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Form IT 2663

New York’s Form IT-2663

Here on our blog at MC&C, we’ve come up with a variety of ways to educate our readers and create value. One such way is the discussion of various tax concepts. Aside from this, another way is shedding light on the many different aspects of taxation here in New York State. One thing we haven’t […]

Fresh Start Program

Key Facts About the Fresh Start Program

Here at MCC, we provide a range of useful tax and business law services for our clients. Our clients have a diverse set of needs and we take price in delivering results for those needs. But, as with all firms, we tend to concentrate our practice in certain areas more than others. One of our main […]

Maine

Why Maine’s Budget Matters

Here at MC&C, we tend to focus quite a bit on the matters taking place in New York State. But that doesn’t mean that we don’t occasionally pay attention to what’s going on elsewhere. We’ve looked at how other states view Sec. 1031 exchanges, for instance. We’ve also covered budget issues faced by other states. […]

cost segregation

The Benefits of Cost Segregation

Tax resolution is one of the principal areas of focus at MCC. Given that this is the case, it’s only natural that we should be concerned with any strategies which can produce tax savings. We’ve spent considerable effort on various tax avoidance and tax reduction strategies. We’ve highlighted the benefits of a Section 1031, Section […]

New York Tax Exempt Trusts

New York Tax Exempt Trusts

In a previous post on New York State trust taxation, we learned that this area of taxation quickly gets complicated. There’s lots of ins and outs to trust taxation, in part because of there’s a lot of specialized terminology. We briefly discussed that there are three broad categories of trusts in New York, resident, nonresident […]

1031 Safe Harbors

What are the 1031 Safe Harbors?

At its most basic level, a Sec. 1031 exchange is all about insulating taxpayers from receiving taxable gain from a sale. In addition to providing counsel, the function of a Sec. 1031 intermediary is to prevent the taxpayer from receiving sale proceeds. Intermediaries are therefore necessary in every type of 1031 transaction, except for direct swaps. If a […]

New York trust taxation

New York Trust Taxation

New York State income taxation of trusts can be a tricky subject. There are many pieces of information to take in. A trust is taxed at the federal level. But trusts are also subject to tax in the State of New York. Tax planning for trusts in New York requires a highly sophisticated analysis. There […]

IRS wage garnishment

IRS Wage Garnishment & You

Back in December, we discussed garnishments in our blog. As you may recall, garnishments are legal orders which allow a creditor to forcibly seize assets from a debtor. Or, in legal terminology, they allow a plaintiff to forcibly seize assets from a defendant. In the vast majority of cases, garnishments involve seizing wages directly from […]

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