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 »
Compliance with the event notices added to Rule 15c2-12 of the Securities Exchange Act of 1934 (Rule), by the Securities and Exchange Commission on August 20, 2018, is required starting on February 27, 2019. 501(c)(3) borrowers, municipal issuers and other obligated persons must now file with the Electronic Municipal Market Access system (EMMA), notices of Read More »
In last month's alert, we discussed a popular question among many employer-sponsors, namely how many expert letters should be submitted to support a petition. Here is the link to that alert: http://bhlawpllc.com/publication/expert-letters-how-many-letters-are-enough-for-an-o-1-petition/ In this alert, we are addressing the format of how these letters should be written. The government gives some insights in the regulations about Read More »
The Internal Revenue Service published the final public approval regulation in the Federal Register on December 31, 2018. The regulation will apply to bonds issued pursuant to a public approval occurring on or after April 1, 2019. The Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) added to the Internal Revenue Code a public Read More »
The fifth criterion for O-1 classification is what we generally refer to in the industry as "expert letters". Usually sponsors and beneficiaries ask us how many letters are required in order to meet this criterion. Our response is: it is not the quantity but the quality of expert letters that matters. O-1 petitions do not Read More »