Federal Taxation

  • The SECURE Act: Increased Income Taxes on Inherited Retirement Accounts

    By:
    Nicholas S. Proukou, Esq.
    |
    Feb 1, 2021
    The Setting Every Community Up for Retirement Enhancement (SECURE) Act accelerated income taxation on inherited retirement accounts dramatically. This was huge news for the estate and financial planning worlds in early 2020—until it wasn't. This past year was full of strange and dramatic turns, many of which have overshadowed this seismic shift in retirement account taxation under the SECURE Act.
  • PPP Loan Forgiveness Update

    By:
    Stewart Berger, CPA
    |
    Jan 1, 2021
    In response to COVID-19, the Coronavirus Aid, Relief and Economic Security (CARES) Act was enacted whereby Paycheck Protection Program (PPP) e-loans made from February 15, 2020 to August 8, 2020 may be forgiven. The cancelled debt will be excluded from income under Reg. 1.265.1. Taxpayers cannot deduct expenses that are allocable to income, whether they are excluded from income or exempt from taxes. The IRS has previously determined that businesses whose PPP loans are forgiven cannot deduct business expenses paid for by the loan.
  • Cannabis Tax Update

    By:
    John V. Pellitteri, CPA
    |
    Jan 1, 2021

    There are many factors that set the cannabis industry apart from other business sectors–chief among them, the unique tax treatment that puts cannabis business owners at a distinct financial disadvantage to their counterparts in other industries.

  • A Tale of Two Citizenships: Taxation of American Citizens with Dual Citizenship Living Abroad

    By:
    Alicea Castellanos, CPA
    |
    Dec 1, 2020
    According to a recent New York Times article, the current pandemic in the United States has created an uptick in the number of citizens applying for dual citizenship in other areas of the world. With a focus on Europe, the author of the article notes that the laws for obtaining citizenship in European countries are favorable to those descended even several generations from their original ancestor immigrants.

  • Use It or Lose It: Income Tax Attributes at Death

    By:
    Carl Fiore, JD, LLM
    |
    Oct 1, 2020

    With potential reductions in the gift, estate, and generation-skipping transfer tax exemptions looming, many practitioners are rightfully focused on planning with these exemptions. However, as part of this planning, it’s also important to not lose focus on income tax attributes.

  • Important FAQ: Section 166

    By:
    Robert M. Finkel
    |
    Oct 1, 2020

    These days, many of our clients are holding debt obligations they can’t collect. The IRC may provide some relief, in the form of a tax deduction or loss, for creditors holding a worthless (or in some cases even a partially worthless) bona fide debt, provided that conditions set forth within IRC section 166 and the related Treasury Regulations are satisfied.

  • Restructuring and Repurchasing Distressed Debt: Risks and Opportunities for Borrowers

    By:
    Todd Hatcher, Esq.
    |
    Sep 1, 2020
    Amid an almost unprecedented (in the modern era) pandemic, debt restructuring and workout transactions are accelerating. Similarly, dislocations in the debt markets have presented and continue to present opportunities for relatively well-situated borrowers or their affiliates to capitalize on substantial discounts.
 

 
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