Feeds:
Posts
Comments

Donald Trump is soon to become a very busy man. Building a wall, renegotiating trade deals, and trying the cast of Hamilton for treason all require significant man-hours. As a result, if he intends to make America great again, he’ll have to hand over the keys to his real estate empire to a temporary replacement. And unfortunately for the President-elect, this re-directed focus will cost him millions in tax dollars.

Continue reading on Forbes.com.

 

Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

There is one clear victor in the 2016 President Election results and that is those who loathe the current tax law and long for reform. President-elect Trump’s tax proposals align nicely with those previously posited by Republican tax writers like Paul Ryan and Kevin Brady, and with last Tuesday’s events resulting in a consolidation of power in the hands of the Republican party, it has been said that tax reform within Trump’s first 100 days in office is a “priority.”

Continue reading on Forbes.com.

 

Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

Donald Trump was elected the 45th President of the United States last night, and while I allow that to sink in for a bit, it’s also worth nothing that Republicans retained control over the House and Senate. As a result, the GOP has unfettered control over the future of tax policy, meaning we may be in for some big changes. What can you expect?

Continue reading on Forbes.com.

 

Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

I’ve got a confession to make. While I love to sell myself as a connoisseur of all things tax law, the truth is, I can’t stand dealing with state taxes. I’ve spent my entire career avoiding it at all costs. I find all the nexus and credits and allocation versus apportionment to be incomprehensible and largely annoying.

But I’ve got another confession to make. When a state tax court case contains the terms Larry Flynt, Hustler Club, and Beaver Bucks; well, it’s enough to make me drop whatever I’m doing on a Saturday night (read: nothing) and get writin’. So here goes…

Yesterday, the New York Supreme Court ruled that the state’s 4% “Amusement Tax” — which serves as a sales tax on strip club “purchases” among many other things, is not unconstitutional. Clearly, we’re going to need some background here. First, the facts.

Continue reading on Forbes.com.

 

Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

I’m not here to provide color or commentary on much of the debate; after all, I have no idea whether Hillary Clinton can fix Obamacare, or whether Donald Trump’s policy of “sneak attacks” is enough to overcome ISIS, or whether either party has a clue on how to handle immigration.

But I know tax law. And for that reason, I felt compelled to correct one very important — and very LOUD — assertion Republican candidate Trump made during last night’s debate about Democratic candidate Hillary Clinton’s tax proposal.

Continue reading on Forbes.com.

 

Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

Hey, have you heard about Donald Trump? You know, the guy who is accused of not paying his creditors, repeatedly making racist and sexist comments, and stealing Christmas from 1981 to 1985? On, and who also happens to be one of the last two applicants for the most important job in the world? Well, someone released three pages of one of Trump’s tax returns from 20 years ago, a violation of privacy which aside from angering Trump, had the unexpected effect of transforming the overwhelming majority of Americans into experts on the tax law.

Continue reading on Forbes.com.

 

Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

If you’ve worked in the tax preparation world for any measure of time, you’ve assuredly run into the following conundrum:

My client is a member in an LLC. Is his/her share of the LLC’s income subject to self-employment income?

At that point, you went one of two directions:

  1. Opened up your tax research software/hard copy Code/Google machine, or
  2. Said “screw it, I’ll exclude it,” and went on with your life. (Ed note: this is the option you took).

Continue reading on Forbes.com.

 

Authored by Tony Nitti, Withum Partner and writer for Forbes.com.