This alert is part of the OZ Series that highlights topics in the Opportunity Zones final regulations published in the Federal Register on January 13, 2020. One of the changes in the final regulations makes it easier for taxpayers with capital gains from the sale of business property to receive tax benefits under the Opportunity Read More »
In December 2017, the Tax Cuts and Jobs Act of 2017 added the Opportunity Zones program to the Internal Revenue Code. The Opportunity Zones program provides for the deferral and reduction of capital gains tax and possible permanent exclusion from federal income taxation of eligible capital gains. Taxpayers realize these benefits by investing in Qualified Read More »
In November 2019, Governor Cuomo signed several bills into law that benefit veterans and active duty military in the areas of eligibility for benefits, real property tax exemption, education, employment, and others. Chapter 481 of the Laws of 2019 directs the New York State Division of Veterans’ Services (DVS) to maintain a Discharge Upgrade Advisory Read More »
Background The H-1B category is an attractive employment-based option for U.S. employers seeking to hire foreign nationals in specialty occupations. Generally, in order to qualify for an H-1B visa, the employer must demonstrate to the United States Citizenship and Immigration Services (the "USCIS") that the following requirements are met: the job is a specialty occupation, Read More »
There is a transfer tax due when conveying real property in New York State. The amount of transfer tax is based on the consideration paid in exchange for the conveyance, which consideration is typically the purchase price. The transfer tax is reported on the Form TP-584 Transfer Tax Report. The TP-584 must be filed at Read More »
As part of Governor Cuomo's efforts to expand New York's anti-discrimination laws, the Governor signed new legislation which will effectively prohibit employers from making wage or salary inquiries with job applicants and employees. The new law takes effect on January 6, 2020 and provides that no employer shall: a. Rely on the wage or salary Read More »
In mid-May, the United States Trade Representative ("USTR") published a proposal to impose additional 25% tariffs on approximately $300 billion worth of goods imported from China ("List 4"), pursuant to Section 301 of the Trade Act of 1974. List 4 covers 3,805 full and partial tariff subheadings ranging from agricultural products to manufactured goods. A Read More »
On March 31, 2019, Governor Andrew M. Cuomo and the State Legislature passed the $175 billion FY 2020 budget (the "Budget") for the state of New York. Real estate related highlights from the budget include: Permanent 2% Property Tax Cap: The inclusion of the permanent 2% property tax cap in the FY 2020 Budget will Read More »
Bousquet Holstein’s real estate and litigation attorneys represent property owners in challenges to municipal assessments of real property, which is known as tax certiorari. If you or your business own real property that the municipality has assessed too high, is assessing unequally to other properties, or is entitled to an exemption that the municipality incorrectly Read More »
On February 15, 2019, the U.S. Department of Labor ("DOL") issued a Field Assistance Bulletin abandoning application of the 80/20 rule in enforcement proceedings involving tipped employees. The Bulletin is consistent with an Opinion Letter issued by the DOL in November, 2018 stating that there should be no limit placed on the amount of time Read More »