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Energy Efficient Commercial Buildings Tax Deduction

In the early morning hours of February 9, 2018, Congress passed the Bipartisan Budget Act of 2018 which included an extension of the Internal Revenue Code Section 179D Energy Efficient Commercial Buildings Deduction, commonly referred as the Commercial Buildings Deduction or the 179D deduction, to include projects completed in 2017. How Does 179D Work? Section […]

New York City to Provide Commercial Rent Tax Relief to Small Businesses

Legislation effective July 1, 2018, will provide a significantly increased exemption under the Commercial Rent Tax Law (“CRT”) to certain Manhattan taxpayers. Currently, the CRT is applicable to commercial tenants south of the center line on 96th Street and north of Murray Street paying $250,000 or more in annual rent. The revised CRT exemption for […]

Enhanced Fixed Asset Expensing Under the Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act (“TCJA”) made significant changes to the way the cost of assets used in a trade or business are deducted under Internal Revenue Code Section 179 and the Bonus Depreciation rules. Section 179 Expensing Section 179 allows a business to expense the full cost of qualifying assets. Previously, businesses could […]

Tax Cuts & Jobs Act: Implications for Private Equity

As businesses and tax practitioners continue to determine the winners and losers of the December 22, 2017 Tax Cuts and Jobs Act (“TCJA”), it is clear that the substantial impact to private equity funds and their portfolio companies consists of a trade-off between the benefit of reduced corporate and individual rates and increased limitations on […]

Employee Related Expenses Disallowed Under the New Tax Law:

Prior to 2018, certain moving expenses were deductible against adjusted gross income if the move was related to the employee’s work and the distance was 50 miles further from the previous place of employment. Many employers had a policy that reimbursed employees for these moving expenses on a tax free basis. Changes in Moving Expense […]