Archive for August 2021
New Jersey Cannabis Business Applications
New Jersey’s Cannabis Regulatory Commission (“CRC”) has announced that it will soon begin accepting applications for licensure of cannabis businesses. Recently issued regulations provide a general outline stressing what the CRC will look for in potential licensees, as well as those receiving priority in the process. Who Gets Priority? Specifically, Social Equity Businesses (owned by…
Read MorePost-Pandemic Tax Savings
The world has changed in the last two years, especially when it comes to employment. As more employees are enjoying the benefits of working remotely, there are several tax considerations and potential savings that should be considered. Tax Considerations for New York City Employers Employers should diligently evaluate whether their employees working remotely post-pandemic will…
Read MoreOfficer Compensation
In the case of Hacker, T.C. Memo 2021-186, the U.S. Tax Court has held that two corporate officers were employees of the corporation they owned and that the corporation was liable for its share of payroll taxes on the IRS’s reasonable determination of what the corporation should have been paying the officers. Mr. and Mrs. Hacker…
Read MoreAdvance Child Tax Credit
In a recently published FAQ, the IRS stated that Advance Child Tax Credit payments cannot be counted as income when determining if the recipient taxpayer or anyone else is eligible for benefits or assistance, or how much the taxpayer or anyone else can receive, under any federal program or under any state or local program financed…
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