Wednesday, July 27, 2016

New Zoning Comes With Subtle Hidden Property Tax Benefits

By Barry Sharpe, Esq.

Downtown Miami and Miami Beach are great examples of how major neighborhood revitalization zoning changes often result in significantly reducing the County's taxable assessment value on "old building" structures

In effect, a new Highest and Best Use ("HBU") for the land has probably been created. Developers will now be looking at properties in different ways. With increased densities and taller buildings allowed, the value of the "land portion" typically become more valuable. Those values are now somewhat inversely related.

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Tuesday, January 26, 2016

More Delays for the ACA: New Filing Deadlines and "Cadillac" Tax Date

by R. Brent Gambill, Esq.

IRS Extends the ACA's Form 1094 and Form 1095 Filing Deadlines

The IRS has unexpectedly extended the deadlines by which insurers and self-funded employers must provide health plan enrollment and coverage information to employees and the IRS under the Affordable Care Act (ACA). This is the information required to be reported on Forms 1094 and 1095. Notice 2016-4 issued December 28, 2015 extends the due dates:

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Monday, November 23, 2015

Is Egg Donation a Job?

by Cynthia E. Fruchtman, Esq.

A recent decision holds that fees paid to egg donors must be reported as taxable income. Nichelle G. Perez v. Commissioner of Internal Revenue, (January 22, 2015), 144 Tax Ct. No. 4.

Ms. Perez was a 29-year-old single woman from Orange County, California. She was a high-school graduate and worked as a full-time sales associate for Sprint. In 2009, Ms. Perez underwent two procedures to donate her eggs to infertile couples. Ms. Perez received $10,000 for each donation, for a total of $20,000. Ms. Perez's written Egg Donation Contracts designated the sums she received as compensation for pain and suffering. Hence, Ms. Perez did not report the $20,000 she was paid on her 2009 tax return, even though she received Forms 1099 for those payments.

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Monday, September 14, 2015

When Counting Employees Under the ACA, Don't Forget Employees of Related Employers

by Kathy D. Aslinger, Esq.

By now, most business owners know that if the business has at least 50 full-time or full-time equivalent employees, the Affordable Care Act ("ACA") requires it to offer health coverage to each of its full-time employees and their dependents. Certain related businesses may not, however, realize that they should be counting their employees together to determine whether that 50-employee threshold has been met.

When determining whether an employer is a large employer under the ACA, all entities treated as a single employer under Internal Revenue Code ("Code") §§ 414(b), (c), (m), or (o) are treated as a single employer. 26 C.F.R. § 54.4980H-1(a)(16). This includes all controlled groups of corporations, entities under common control, and affiliated service groups.

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Wednesday, March 4, 2015

Self-Insured Employers Face Additional ACA Reporting Requirements

by Jaclyn M. McLean, Esq.

I was recently asked to help a very large, self-insured employer start the arduous process of Affordable Care Act ("ACA") compliance. This included the typical analysis of determining whether the employer was an "Applicable Large Employer" ("ALE")[1] under the Act (it is), and whether the employer provided "Minimum Essential Coverage" (it does).

However, as I became more familiar with the statute and its regulations, I quickly realized I was in the unfortunate position of explaining to my client that it would have one of the ACA's biggest reporting burdens as a self-insured employer.

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Wednesday, February 11, 2015

IRS Releases Employer ACA Reporting Final Forms

by Dean A. Spina, Esq.

The Affordable Care Act (ACA) imposes reporting requirements under Internal Revenue Code Section 6056 for "Applicable Large Employers" ("ALE"). An ALE is an employer or aggregate group with fifty or more full time and full time equivalent employees.

Under the reporting rules, these ALE employers must provide information to the IRS about the health plan coverage they offer (or do not offer) to their employees.

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Tuesday, October 14, 2014

10 Things You Need to Know About the New Alimony Law in NJ

by Amanda S. Trigg, Esq.

In September 2014, New Jersey updated its laws about alimony. The new law became effective immediately so anyone who is, was, or will be divorced needs to understand the fundamental changes to the law.

This blog focuses upon the impact on spouses and civil union partners who have not yet dissolved the relationship which entitles one party to seek alimony. Other aspects of the statute address retirement, modifications of support and cohabitation.

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Thursday, June 5, 2014

The New Estate Planning Landscape

by Marshal S. Grant, Esq.

Economic Growth and Tax Relief Reconciliation Act of 2001

For many years, estate planners have struggled with uncertainty in federal transfer tax law. EGTRRA, the Economic Growth and Tax Relief Reconciliation Act of 2001 (the "Bush Tax Cuts") immediately increased the estate tax exemption from $675,000 in 2001 to $1,000,000 in 2002, increasing to $3,500,000 in 2009 with full repeal of the estate tax scheduled for 2010. However, EGTRRA contained "sunset provisions" which required a return to the old law unless Congress acted to preserve the changes.

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Monday, March 31, 2014

Change in Pennsylvania Law Impacts Multi-Family Owners

by Steven T. Boell, Esq. and Edward Hoffman, Jr., Esq.

A significant change in Pennsylvania law provides taxing authorities, such as school districts, with expanded remedies to enforce delinquent taxes against property owners.

While enforcement of tax liens was previously limited to the property for which the taxes were owned, Act 93 of 2013 amended the "Municipal Claim and Tax Lien Law" to allow enforcement of tax liens against any property of the same owner located in the same county, or, potentially, any county in the Commonwealth.

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Monday, December 16, 2013

What You Need to Know About the FLSA

by Steven E. Clark, Esq.

The Fair Labor Standards Act (FLSA) was enacted in 1938 to provide for the establishment of fair labor standards in employment in and affecting interstate commerce. Important things to know about the FLSA is that it generally requires employees be paid a minimum wage of $7.25/hour, and overtime at the rate of 1 1/2 times the hourly pay rate for all hours exceeding 40 hours a week.

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