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Posts Tagged ‘tax’

I’ve made no secret in this space of my unabashed admiration for Howard Stern. Long a polarizing figure, whether you love or hate Stern, I would strongly encourage you to consider what he’s been tasked with over the last thirty years: waking up each morning and providing four hours of largely commercial-free entertainment for millions of listeners as they endure their soul-crushing daily commute.

Throughout Stern’s run atop the radio world, one thing has remained constant: he is more than happy to allow those same listeners to provide their own content, as he’ll routinely afford large swaths of air time to his loyal cadre of callers. It’s part of what makes the show unique: as opposed to the sports radio world — where callers are quickly ushered off so as not to take up too much valuable air time before the next break — Stern will engage callers for as long as necessary to extract entertainment value. And those listeners reward Stern for their momentary taste of stardom with undying loyalty.

Stern Show producers are likely on the lookout for new and interesting callers. And perhaps they thought they found just that on May 19, 2015, when “Jimmy from Long Island ” called into the show. But taking that call was one Stern may come to regret.

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

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C corporations, like flying, were once a choice of last resort. The aversion of most taxpayers to doing business as a C corporation was attributable to the possibility of suffering a fate worse than death: DOUBLE TAXATION.

Double taxation is the hallmark of the subchapter C regime. Unique in the tax world, C corporations are first taxed on their income at the entity level. Then, when the business owner withdraws the income, the owner is taxed on the income a second time as a dividend. Under current law, the top rate on corporate income is 35%; meanwhile, the top rate on dividend income is 23.8%. As you might imagine, this can lead to painful consequences when doing business as a C corporation.

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

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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.

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

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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.”

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

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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?

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

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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.

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

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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.

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

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