Alerts

• Legislative Amendments to New York MCTMT
  The New York Department of Taxation and Finance has issued a memorandum discussing recently enacted amendments to the Metropolitan Commuter Transportation Mobility Tax (MCTMT)

• Repairs versus Improvements: New Rules for Deductibility
  The IRS and Treasury have issued long-awaited, comprehensive regulations on the capitalization of amounts paid to acquire, produce or improve tangible property.

• New York State Department of Labor Wage Theft Prevention Act
  The New York State Department of Labor (NYSDOL) now requires that all New York employers provide each employee with a written notification of their regular and overtime hourly wages by February 1, 2012 and, obtain a written acknowledgement of receipt from each employee.

• 2012 Standard Mileage Rates
  The rate for business miles driven is unchanged from the mid-year adjustment that became effective on July 1, 2011. The medical and moving rate has been reduced by 0.5 cents per mile.

• New Reporting Rules for Foreign Financial Assets
  New Reporting Rules for Foreign Financial Assets

• New York State Tax Bill of 2011
  The New York State Legislature recently passed a budget bill that makes several changes to the New York State Tax Law.

• Plan on Changes to Depreciation Rules
  As a result of the economic downturn, the federal government has enacted a number of generous provisions in the tax law over the last several years that have been aimed at increasing investment in real property and otherwise improving the economy as a whole.

• Good news for real estate professionals!
  The Internal Revenue Service has made it easier for real estate professionals to make late elections to treat all interests in rental real estate as a single rental activity.

• New York State Dept. of Labor Interest Assessment Surcharge
  New York State owes interest on funds borrowed from the federal Unemployment Trust Fund.

• Health Care Reform Act
  Recently enacted Health Care Reform Act and the 2010 Hiring Incentive to Restore Employment Act (HIRE)

• Reduction of New Jersey Subchapter S Corporate Minimum Tax
  On June 30, Governor Christie of New Jersey signed a bill reducing the NJ subchaper S corporation minimum tax rates.

• Small Business HealthCare Tax Credits
  The Internal Revenue Service released guidelines for small employers eligible to claim health care tax credits for 2010.

• Small Business Jobs Act
  The 2010 Small Business Jobs Act includes a wide-ranging assortment of tax breaks and incentives for businesses.

• California Domestic Partners
  The IRS has reversed its position on California Domestic Partners.