December 14, 2015
Salvatore Russo
Blog Posts
0 CommentsNew York Transit Ordinance FAQs What is the NYC Transit Ordinance? The NYC Transit Ordinance, Local Law 53 (Intro 295-A), is a transit benefit ordinance requiring New York City employers with 20 or more full-time employees to offer pre-tax transit benefits. The law was signed into law by Mayor De Blasio on October 20, 2014. […]
Read moreDecember 08, 2015Salvatore RussoBlog Posts0 CommentsBudget Act raises revenue with new tax compliance measures for partnerships, other changes The new Bipartisan Budget Act of 2015, signed into law by President Obama in November, makes some far-reaching changes to partnership audits along with repealing automatic enrollment in health plans under the Affordable Care Act (ACA). The new law is a good […]
Read moreOctober 12, 2015Salvatore RussoBlog Posts0 CommentsFAQ: Can a taxpayer assign income to someone else? Gross income is taxed to the person who earns it by performing services, or who owns the property that generates the income. Under the assignment of income doctrine, a taxpayer cannot avoid tax liability by assigning a right to income to someone else. The doctrine is […]
Read moreSeptember 11, 2015Salvatore RussoBlog Posts0 CommentsHow Do I? Form a partnership for tax purposes A business operated by two or more owners can elect to be taxed as a partnership by filing Form 8832, the Entity Classification Election form. A business is eligible to elect partnership status if it has two or more members and: is not registered as anything […]
Read moreSeptember 11, 2015Salvatore RussoBlog Posts0 CommentsBusy tax agenda awaits Congress’ return after August recess Congress returns to work in September with a full agenda of tax legislation. Lawmakers will search for revenue to pay for a long-term federal highway and transportation bill, debate the fate of popular but temporary tax breaks, and decide on a funding level for the IRS. […]
Read moreSeptember 11, 2015Salvatore RussoBlog Posts0 CommentsPresident signs Highway Bill revising return due dates, making other compliance change President Obama signed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 on July 31. The Act revises some important return due dates, overrules a Supreme Court tax decision, revises the employer shared responsibility requirements in the Affordable Care Act […]
Read moreAugust 12, 2015Salvatore RussoBlog Posts0 CommentsFAQ: Can an S corporation own an interest in another business entity? An S corporation may own an interest in another business entity. An S corporation can be a member of an affiliated group by owning 80 percent or more of the stock of a C corporation. The group then can elect to file on […]
Read moreJuly 15, 2015Salvatore RussoBlog Posts0 CommentsHow Do I? Determine when the “at risk” rules apply to my business Taxpayers that invest in a trade or business or an activity for the production of income can only deduct losses from the activity or business if the taxpayer is at risk for the investment. A taxpayer is at risk for the amount […]
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