The one word which best describes the New York corporate tax structure, is the word “layered”. We’ve actually used that word plenty of times before. We use it to discuss the sales tax system in New York, for instance. And that’sis for good reason. Throughout the nation, and particularly within New York individuals and businesses are subject to […]
Not only are taxes as old as civilization, they can apply to virtually anything you can imagine. We have taxes on an incredibly wide range of products and services. In one of our posts, for instance, we discussed a tax on untethered hot-air balloon rides in Kansas! Not only are there taxes on a wide variety of items, […]
If forced to identify a tax that most consistently “falls under the radar,” we would select the New York sales tax. With sales tax, we can say that familiarity has certainly bred obliviousness: sales tax is one of those extra fees which nearly everyone overlooks and forgets about. In fact, most consumers in the United […]
When a 1031 exchange occurs, one point to keep in mind is that it may generate state level tax issues. Though it’s part of the federal tax code, Internal Revenue Code (IRC) Section 1031 can trigger state taxation depending on the precise facts and circumstances of the individual transaction. A few states in our nation […]
Along with Section 121, the tax deferral provision of Section 1031 is among the most valuable. Both provide unique opportunities to taxpayers under the tax code. As we’ve covered previously, Section 1031 allows taxpayers to defer recognition of capital gains. It does so when real property held for investment or business purposes is exchanged for other like-kind property. […]
If you owe back taxes to New York, always remember is that ignoring the problem won’t make it disappear. It’s false comfort to think that pretending a State tax deficiency isn’t there. That won’t be enough to avoid any negative consequences. Such thinking isn’t consistent with reality. If you owe taxes to New York and […]
There is a long history in the United States of using legal means to deter certain behaviors. In some cases, we’ve tried to reduce certain behaviors we regard as “sinful” by banning them altogether; this was done during the so-called “Prohibition Era” when alcohol consumption was rendered illegal by a constitutional amendment. More commonly, we’ve used taxation as a […]
One of the most pressing concerns among people who have substantial amount of assets is the protection of those assets from the grip of the taxman. Whenever someone comes to possess significant sums of wealth, a big part of his or her agenda, moving forward, will be shielding those sums from the many hands that want to reach out […]
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