Tax

Regardless of whether you applaud or condemn the passage of the Tax Cuts & Jobs Act of 2017 (“TCJA”), there are changes to partnership audit procedures in the Bipartisan Budget Act of 2015 (“BBA”) that go into effect for tax years beginning after December 31, 2017 and could add additional compliance costs to certain taxpayers.

Under IRS Code Section 1341(a), a taxpayer can utilize a deduction when a taxpayer restores a substantial amount held under a claim of right “if (1) an item was included in gross income for a prior taxable year (or years) because it appeared that the taxpayer had an unrestricted right to such item; (2) a […]

In a prior blog post, I referenced a New York Magazine article revealing how foreign real estate investors use LLCs (limited liability companies) to anonymously buy real estate in New York City.