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. […]
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 […]
Sales taxes are one of the most common forms of transactional taxes. Almost all the states in these United States impose statewide sales taxes on business transactions. There are some notable exceptions, however. Oregon, for instance, famously does not impose a statewide sales tax. If you walk into a hardware store in Portland, Oregon, and […]
In our blog, we’ve spent a fair amount of time discussing tax and financial scandals which have made major headlines. For instance, we’ve discussed the bankruptcies and tax problems faced by prominent celebrities. We’ve also examined insider trading cases. These kinds of stories are very useful for many reasons. For one, these stories show how […]
In the past, we’ve touched on various issues related to state taxation of 1031 exchanges. For instance, in our post on New York State, we mentioned the requirements which pertain to state tax withholding, tax forms, and the layers of tax which can apply. We’ve also discussed the unique case of Pennsylvania. As you may recall, […]
In a recent post, we discussed the sales tax audit procedure here in the State of New York. As we saw, the NY sales tax audit process is complex. If you find yourself saddled with an audit, you will almost certainly need to obtain a qualified tax attorney. Navigating the audit process by yourself is […]
IRC Section 1031 applies to federal income taxation of capital gains. This means that an investor’s federal capital gains receive deferral treatment regardless of where he or she resides. However, the nonrecognition treatment of Section 1031 doesn’t necessarily apply to state taxation. Pennsylvania’s Sec. 1031 treatment is a case in point. We’ve discussed this on […]
In the past, we’ve covered the Fair Debt Collection Practices Act, or FDCPA, in considerable detail. We’ve discussed the basic provisions of this federal law. We’ve also covered some specific examples of behavior which would be violations of this law. The FDCPA applies to third-party debt collectors, not creditors, and because it is a federal law it covers all […]
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