Tax Compliance & Tax Consulting

Overview



Our tax compliance and consulting services team helps clients design a comprehensive plan to reach their financial objectives. Our professionals analyze the current status of clients' investments, tax, insurance, retirement and estate plans. We dissect each component and make recommendations for improvements. Because the elements of a sound financial plan are interwoven, Grassi & Co.'s tax services professionals regularly monitor the plan and assist in making modifications that reflect clients' changing needs, goals and priorities. 

Grassi & Co. provides the following Tax Compliance & Tax Consulting services:
 

For Closely-Held Business & Owners:

 

  • Commercial Building Tax Deductions for AEDs
  • Cost Segregation Studies
  • Income Tax Planning & Projections International Taxation
  • LIFO Consulting Services
  • R&D Tax Credits and Incentives
  • State & Local Taxation
  • State Tax Credits
  • Succession Planning
  • Tax Controversy
  • Tax Credits & Incentives
  • Tax-Exempt Business
  • Tax Provision Services
  • Tax Return Compliance
  • Transaction Advisory

For High Net Worth Individuals:

 

  • Bankruptcy & Insolvency
  • Charitable and Gift-Giving Strategies
  • Family Wealth Services
  • Financial Administration
  • Income Tax Planning & Projections
  • International Taxation
  • Investment Strategies
  • Retirement Planning
  • State & Local Taxation
  • Tax Controversy
  • Tax Credits & Incentives
  • Tax Return Compliance
  • Transaction Advisory
  • Trust & Estate
     

 




 

Team

Stuart Becker Senior Consultant
Robert M. Bernstein Partner
Jeffrey G. Cohen Partner, Tax Services Leader
Anthony Dattoma Principal
Raymond Haller Partner
Michele Lindner Principal
Peter Metz Principal
Joseph Molloy Principal
Alan Silverstein Principal
Shashi Singal Principal
Alice H. Varisano Partner

Articles & Alerts

Some Contractors Don’t Give Themselves Enough Credit

If you are a specialty contractor responsible for functions such as plumbing, HVAC, electric or sheet metal work, or if you are a contractor that performs value engineering, you may be able to take advantage of some often-overlooked tax incentives.

 

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Alert: DOL Expands Retirement Plan Options for Smaller Businesses

The U.S. Department of Labor (DOL) has released a final rule which should make it easier for smaller businesses to provide retirement plans to their employees. According to the DOL, the rule will enable more small and midsize unrelated businesses to join forces in multiple employer plans (MEPs) that provide their employees a defined contribution plan such as a 401(k) plan or a SIMPLE IRA plan. Certain self-employed individuals also can participate in MEPs.
 

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Warning to Americans Investing In Certain Canadian Cannabis Stocks That Have A U.S. Presence

You could be (up to) 33% worse off than compared with investing in U.S. stocks because of taxes! Learn the rules on minimizing the additional taxes before you invest.

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Alert: MAJOR News For Nonresident Real Estate Holders in the State of CT

In a ruling by the Department of Revenue Services for the State of Connecticut, new tax legislation was recently passed concerning nonresidents owning real estate in Connecticut.
 

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CEO Athlete Toolkit to Soften the Blow of the TCJA of 2017

This past tax season was an especially demanding one as it was the first one under the new sweeping tax legislation, the “Tax Cuts and Jobs Act of 2017,” which passed 12/22/2017—professional athletes and coaches felt its impact deeply.
 

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Alert: How Meals and Snacks Are Valued For Employers Via TAM

On January 18, 2019, Technical Advice Memorandum (TAM) 201903017 was released concluding that an employer cannot treat free employee meals as excludable under Code Section 119 “convenience of the employer” test. 

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IRS Waives 2018 Underpayment Tax Penalties for Many Taxpayers

The IRS has some good news for certain taxpayers — it’s waiving underpayment penalties for those whose 2018 federal income tax withholding and estimated tax payments came in under their actual tax liabilities for the year.

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Alert: Important Tax Update on QBI and Trusts

The Tax Cut & Jobs Act of 2017 provided a new Section 199A deduction on qualified business income for certain pass through entities (sole proprietorships, partnerships & S corps). This deduction, which is generally 20% of QBI with certain limitations, is temporary and expires at the end of tax year 2025.
 

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Alert: Highlights of NYS Personal Income Tax Changes

New York State has decided to decouple from the Federal Tax Cuts and Jobs Act (TCJA) certain personal income tax changes for tax years 2018 and after.  

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EAlert: Business Meals and Entertainment Deductions

Many businesses still have questions regarding meal and entertainment expenses for 2018. The IRS recently amended IRC Sec. 274, relating to deductibility of business meals, eliminating deductions with respect to most entertainment, amusement or recreational activities.

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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. 

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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!
 

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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. 

 

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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.

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EAlert: IRS Issues Workarounds for SALT Deduction

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

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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.

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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.

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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.

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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.

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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.

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EAlert: Commercial Rent Tax

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

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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.

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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’).

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Proposta Riforma Fiscale USA

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.

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EAlert 2017 Tax Reform: What Congress and the President are Considering Now

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.

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EAlert: IRS Issues Notice on Implementation of Executive Order 13789

On July 7, 2017 the internal revenue service issued Notice 2017-38, 2017-30 IRB[1] 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.

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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.

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Events

Event: Why Commercial Solar Now?

Jeff Cohen, Tax Partner, will be a panelist at this upcoming and informative panel discussion about all the ins and outs of solar and why you need to get on board now! 

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The Business of Cannabis

John Pellitteri, panelist at NJBiz, "The Buisness of Cannabis"

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