Corporate

“Yeah, I’m the Tax Man”[i]

Last week, several media outlets reported that Mr. Biden will soon propose that Congress increase the federal income tax rate applicable to long-term capital gains recognized by individual taxpayers.[ii]

The time and place at which this and other changes to the Code are expected to be proposed is this Wednesday, April 28, when the President, at the invitation of House Speaker Pelosi, will appear before a Joint Session of Congress[iii] to advocate for his $2.3 trillion American Jobs Plan.[iv]

These reports should not have surprised anyone. After all, candidate Biden ran on a platform that called for increases to the individual federal income tax rates applicable to items of both ordinary income and long-term capital gain.[v] As President, Mr. Biden has not wavered from this position.

Let me tell you how it will be
There’s one for you, nineteen for me
‘Cause I’m the taxman
Yeah, I’m the taxman

Continue Reading Biden’s Proposed Income Tax Increases And the Sale of the Baby Boomer Business

Not Just Income Tax

Approximately two weeks ago, Gov. Cuomo and the New York State Legislature agreed upon a budget for the State’s 2021-2022 fiscal year. Although most businesses and their owners have understandably focused their attention on the increased personal and corporate income taxes[i] enacted under the budget legislation, there are several other provisions of which they should not lose sight.[ii]

Continue Reading N.Y.’s Real Estate Transfer Tax, the 2022 Budget, and Responsible Person Liability