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Opportunity Zones Series – Better Fit: Actual Business Practices and 10-Year Gain Exclusion on Asset Sales

February 10, 2020
This alert is the third part of the Bousquet Holstein OZ Series that highlights topics in the Opportunity Zones final regulations published in the Federal Register on January 13, 2020. Under the Opportunity Zones program, a taxpayer who has held a qualifying investment in a Qualified Opportunity Fund for at least 10 years may elect Read More »

Opportunity Zones Series: Gains Eligible for OZ Tax Incentives Expand: Section 1231 Property

January 29, 2020
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 »

Opportunity Zones Series: Final Regulations Enhance Tax Incentive Program

January 22, 2020
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 »

New Laws Benefit New York State Veterans and Active Duty Military

January 08, 2020
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 »