General

E-Alert: Commercial Rent Tax

The New York City council recently enacted Int. No. 799-B, which significantly increased the Commercial Rent Tax (CRT) exemption.  The CRT applies to rent paid by commercial tenants located south of the center line of 96th Street in the borough of Manhattan.  The new law will provide for a Small Business Tax Credit against the CRT.  Taxpayers will not owe any CRT if their annual rent is under $500,000 and have total income of $5 million or less.  A partial reduction from the CRT will be available when the annual rent is between $500,000 and $550,000 and have income between $5 million and $10 million.  The credit will be available beginning July 1, 2018. For more information regarding this new exemption, contact Jeffrey Cohen, Tax Partner at Grassi & Co., at...

E-Alert: AGGIORNAMENTO SU RIFORMA FISCALE USA

Una commissione unificata di Camera e Senato USA ha trovato un accordo su un testo unico di riforma fiscale federale. La legge deve ancora essere approvata sia dalla Camera che dal Senato per poi passare alla firma del Presidente Trump. Gli ultimi sviluppi suggeriscono ampie possibilita’ che questo avvenga durante questa settimana (tra Martedi’ e Mercoledi’). Sotto trovate un breve riassunto dei principali cambiamenti riguardanti le Societa’ (C Corporations, equivalenti alle Spa italiane): Aliquota: 21% flat a partire dal 1 Gennaio 2018 (attualmente le aliquote sono progressive, fino all’aliquota massima del 35%) NOL (Net Operating Losses): Le perdite pregresse potranno essere dedotte solamente fino ad un limite dell’80% del reddito imponibile dell’anno in questione. Le perdite pregresse potranno essere portate avanti indefinitivamente (attualmente 20 anni). Carryback eliminato Deduzione interessi passivi: La nuova proposta di legge unificata limita la deduzione degli interessi passivi (al netto di eventuali interessi attivi) al 30% del reddito imponibile (dal 2022 si potranno riprendere le deduzioni per ammortamenti ai fini del calcolo del reddito imponibile da utilizzare come denominatore nella formula). Le corporations con ricavi medi nei tre anni precedenti (quindi 2015-16-17 per il calcolo nel 2018) inferiori a $25 milioni sono esentate da questa limitazione. La deduzione non permessa puo’ essere portata avanti indefinitivamente Corporate Alternative Minimum Tax abolita (ma de facto incrementata con la limitazione all’80% della deduzione di perdite pregresse – la AMT attualmente la limita al 90%) UNICAP (sec 263A), ovvero capitalizzazione di alcuni costi indiretti relativi alla produzione o distribuzione di merce: Limite che fa scattare l’obbligo aumenta a $25 milioni di ricavi sulla media dei tre anni precedenti (attualmente...

E-Alert: Tax Reform by the Conference Committee

For the most abridged version of the tax reform bill released by The House and Senate Tax Cuts and Jobs Act Conference Committee, click here. To discuss how tax reform may impact your business, please contact Jeffrey Cohen, Tax Partner at Grassi & Co., at jcohen@grassicpas.com.  Source: the above tax briefing link was published by Wolters...

Being Thankful and Encouraging Goodwill

During the holiday season most companies hold food drives to help the less fortunate.  It would be a great idea to encourage charitable events within your organization.  Not only is it great for the charities but it also provides on-going events for the company. Some ideas: Fall coat drive Donating time in soup kitchens Donate time at a local animal shelter or children’s hospital Host a blood drive Host a bake sale Coordinate a military donation supply drive Adopt a local family in...

NYC Pay Equity Law

Be sure that all of your NYC hiring Managers understand that you cannot ask about compensation history with candidates effective 10/31/2017.  Current salaries are no longer a part of the initial discussion for negotiation. Here are some best practices: Remove all questions regarding compensation from all online applicant tracking systems and applications.  If you have locations in other states, use a different application or a general one that covers all states without compensation information. Educate your Hiring Managers about restrictive questions regarding the pay equity law Join some forums or organizations to discuss what other companies are offering and use benchmarking to stay competitive when recruiting. To view the Fact Sheet regarding the law, click...

Paid Family Leave Update

The Paid Family Leave forms are now available online! You can find them here. Here are some tips on staying compliant: Decide on a payroll date Run reports to confirm all employees are eligible Update employee handbook policies for FMLA, add a NYS Paid Family Leave policy and procedures Update your company intranet and HR department with the claim forms Post signage explaining Paid Family Leave Speak with your HR team regarding tracking time Speak to your Managers about future staffing issues or cross utilization Send out information to your employees explaining Paid Family Leave, deductions, process, and eligibility prior to taking any deductions For more information on the PFL act, contact Audrey Villani, HR Consultant at Grassi & Co., at...