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Document(s) published by this organization: 109
Show: results per page Sort by:  | More Explanation of Itemized Deduction Phase-Out
Loeb Loeb LLP;
Legal Alert/Article February 1, 2013, previously published on January 2013 After we released our alert on the American Taxpayer Relief Act of 2012, we received a few inquiries about how the phase-out of itemized deductions will work. The phase-out of itemized deductions returns to the tax code in 2013 after a several-year absence and the American Taxpayer Relief Act of...
| | FTC's Year-End Report to Congress on Debit Card Transaction Rules Outlines Agency's Enforcement and Education Initiatives
Michael L. Mallow, Michael A. Thurman; Loeb & Loeb LLP;
Legal Alert/Article February 1, 2013, previously published on January 2013 As 2012 came to a close, the Federal Trade Commission updated Congress on its enforcement and other efforts in connection with the new rules regulating debit card transactions implemented last year by the Federal Reserve Board under the Dodd-Frank Wall Street Reform and Consumer Protection Act of...
| | New York’s MTA Payroll Tax Found Unconstitutional
Loeb Loeb LLP;
Legal Alert/Article February 1, 2013, previously published on January 2013 New York enacted the Metropolitan Commuter Transportation Mobility Tax, often referred to as the Metropolitan Transportation Authority payroll tax, in 2009 in response to a large MTA budget shortfall. The MTA payroll tax is a quarterly tax on certain employers and self-employed individuals engaging...
| | S Corporation Distribution Treated As Wages Subject To FICA Taxes
Loeb Loeb LLP;
Legal Alert/Article February 1, 2013, previously published on January 2013 Judging by the number of recent cases on this issue, both taxpayers and the IRS have figured out that if the owner of an S corporation withdraws all of the earnings of the business conducted by the corporation in the form of dividends rather than as wages, he avoids paying the FICA taxes on those...
| | New York Expands Post-Production Film Tax Credit
Loeb Loeb LLP;
Legal Alert/Article February 1, 2013, previously published on January 2013 New York state increased the Empire State film post-production tax credit from 10 percent to 30 percent (for post-production facilities in New York City or Dutchess, Nassau, Orange, Putnam, Rockland, Suffolk and Westchester counties) and 35 percent (for post-production facilities in other counties)...
| | Estate Denied Deduction for Settlement Payment to Caregiver
Loeb Loeb LLP;
Legal Alert/Article February 1, 2013, previously published on January 2013 In Estate of Sylvia E. Bates (2012), the Tax Court rejected an estate’s attempt to deduct a settlement payment to the decedent’s caregiver as an estate administration expense on the estate tax return. In a trust prepared by the decedent, she left $100,000 to the person who had been her...
| | California Court of Appeal Holds Unconstitutional California Exclusion of Gain from Sales of “Qualified Small Business Stock”
Loeb Loeb LLP;
Legal Alert/Article February 1, 2013, previously published on January 2013 California’s Revenue and Taxation Code Section 18152.5 includes a provision that is similar to IRC Section 1202, which allows a taxpayer to exclude a portion of the gain he recognizes upon the sale of “qualified small business stock.” Qualified small business stock is generally...
| | Remember To File Your Gift Tax Return and Other Follow-Up Related To 2012 Gifts
Loeb Loeb LLP;
Legal Alert/Article January 31, 2013, previously published on January 2013 Many of our clients made gifts during 2012 to utilize the $5,120,000 lifetime exemption from gift tax that was scheduled to be reduced to $1 million after December 31, 2012. If you made gifts in excess of $13,000 per donee, you are required to file a gift tax return on Form 709 even if no gift tax...
| | IRS Rules That a Mexican Land Trust Is Disregarded For United States Income Tax Purposes
Loeb Loeb LLP;
Legal Alert/Article January 31, 2013, previously published on January 2013 Mexican law prohibits non-Mexican citizens from owning land within 100 kilometers of Mexico’s inland borders or 50 kilometers from its coastline, encompassing the entire Baja peninsula. Since many U.S. citizens and other non-Mexican citizens find the Mexican coastal zone a desirable location...
| | D.C. Court Holds President's Recess Appointments "Constitutionally Invalid," Raising Questions About CFPB's Exercise of Authority Over Small Banks and Non-Banks
Michael L. Mallow, Michael A. Thurman; Loeb & Loeb LLP;
Legal Alert/Article January 31, 2013, previously published on January 2013 The U.S. Court of Appeals for the District of Columbia issued an opinion Jan. 25, 2013, that overturns President Barack Obama's recess appointments of three National Labor Relations Board members and opens the door to challenges to the President's simultaneous appointment of Richard Cordray as...
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