The COVID-19 Pandemic has been extraordinarily impactful on hospitality businesses, particularly sit-down dining establishments. To help stimulate this important sector of our economy, one overwhelmingly dominated by small and closely held businesses, Congress authorized a temporary, two-year, 100% business expense deduction for certain business meals at “restaurants.” As with all (tax) law changes, the devil […]
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Throughout 2020 and 2021, the IRS has repeatedly identified abusive micro-captive insurance arrangements as an audit and criminal enforcement priority. Earlier this month, the IRS issued a press release touting its victory against another micro-captive insurance arrangement in Caylor Land & Development, Inc. v. Commissioner. The IRS continues to pressure taxpayers who are engaged in […]
Shmuel Law Group welcomes Jonathan D. Grossberg, who will serve as Senior Counsel to the firm. Jonathan adds a depth of experience in federal and international tax law to the firm. Jonathan’s practice will focus on advising businesses and individuals on complex business-cycle transactions, with a particular focus on federal and international tax reduction strategies. […]
As a response to the economic crisis associated with the COVID-19 stay-at-home order, the federal government (as well as state and local governments in New Jersey and Pennsylvania) have issued directives meant to ease the burdens on small businesses and tax exempt 501(c)(3) organizations. The federal government is providing the following financial resources to eligible […]
Clients often call me with concerns that they’ve haven’t paid or filed their federal, state, or local income taxes. As a tax attorney, I am particularly aware of the recurring themes: “my business grew faster than I could handle it and I fell behind on bookkeeping/administration.” “I missed a filing deadline years ago, then kept […]
On December 2, 2019, Philadelphia’s City Council voted in favor of Council Bill No. 190944, which effectively cuts Philadelphia’s renown real estate tax abatement for new construction and renovations in half. The bill has been sent to the Mayor’s desk for signature, which is expected by the end of the month. Under existing law, the […]
I spoke with a client over the weekend about a not-so-unusual charitable gift he wanted to make—that of a gift of shares of stock. In this client’s case, the client inherited about $50,000 worth of shares in a mutual fund several years ago. The client has held these shares for several years and has experienced […]
Here’s a question my clients often ask me: “How long do I need to keep copies of tax returns and other business records?” I understand that in today’s business climate, keeping paper files is cumbersome and even considered a higher security-risk practice for most companies. However, with the relative ease and affordability of encrypted and […]
Updated: Dec 24, 2019 Business owners in New Jersey just received an early Christmas present in the form of NJ S. 3246/A. 4807, a bill approved by both the NJ Assembly and Senate authorizing pass through entities (partnerships, S-corporations, and LLC’s) to elect to pay an entity level tax in New Jersey and providing for […]