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Archive for the ‘tax’ Category

Admit it. As the battle over the future of healthcare divided our nation throughout the past few months, you remained squarely on the sideline. It’s not that you didn’t have an opinion on whether Obamacare should remain the law of the land or be replaced by one of two Republican offerings — the American Health Care Act or the Better Care Reconciliation Act — it’s just that you felt, well…stupid.

There was so much to understand and keep up with, and when that one guy in your office would give an impassioned defense of the preexisting conditions clause or rail against Medicaid, you felt like perhaps you weren’t quite informed enough to get involved.

Well, I’ve got news for you: that guy in your office? Total fraud. Nobody understands healthcare in this country. Not the people who receive it, not the people who provide it, and certainly not the lawmakers who determine its fate. Perhaps that last great bastion of journalism in this country — The Onion — put it best with this headline:
Man Who Understands 8% of Obamacare Vigorously Defends it from Man Who Understands 5%

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

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It has been a couple of months since Tony Nitti did his last podcast but The Nitti Gritty is officially back! Listen to Tony Nitti, Withum Partner and writer for Forbes.com, discuss where we stand with tax reform. Tony will also cover the below court cases that took place over the last month:

  1. Mudrich vs. Commissioner TC Memo 2017-101 (alimony)
  2. Anderson vs. Commissioner TC Summary Opinion 2017-17 (deductible moving expenses)
  3. Austin vs. Commissioner TC Memo 2017-69 (business purpose and non-tax profit motive requirements of the economic substance doctrine)

Continue listening at Withum.com

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

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Moments after the Atlanta Hawks made Alpha Kaba the final pick in the 2017 NBA Draft, the attention of the basketball world turned to what promises to be a frenzied free-agency period. Beginning July 1st, a bevy of big-name players hit the open market, including Chris Paul, Blake Griffin, Gordon Hayward, and the tattered remains of Derrick Rose.

For these free agents, there is much to consider in choosing their next team. Who offers the most established leadership? (Miami) The best weather? (Miami) The most accessible network of HGH dealers? (Miami)

Then, of course, there’s the little matter of money, and when it comes to extracting the most coin possible out of a contract, it typically behooves a free agent to do nothing at all, and simply re-up with their previous employer.

That’s because the NBA’s collective bargaining agreement affords advantages to a team in re-signing it’s own free agents, provided the team has so-called “Larry Bird rights” in the player. Generally, this requires the player to have been with the team for three consecutive seasons, though there are a host of other ways a team can obtain these rights.

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

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I am not what one would describe as a “talented” man, but I do possess one time-tested, undeniable skill: Within mere minutes of arriving at a wedding, I can tell you with absolute certainty whether the couple will be divorced within three years.

My record is impeccable, but to be honest, it’s not all that difficult. Here are a couple of helpful tips:

  • If I learn that the bride insisted that she and her fiancé have a joint bachelor/bachelorette party, they ain’t making it.
  • If the best man spent the thirty minutes prior to the start of the ceremony repeating to the groom, “just leave, and I’ll cover for you,” that’s probably not a great sign.
  • If the bride, despite having no discernable singing ability, insists on sitting her new husband in a chair and belting out her favorite song, she’s probably far more interested in getting married than being married, and when the glow of the wedding wears off….look out.

Even those who survive beyond three years aren’t out of the woods, of course; after all, being married is hard. If there’s any advice I can offer young couples contemplating tying the knot, it’s this: the saying goes that life is too short. Well, I’ve got news for you: if you marry the wrong person, life is looong. You’ll wake up every morning,  look to the other side of the bed, and find yourself wishing that the whole thing would just speed up and get over with already.

Continue reading on Forbes.com

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

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Today is my son’s eighth birthday, and naturally, I spent the morning thinking back to the countless ways he’s enriched my life.

There was that first dependency exemption in 2009. And then that much-needed dependent care credit in 2011. And who can forget the child tax credit of 2014? Great times, all.

In total, that kid has saved me over $10,000 in taxes, and all it’s cost me in return is a few hundred doughnuts and the occasional Lego set. Not a bad deal.

If you’re a little jealous, don’t be; YOU can have a sweet little tax break of your own, and if you plan accordingly, unlike me you can have one that doesn’t require all that annoying parenting.

But be warned, claiming a dependent — and all the ancillary tax benefits that come with it, from the $4,050 deduction to the head-of-household filing status to the earned income, child care, and dependent care credits — is not as easy as it sounds, and certainly not as easy as it should be. Heck, if it were up to me, you’d get a dependency exemption for every kid under a certain age, every parent OVER a certain age, and anyone who lives in your house but doesn’t pull their weight when the bills come due.

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

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A few summers ago, my wife and I marked our ten-year wedding anniversary with a three-day getaway to Block Island. Our first night on the island, we went out to dinner, and while we awaited the arrival of our food, my wife shared the story of friend who had recently gotten a new job, and when she and her husband arrived at the restaurant that night to celebrate with dinner, the husband had thoughtfully arranged to have a bottle of champagne waiting at the table with a note that read, “Congratulations!”

Maybe my wife meant that as a hint; maybe she didn’t. That’s when it dawned on me: Ten years is a big deal. There are expectations involved. I should probably live up to them.

In recent days, President Trump found himself in the same uncomfortable situation I endured at that table in Block Island. Soon to mark his 100th day in office, he realized that he had done nothing to fulfill his promise to deliver a “phenomenal tax plan.” So as I did during dinner with my wife, the President scrambled for the best solution he could: a rushed, half-hearted gesture meant merely to meet his minimum obligations. There was no plan. There were no details. There was, quite literally, a one-page release with a handful of bullet points, that only served to raise more questions than answers.

But before we get to those questions, let’s take a quick look at the “plan.”

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

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The flames had not yet cooled on the American Health Care Act — the GOP’s seven-years-in-the-making plan to repeal and replace Obamacare — before Republican leaders had moved on to its next top priority: tax reform. And from that emphatic pivot was born a golden moment for people like me; after all, it’s not often that tax law rises to the forefront of the public consciousness. But that’s where we’re heading…maybe for mere weeks, but possibly for months or — dare I say it? — years. A time where discussions of deductions and talk of tax brackets will dominate newspaper pages, Facebook timelines, and Twitter feeds.

Sure, these rare moments serve as career validation for people who have made the ill-advised choice to spend their lives in the bowels of the tax law, but debates over reform of those laws shouldn’t be preserved solely for us. Everyone should get in on the fun, and to that end, here’s a little primer for you: five headlines you’re sure to read about tax reform as the process unfolds.

Continue reading on Forbes.com

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

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