, last minute things you can do before the end of the year to reduce your 2016 tax bill.
*Defer income to 2017
Tax Issues for new Widows and Widowers
It’s a traumatic experience to lose a spouse. While there is little that can be done to replace this physical and emotional loss, the Tax Code provides some relief for newly widowed taxpayers. Here is a summary of some of the tax breaks for the newly widowed:
Filing Status
Ways To Reduce Taxes In Retirement
Which retirement account, vehicle or venture is best? One thing is certain, diversity still carries the day when it comes to investments as different ones afford the most flexibility. The returns on different types of investments are treated differently by the tax code, which logically means that some get better tax treatment than others. Qualified dividends and capital gains, for example, are taxed at a lower rate than ordinary income, and thus are attractive investment options for retirement.
Losses, Expenses and Interest between Related Taxpayers – Know The (Tax) Code: 26 U.S.C. §267
Congress, aware that related parties could create fictitious tax losses lacking economic substance based upon the related parties continued enjoyment of the property subject to the loss, enacted § 267 of the Internal Revenue Code to disallow certain losses and deductions on transactions between related taxpayers.
WHAT? I HAVE TO PAY TAXES ON MY LAWSUIT AWARD?
You’ve just received an award as the prevailing party in a lawsuit and it’s just a few weeks before the April 15th tax deadline. As you organize your documentation for the preparation of your taxes, you suddenly wonder if you have to pay taxes on the legal proceeds that you received a few weeks earlier. Are they indeed taxable? Whether you must include the amount of the proceeds in your income depends on all the facts and circumstances of each individual case. It also depends upon the type of injury incurred.