Anchors Aweigh! The 2015-2016 New York State Budget Bill

The New York State Legislature recently passed the 2015-2016 Budget Bill (the “Budget Bill”), provisions which alter New York State and New York City tax law, modify last year’s state corporate income tax reform and provide incentives to purchase a private plane or yacht. New York State Corporate Income Tax The definition of “investment capital” […]

Tax Provisions in the Administration’s Fiscal Year 2016 Budget

President Obama’s proposed 2016 budget contains new provisions as well as some from previous budgets – it includes plans to revise the U.S. international tax system, the taxation of domestic corporations and provisions affecting individuals. We will briefly cover some of the proposals affecting both corporations and individuals. Provisions Affecting Individuals Long Term Capital Gains and […]

NYDFS Calls for Insurers’ Cyber Security Information

On March 26, 2015, the Superintendent of the New York Department of Financial Services (NYDFS) issued a letter detailing requirements for insurers to provide information related to their cybersecurity programs and practices. Due April 27, 2015, the short response time created a sense of urgency among insurers. In recent years, cyber security in the insurance industry has […]

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U.S. Commerce Department Form BE-10 – Mandatory Filing

Deadline Approaches for Complying with the 2014 Benchmark Survey of U.S. Direct Investment Abroad Reports The Bureau of Economic Analysis conducts a survey of U.S. direct investments abroad every five years based on mandatory submissions from qualifying enterprises. With the last survey conducted in 2009, two types of party are potentially subject to the 2014 […]

September 11, 2013 – Employment Taxes and Special Administrative Procedures for Employers to Make Adjustments or Claims for Refund or Credit after Windsor

The IRS recently issued Notice 2013-61 to provide streamlined alternative procedures to allow employers and employees to claim refunds or adjustments for 2013 and prior years for employee benefits provided to same-sex spouses. Until the recent Supreme Court decision in Windsor, employers withheld and paid income and employment taxes on employee benefits provided to the same-sex spouse of an employee because the marriage was not recognized for Federal income tax purposes.

October 30, 2013 – Beware of FICA Tax Rules on Non-Qualified Deferred Compensation

Nonqualified deferred compensation arrangements are subject to special rules regarding when FICA tax must be paid. The recent case of Davidson v. Henkel Corp., 112 AFTR2d 5520 (ED Mich., 2013)shows how employers are exposed to potential liability both to the IRS and to plan participants if they improperly apply these special FICA tax rules. To […]