New legislation signed by Governor Cuomo on April 12, 2018, expands sexual harassment laws and criteria in New York State.
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.
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.
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.
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.
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.
The New York City council recently enacted Int. No. 799-B, which significantly increased the Commercial Rent Tax (CRT) exemption.
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.
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.
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’).
The Paid Family Leave forms are now available online!
Il 2 Novembre 2017, il Ways and Means Committee della Camera dei Deputati Americana ha presentato la propria proposta di riforma di legge in ambito fiscale.
Revisions were made to reduce errors on the form I-9. The new form was revised on 07/17/2017.
Grassi & Co. hosted a webinar on the NYS Paid Family Leave Act.
In order to stay compliant in today’s hectic HR landscape, below are some key points regarding the EEO-1.
As reported by Reuters, President Donald Trump and congressional Republicans are now tackling tax reform. Tax staffers are meeting in the House of Representatives and the Senate through the August break to work on legislation that is expected to be unveiled next month.
Every year, Grassi & Co. produces a Construction Industry Market Outlook Survey followed by a Symposium made up of executives within the construction industry to comment on the results of the survey.
The advances in construction technology are real, they are here, and they aren’t going away. If construction contractors are not already implementing these new ways to build, they’ll be as obsolete as the dot matrix printer.
On July 7, 2017 the internal revenue service issued Notice 2017-38, 2017-30 IRB which announced the implementation of Executive Order 13789. Executive order 13789 was issued by President Donald J. Trump on April 21, 2017, and was a directive designed to reduce tax regulatory burdens.
New York’s Paid Family Leave program provides wage replacement to employees to help them bond with a child, care for a close relative with a serious health condition, or help relieve family pressures when someone is called to active military service.
The Federal government imposes an estate tax which is calculated on the value of your assets when you die. The first $5,490,000 (2017 exemption) is excluded for Federal Estate tax purposes. This is a cumulative lifetime exemption; therefore taxable gifts made during your lifetime utilize part of this exemption. Upon death, the remaining exemption is essentially applied to the remaining estate.
As a part of the MACRA 2015, CMS is required to remove the Social Security number or SSN from Medicare cards by April 2019. New Medicare Beneficiary Identifier (MBI) will replace the SSN.
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 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.
The recent bill passed in NYS, S3293 amends subdivision 3 of section 2999-cc of the public health law by expanding Telehealth services for children.
It’s 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.
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.
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.
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.
The IRS has issued Notice 2017-15 which provides relief for estate or gift tax transfers to same-sex spouses.
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.
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.
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.
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.
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.
In a recent visit to an NFL club during their organized team activities, wherein 29 of the rookies and free agents took part in a financial literacy class, the room was queried and only one of the 29 rookies said he had prepared a tax return in the past. While this is not surprising, it is somewhat worrisome as these players have no idea what their new tax compliance obligation is.
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?
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 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.
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.
The 2016 NFL draft is quickly approaching and collegiate athletes, who are enthusiastic about finally getting paid to play, will be facing new challenges and demands as they become instant celebrities and instant CEOs. These rookie players will suddenly have to make financial decisions that, let’s face it, college has not fully prepared them for, which in turn leaves them vulnerable to fiscal consequences they may not recover from.
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.
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.
The second biggest mistake most NFL players make, aside from not budgeting their 16 paychecks over an entire year— as per ”How Rookies Can Budget Their Earnings in The ‘Ballers’ Era” published in the August 24-30, 2015 issue—is not viewing themselves as their own brand. Until players realize that they, themselves, are the CEO of their own personal brand, they will struggle to develop the professional maturation needed to thrive once their football careers end.