Category: Tax Code, Regulations and Guidance

January 21, 2022

Numerous states are proposing tax rebates and bonuses for public workers as the fiscal doldrums of early 2021 give way to fat times fueled by booming markets, growing incomes and federal aid. State revenues between April and November increased 24% […]

January 11, 2022

Tax issues, said Neil V. Carbone, partner at Farrell Fritz, P.C., in New York, include gift tax and income tax. A sale for less than fair market value involves a partial gift. If the amount of the gift exceeds certain […]

January 7, 2022

On December 27, 2021, and January 4, 2022, the Centers for Disease Control and Prevention (“CDC”) issued updated guidance shortening both the recommended time individuals are required to isolate after contracting COVID-19 and the quarantine period for those exposed to […]

January 6, 2022

What Is a Tax Refund? A tax refund is a reimbursement to a taxpayer for any excess amount paid to the federal government or a state government. While taxpayers tend to look at a refund as a bonus or a […]

January 5, 2022

What Is a Tax Haven? A tax haven is a country that offers foreign businesses and individuals minimal or no tax liability for their bank deposits in a politically and economically stable environment. They have tax advantages for corporations and […]

January 3, 2022

Throughout 2021, Congress and the Executive Branch proposed tax code changes that – had they ultimately passed – would have significantly changed various estate planning techniques. Some proposals would have sidelined a number of established estate planning strategies while other […]

December 29, 2021

What Is Exempt Income? Exempt income refers to certain types or amounts of income that are not subject to income tax. Some types of income are exempt from federal or state income tax, or both. The Internal Revenue Service (IRS) […]

December 28, 2021

U.S. Centers for Disease Control and Prevention (CDC) updated its recommendation for lengths of quarantine and isolation in light of what is currently known about COVID-19 and the Omicron variant. The CDC’s recommendations for both quarantine and isolation periods have […]

December 27, 2021

On November 18, 2021, Florida Governor DeSantis signed House Bill 1B into law, imposing a series of requirements on employers in the Sunshine State who seek to impose COVID-19 vaccination mandates on their workforce. The statute itself left employers grappling […]

December 15, 2021

Under the American Rescue Plan Act (ARPA) of 2021, the child tax credit (CTC) was expanded to a fully refundable $3,000 per eligible child under 18 ($3,600 per child under 6). In addition, ARPA provides parents with advance child tax […]