Entries tagged: tax

Tax Cuts and Jobs Act – How Are You Going to React? Part 2 – International Provisions

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Posted: April 20th, 2018

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Alan R. Sasserath, CPA, MS Partner, Sasserath & Zoraian, LLP As discussed in a previous article, the Tax Cuts and Jobs Act (“TCJA”) is here to stay and our challenge is to understand how to react to it to minimize our taxes.  This article will focus on the international provisions of the TCJA and how […]

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Renting on Airbnb, HomeAway or VRBO? Important Info You Should Know

By: Melissa Sidor, Esq.

Posted: February 20th, 2018

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In recent years, many Long Islanders have been earning extra income by renting their homes as short-term vacation rentals through services like Airbnb, HomeAway, and VRBO. However, many are unaware that these rentals are subject to New York State Hotel and Motel Tax, and that Suffolk County in particular has been cracking down on homeowners […]

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The New Tax Law and Your Estate Planning

By: Martin Glass, Esq.

Posted: February 19th, 2018

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Have you heard? There has been a major change in the Federal Tax Code as of January 1, 2018.  But what does it mean as far as estate planning goes? The only real change in this regard was that the exemption for the Federal Uniform Gift and Estate Tax approximately doubled from $5,490,000 to $11,180,000 […]

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Tax Cuts and Jobs Act: How Are You Going to React?

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Posted: January 22nd, 2018

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By Alan R. Sasserath, CPA, MS Partner, Sasserath & Zoraian, LLP Whether we like it or not, the “Tax Cuts and Jobs Act” (“TCJA”) has been signed into law.  The purpose of this article is not to discuss the merits of TCJA, but rather address what New Yorkers can do to minimize the tax bite […]

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Navigating Clients Through the Murky Waters of Foreign Asset Disclosures

By: Laura Blasberg, Esq.

Posted: February 2nd, 2017

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  By Laura R. Blasberg and Kelly A. McGowan A taxpayer’s situation and financial circumstances dictate which programs or rules the taxpayer should use to disclose foreign assets and accounts. Those who advise taxpayers will likely, or have already, been confronted with a client who has failed to disclose one or more foreign financial accounts […]

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Making Gifts in These Financial Times

Posted: August 23rd, 2016

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If a person has the desire to make any gifts, now may be a great time to do so.  There are sometimes financial benefits to making certain gifts.  A tough economy is often the best impetus to make gifts.  It may seem counter-intuitive at first—making gifts when the donor has less valuable property—but the conditions […]

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Be Careful When Rolling Your IRAs

By: Martin Glass, Esq.

Posted: December 18th, 2015

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This is the end of the year.  Since many of my senior clients have to take out the Required Minimum Distribution (RMD) from all their IRA accounts, they also start to think about moving the rest of their IRA money into possibly a more productive investment.  But a word of caution, beginning this year, there […]

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How Portable is the Estate Tax Exemption?

By: Martin Glass, Esq.

Posted: July 15th, 2015

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The IRS just came out with their final rulings on how portability is to be used for the federal estate tax exemption.  That statement alone probably makes no sense to half of my readers, so let me take a step back and explain. Currently there is a $5.43 million exemption to the federal estate tax.  […]

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Grandchild’s College Expenses

By: Martin Glass, Esq.

Posted: April 20th, 2015

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Now that my kids are out of college, it’s time to start thinking about trying to help out my (future) grandchildren’s education.  Who knows how expensive that’s going to be in twenty-plus years?  It’s actually fairly common that grandparents want to help with college expenses for their grandchildren.  And most grandparents want to do so […]

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Gifts: Is There a Tax?

By: Martin Glass, Esq.

Posted: February 25th, 2015

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The answer is one of my great attorney answers: “It depends.”  In general terms, there is no gift tax in New York.  So for the remaining part of the discussion, we will be focusing on federal gift and estate taxes. It’s actually what’s referred to as a uniform gift and estate tax.  That means you […]

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