Newsletters & Alerts

Implications of the New Tax Law for LI Contractors

Tax projection season is upon us and is a completely new ballgame!  The Tax Cuts and Jobs Act (“TCJA”) was adopted at the end of 2017 with most of it effective January 1, 2018.  

EAlert: Proposed Regulations on Qualified Opportunity Zones

On October 19, 2018 the Treasury and IRS issued proposed regulations on the new Opportunity Zone Tax incentive created by the Tax Cuts and Jobs Act (TCJA) encouraging economic growth and development through private investment in specific low-income or rural communities and disaster areas. 

EAlert: Freezing Credit—Avoiding Fraud

As you may have seen in our social media posts, October is Cyber Awareness Month. In keeping with our intention to keep our clients informed, it’s very important for us to assist you in helping to grow in your understanding of how to identify potentially dangerous emails. 
 

Good Books and Good Records Could Keep the IRS At Bay

Just when we thought it was safe to file a tax return, we find the IRS’s strikes again!
 

EAlert: Qualified Business Income Deduction

For the past eight months, tax practitioners have been reviewing and interpreting the Internal Revenue Code (“IRC”) associated with the pass-through deduction (Sec. 199A) and awaiting additional guidance. 

 

EAlert: Tax Cuts on Capital Gains

Earlier this week, the Trump administration proposed cutting taxes on capital gains as a follow-up to the tax laws passed last year. 

What you need to know about the New Jersey Paid Sick Leave Law

The New Jersey Paid Sick Leave Act was signed into law on May 2 by Gov. Phil Murphy and will go into effect on Oct. 29. Once effective, it will require New Jersey employers of all sizes to provide up to 40 hours of paid sick leave per year to covered employees.  

So You Are a Professional Athlete--Now What?

As NFL training camps are opening up, it is imperative for players and their loved ones to understand how to navigate business opportunities, multi-state taxes, residence choice, how to account for in-season and off-season expenses, budget earnings and make sure there is enough cash flow to last the entire off-season. 

The Nuts & Bolts of the Changes in Revenue Recognition

Over the course of the past few years, you may have heard rumblings about significant changes in our accounting guidance as it relates to how companies recognize revenue. The Financial Accounting Standards Board issued “ASU Revenue From Contracts With Customers (Topic 606)”, which is effective for public business entities, beginning after December 15, 2017; and private companies for periods beginning after December 15, 2018. 

EAlert: New York’s Optional Employer Compensation Expense Program (ECEP)

New York State Department of Taxation and Finance released guidance on July 3rd relating to the Employer Compensation Expense Program (ECEP) that was created as a part of the 2018-19 budget package

EAlert: NJ Tax Update

New Jersey Governor, Phil Murphy, signed a $37.4 billion budget last night, avoiding a government shutdown. This year’s budget is 8% higher than last fiscal year’s budget.

EAlert: Capital Gains Reinvested in Qualified Opportunity Zones

The Tax Cuts and Jobs Act of 2017 created code section 1400Z, which is designed to encourage economic growth and development through private investment in specific low income or rural communities and disaster areas.

EAlert: Wayfair US Supreme Court Ruling

Today’s ruling, in South Dakota V. Wayfair, paves the way for states to tax ALL e-commerce sales made to customers in their state.  This means that online retailers of all types will have to register, collect and remit sales tax and file sales tax returns in each state in which they make sales.  Gone are the days that a company would be required to have employees or a physical location in the state to require such filings and tax collections. Physical presence is still required for Income tax. The Wrigley US Supreme Court case is still in effect for Income tax. Wayfair supersedes the Quill US Supreme court case for sales tax.

Louis C. Grassi --LI's Accounting Juggernaut

CEO and Managing Partner of Grassi & Co., Louis C. Grassi, was featured in LI Press regarding his Fim's success for over 35 years. 

Grassi & Co. Ranks on Long Island in 2018!

Long Island Buisness News Ranks Grassi & Co.

EAlert: IRS Issues Workarounds for SALT Deduction

On December 22, 2017 President Trump signed into law the Tax Cuts and Jobs Act. 

EAlert: Local Law 196 Deadlines

In keeping with the new Local Law 196 of 2017, the Department of Buildings (DOB) is planning unannounced site checks where untrained workers have been found and will target other jobs of permit holders in violation.

EAlert: House Republicans Plan Second Tax Bill

The House Ways and Means Committee is planning a "Phase II" tax plan directed at individuals and families to complement the Tax Cuts and Jobs Act.

Prepare For A Cyber-Attack Now—Don’t Wait!

Ransomware is a type of malicious software designed to block access to your computer system until a sum of money is paid.
 

EAlert: NJ Property Tax as Contributions

The Federal Tax Cuts and Jobs Act and itemized deductions.

Mergers & Acquisitions for NFPs

The thought behind merging two companies together is to increase the value of each—the idea that two are better than one. Today’s not-for-profit sector is experiencing an unprecedented change which is moving many NFP organizations to consider merger and acquisition activity.

EAlert: NYS Enacts Tax Workarounds

On April 12th, Gov. Andrew Cuomo signed into law the New York State budget bill, that among other things, created an employer payroll tax and new charitable contribution funds to offset the impact of the $10,000 federal cap on state and local tax deductions under the Federal Tax Cuts and Jobs Act.

EAlert: New Sexual Harassment Legislation Passed in NYS

New legislation signed by Governor Cuomo on April 12, 2018, expands sexual harassment laws and criteria in New York State.

EAlert: The Time is Coming to Bid Farewell to OVDP

The IRS announced on March 13th its intention to end the 2014 Offshore Voluntary Disclosure Program (“OVDP”) on September 28, 2018. Many tax practitioners knew this was inevitable but didn’t know when it would happen.

Tax Alert: IRS Deadline Extension Due to Winter Storms

WASHINGTON — The Internal Revenue Service today granted many businesses affected by severe winter storms additional time to request a six-month extension to file their 2017 federal income tax returns.

EAlert: Important Information for Behavioral Health Providers

CMS is in the process of finalizing an improvement in the way Medicare Physician Fee Schedule (MPFS) rates are set that will positively impact office-based behavioral health services.

EAlert: From the Mayor's Office of Contract Services

To strengthen the partnership between New York City and our human service nonprofit sector, we feature updates from The Mayor’s Office of Contract Services (MOCS).  MOCS oversees New York City procurement and works with City agencies, vendors and community-based organizations to ensure that the contracting process is fair, efficient, transparent and cost-effective.

EAlert: Tax Reform Impact on A&E Industry

The Tax Cuts and Jobs Act (H.R. 1) is the biggest tax overhaul in over 30 years. With such an extensive revision of the tax code, the Architectural and Engineering industry will be deeply affected by these changes. Below are the key areas that will impact the industry.

EAlert: Commercial Rent Tax

The New York City council recently enacted Int. No. 799-B, which significantly increased the Commercial Rent Tax (CRT) exemption. 

EAlert: What a Contractor Should Know About Tax Reform

The Tax Cuts and Jobs Act (the Act), which the President signed on December 22, 2017, contains numerous provisions that could affect contractors at the corporate and individual levels.

EAlert: Estate and Gift Taxes Under New Tax Law

The Holidays are over, for now—and so are estate and gift taxes, for some, for now.
The New Year brings in a significant increase in the estate, gift and generation-skipping tax exclusion amount. 
 

EAlert: 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’).

Hiring Experts During a Divorce

Divorce can be a time of great uncertainty for families.  With both partners’ worlds turned upside down, everyone is trying to figure out the best way to survive the process. While a myriad of confusing questions come to the forefront, the first one to address is whether or not the divorce will actually be granted.

Cyberattacks of Nonprofits on the Rise

Cyberattacks and data breaches are commonplace in the news now—it would be easy to miss the changing trend on where these attacks are being focused. Financial institutions and banks will always be prime targets due to the information they contain, but the marked increase of attacks aimed at non-profit organizations, with particular focus on charitable and educational institutions, isn’t as understood.

Maximizing Your ERP Investment 2

In the world of Manufacturing and Distribution, many CEO’s and CFO’s are convinced they are simply too busy managing daily business operations and finance to find the time to critically review their company’s day-to-day ERP system processes. While it’s a fact they are busy, there also tends to be a vague resistance to initiate this study, as if it is too big of an initiative for them to successfully manage.

Top Five Issues When Valuing a Business in Divorce

Divorce is a big issue in today’s ever changing economy.  According to the national center for health statistics, as of 2014 in the United States there were 2,140,270 marriages, however, on average 50% of marriages end in divorce.  Divorces can typically be complicated, but even more so when a business is involved.  Below are five issues that business valuators consider when valuing a business for a matrimonial action.

Tax Code Section 2704

Section 2704 was enacted in 1990 as part of Chapter 14 with the aim of limiting discounts for certain family partnerships or limited liability company interests that are transferred to family members and to prevent strategies that were being used to artificially lower estate and gift tax liability.

EAlert: IRS has issued Notice 2017-15

The IRS has issued Notice 2017-15 which provides relief for estate or gift tax transfers to same-sex spouses.

Money for Nothing: 3 Ways to Reduce Contractor Insurance Premiums

Insurance costs can be daunting for any contractor, but what if there was a way to reduce premiums without affecting coverage?  Here are three tips that can have a large impact on insurance premiums.

The Blueprint to Building a Successful Construction Succession Plan

Over the past few months, there have been at least three construction companies who have celebrated big anniversaries: one celebrated 75 years, the second 125 years and the third 130 years.

Tax Sins Hedge Fund Managers Should Avoid

In the competitive world of investing, it could be quite tough to launch your fund, seek capital and then deploy that capital.  But what about keeping it going so that you can reap the rewards?  Although many things happen that are beyond one’s control, any of these, by themselves, are enough to cause investors to flee.  They could include a host of things including underperformance to a benchmark, losses over time, volatility, lost faith in management, or even a sudden loss of interest in a certain type of investment style or sector.

Valuation for Succession Planning, Retirement, and Death

If you own a business and have ever wondered what it is actually worth, or, if you have given serious thought on what will happen to your business upon death and what the ultimate impact would be on family members from a cash flow perspective, then you may want to consider succession planning.

NYS Paid Family Leave Act

In April of this year, Governor Cuomo signed into law the Paid Family Leave Act enabling workers with up to 12 weeks of paid leave a year to care for a seriously ill family member or newborn, or address issues from a family member’s military service. The law will apply to all employees who are covered by the state’s temporary disability insurance law, regardless of their employer’s size, and who have been employed for 26 or more consecutive weeks.

Insulating Your Cyberworld—One Step, and One Day, at a Time

Target, Ashley Madison, the DNC, Twitter, LinkedIn, PayPal, multiple healthcare institutions—it seems not a day goes by we’re not hearing about another data breach. Whether it’s a nation-state infiltrating governmental institutions, a breach of usernames and passwords that have numbered into the millions in a single instance, or, the most prevalent of them all, another case of ransomware holding files hostage until a payment is made. It often feels like we’re being inundated to the point of exhaustion and it seems to happen so often that there’s nothing to do to protect ourselves from being the next victim. The ugly truth is that there’s no way of ensuring, beyond any shadow of a doubt, that one will not fall victim themselves. The good news is that there are steps that can be taken to help lower an attack profile, greatly reducing the chances of being victimized.

Two Basic Misconceptions of 1031 Exchanges

If you are in the process of selling real estate for a profit—whether you are an investment professional or not—your goal is to most likely defer your taxes.  If so, it’s a safe bet that you’ve heard of the term “1031 exchange”.There is plenty of information floating around that makes it possible for the novice to perform the 1031 exchange steps.

 

Unannounced Visits From the IRS?!

Is your business behind on EFTPS (Electronic Federal Tax Payment System) payments for federal employment taxes?  If so, you may get an unexpected visit from an IRS Revenue Officer as part of the EFTPS Early Alert program being implemented in 2016. The visit will be unannounced and will occur before the employment tax return is filed or tax is assessed. Your late-paid electronic federal tax deposits will trigger an FTD alert that is shared with the IRS in June, September, December and March. This alert will be coded (A) or (B).

Portability and Re-Marriage—A Match Made in IRS Heaven

As a result of the enactment of the American Taxpayer Relief Act of 2012, portability was made permanent in the transfer tax system. But what is portability and how does it affect individuals who remarry?

Accounting Standards Update – Simplification Initiative

The Financial Accounting Standards Board, (“FASB”) established the Simplification Initiative with the goal of simplifying the complexity of the financial information reported to investors and other users while reducing the cost of preparing the financial statements.

Tax Incentives That Keep Money in Your Pocket

Tax season for 2015 has finally wrapped. Are you wondering if you should have gotten a bigger refund or if you over paid? One of the main challenges of any construction contractor is cash flow, after all cash is king, but what many contractors aren’t aware of are little tax incentives that can yield BIG savings. Three of the most lucrative incentives are: the Section 179D tax deduction, the Research & Development (R&D) tax credit, and the Cost Segregation Study.

What’s the Latest in Lean Practices?

While the construction industry has become more informed about the inefficiencies within the current construction process, adopting a Lean approach to improve project planning and efficiencies—resulting in increased client satisfaction—has only been partially assimilated into the industry. The most important challenge to having these cohesive principles adopted by the majority seems to be lack of industry understanding of Lean.

Cyber Attacks—Why CEOs Should Care About Cybersecurity

The year 2015 saw an unprecedented increase in cyber attacks with hackers hitting companies and government agencies month after month, with alarming results. It is estimated that 300 million records were leaked in 2015, and over $1 billion stolen. (Szoldra, Paul. (December 29, 2015) “The 9 Worst Cyber Attacks of 2015.” TECH Insider.) With cyber breaches of Ashley Madison, health insurer Anthem, Inc., JP Morgan Chase, and even the White House in 2014, there is no denying THIS is a serious problem! But what’s worse than stolen identities, money and personal records, are the threat these breaches are now having on lives, as two of the latest hack jobs were performed on hospital chains, forcing some patients to be moved to other hospitals for testing purposes.

EAlert: FASB Issues New Guidance on Lease Accounting

The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) intended to improve financial reporting about leasing transactions. The ASU affects all companies and other organizations that lease assets such as real estate, airplanes, and manufacturing equipment.

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