news & Press

Sales and Use tax rate changes have been implemented in Westchester County (except Mount Vernon, New Rochelle and White Plains) which had a tax rate of 7 3/8% through July 31, 2019. Now, all of Westchester will be taxed at 8 3/8% (except Yonkers which will continue to be taxed at 8 7/8%).  Sales tax…

Final regulations have been issued for Sec. 199A to guide taxpayers and tax professionals on how to implement the new qualified business income (QBI) deduction, created by the Tax Cuts and Jobs Act.  They include how to determine when taxpayers can aggregate multiple trades or businesses, which is the focus of this Tax Alert. The…

New York and California have both adopted provisions that will require E-Commerce facilitators/providers (i.e. Amazon, eBay, etc.) to collect and remit sales tax on taxable sales made by businesses who use their marketplace. This is great news for sellers who ONLY make sales through a marketplace facilitator, as the responsibility to collect and remit sales…

The Treasury Inspector General for Tax Administration (“TIGTA”) recently issued a report titled “Tax Cuts and Jobs Act: Assessment of Implementation Efforts”.  The report recommended the IRS revise Form 1040, Schedule 1, to obtain additional information regarding divorce or separation agreements for the Tax Year 2019 and later.  IRS management agreed with this recommendation and…

The Tax Cuts and Jobs Act (“TCJA”) established the Qualified Opportunity Zone (“QOZ”) program to encourage investment in economically distressed and low-income communities across the United States, District of Columbia and U.S. possessions. Qualified Opportunity Zone investments allow for temporary deferral of inclusion in gross income for capital gains invested in a Qualified Opportunity Fund…