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Searching Content indexed under Tax by Frankfurt Kurnit Klein & Selz ordered by Published Date Descending.
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1
The Cannabis Racket
A few weeks ago, a federal jury in Colorado found in favor of the owner of a cannabis cultivation business in a lawsuit brought by his next door neighbors.
United States
24 Nov 2018
2
Gift Cards In Advertising Promotions And New York Sales Tax
Does the value of a gift card offered as part of an advertising promotion reduce the taxable receipts from a sale for New York sales tax purposes?
United States
24 Nov 2018
3
IRS Final Regulations Clarify Charitable Contribution Substantiation Requirements
Tax deductions for charitable contributions require the satisfaction of certain substantiation requirements.
United States
5 Sep 2018
4
Claiming The New 20% Pass-Thru Business Deduction—IRS Proposed Regulations Provide Guidance On Meaning Of "Specified Service Business"
On August 8, 2018, the IRS issued proposed (not final, but taxpayers can rely on them currently) regulations intepreting the 2017 Tax Cuts & Jobs Act's new rule under which an individual taxpayer may deduct up to 20% ...
United States
4 Sep 2018
5
Claiming The New 20% Pass-Thru Business Deduction—IRS Proposed Regulations Provide Guidance On Meaning Of "Specified Service Business"
Background. On August 8, 2018, the IRS issued proposed (not final, but taxpayers can rely on them currently) regulations (the "Regulations") intepreting the 2017 Tax Cuts & Jobs Act's new rule ...
United States
22 Aug 2018
6
New Federal Budget Revives Section 181
Among the provisions of the Bipartisan Budget Act of 2018 passed by Congress and signed by the President on February 9 is a retroactive extension of Internal Revenue Code Section 181.
United States
27 Feb 2018
7
Tax Alert For Tax-Exempt Organizations
The Tax Cuts and Job Act of 2017, which was enacted on December 22, 2017 (the "Act"), contains several provisions that impact tax-exempt organizations ("EOs").
United States
16 Jan 2018
8
Section 181 Revived
First, the 100% deduction of Production costs no longer requires an election which, when made, determined the year in which the costs were deductible.
United States
11 Jan 2018
9
Tax Cuts And Jobs Act Of 2017
As you probably are well-aware by now, the U.S. Congress recently passed H.R. 1 (commonly referred to as the Tax Cuts and Jobs Act of 2017), and the President signed the Act on December 22, 2017.
United States
3 Jan 2018
10
Recent NYS Sales Tax Law Change Affects Art Sales Between Related Entities
On August 14, 2017, the New York State Department of Taxation & Finance issued a Technical Memorandum, TSB-M-17(4)S, which will be of interest to many New York-area art dealers and collectors.
United States
24 Aug 2017
11
Video Game Association Challenges Chicago's Online Streaming Services Tax
One of the nation's most prominent video game associations has decided to challenge Chicago's controversial "Cloud Tax."
United States
30 Jun 2017
12
Appraisal Relied On By Estate Undervalued Paintings By $1.77 Million
Recently, in Estate of Kollsman v. Commissioner the U.S. Tax Court held that an art collector's estate significantly underreported the value of two artworks for estate tax purposes.
United States
5 Apr 2017
13
New Jersey Proposes Estate Tax Repeal
In a joint appearance on September 30, 2016, Governor Chris Christie and legislative leaders announced a bipartisan agreement to repeal the New Jersey Estate Tax.
United States
18 Oct 2016
14
IRS Proposes Rules To Deny Estate And Gift Tax Discounts For Family Businesses
There's important news for family business owners and their heirs. On August 4, 2016, the IRS released proposed regulations to change significantly the valuation of family businesses.
United States
30 Aug 2016
15
Film Tax Credits: New York Appeals Court Rejects Portion Of Filmmaker's Expenses
The New York film production tax credit is often a crucial piece of the financing for a film. But the rules governing qualification of expenses are strict.
United States
20 Jul 2016
16
Recent Estate Tax Changes Create Planning Opportunities
On April 1, 2016, the New York State estate tax exclusion amount increased to $4,187,500, further narrowing the gap between the NYS estate tax exclusion amount and the Federal estate, gift and generation-skipping transfer tax exemption amounts.
United States
4 May 2016
17
The Ups And Downs Of Estate Valuations Of Artwork
The court's decision is a cautionary tale illustrating that valuations should account for post-valuation date sales and market conditions if they are reasonably proximate in time.
United States
12 Jan 2016
18
Congress Extends IRC Section 181 For Films; Expands It To Cover Live Theatrical Productions
A new law, signed by the President on December 18, extends Section 181 of the Internal Revenue Code for film and television and expands it to cover live stage productions.
United States
23 Dec 2015
19
Are Art Purchases By Out-of-State Residents Subject To New York Sales Tax?
In New York, it's not where title passes that determines whether sales tax is due on a sale of property to an out-of-state resident; what matters is where delivery occurs.
United States
20 Oct 2015
20
What To Do If You Receive A Subpoena
The press has reported on an investigation by the New York County District Attorney's Office into whether New York-based art galleries and collectors are properly collecting and paying sales tax on art purchases.
United States
17 Feb 2015
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