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Tax Planning and Compliance

Planning for the Future

In these times, it is an absolute necessity for every business to have the best tax advisors available.

Anchin has an extensive tax department staffed by dedicated professionals, many with an advanced degree in taxation or law. Members of our tax department specialize in areas such as corporate tax and transactions, individual tax, estate and gift taxes, sales use taxes, international and interstate taxation, personal financial planning, and pension and profit-sharing plans.

With the size, breadth and experience of our tax department, we are able to grapple with the toughest tax issues and achieve the most favorable results for our clients.

Planning is the emphasis in our tax department. A tax specialist is assigned to your account. Tax planning is a year-round activity. With enough lead time, we can be creative and give you more flexibility and options to eliminate, reduce or defer tax obligations. With a clear understanding of your business and objectives, our audit and tax professionals work together to effect tax savings, which are frequently quite substantial.

On the personal side, a carefully designed pension plan, profit-sharing plan, or program of gifts, trusts and estate planning can help build a financial base for you and your family, now and in the future.

Services include:

  • Planning
    • Personal financial planning
    • Estate, trust and gift planning
    • Mergers and acquisitions
    • Dispositions of business assets or stock
    • Liquidations and distributions
    • Reorganizations
    • Distribution planning for qualified plans
    • Deferred compensation and retirement planning
    • Pension, profit-sharing and 401(k) plans
    • Cafeteria and flexible benefit plans
    • ESOPs
    • Charitable foundations
    • 529 plans
    • Tax credits and incentives
  • Compliance
    • Tax return preparation for corporations, partnerships, individuals, trusts, estates and other entities
    • International taxation
    • Representation before federal, state and local taxing authorities, including tax examinations, filing protests and answering correspondence
    • Sales and use tax
    • Payroll taxes
    • Resolution of tax examinations, notices, desk audits

Success Stories

  • Food and Beverage Case Studies

    Beverage Company (New York, NY) Retained to prepare tax returns and provide consulting Advised on opening of production facility and assisted in obtaining tax credits from NYC Advised…

News

  • Sharp turns: Unexpected twists in the 2017 tax filing seasonMarch 7, 2017

    Tax Partner Paul Gevertzman recommends considering an extension, in case pending rule changes are to the filer's benefit.

  • Tax Debt Could Cost You Your PassportMarch 7, 2017

    Barry Weisman, Tax Partner, guides us through the process to that extreme eventuality.

  • How Uncle Sam Factors into Your Wedding PlansFebruary 28, 2017

    Couples will have to factor in how their taxes will be affected after they change their status from single to married on their tax forms.

  • New Foreign Bank and Financial Accounts (FBAR) Filing DeadlinesFebruary 28, 2017

    Those who have a financial interest in or signature authority over a foreign financial account may be required to report the account annually to the Department of Treasury.

  • How Big Is Sixth's Circuit's Attack On IRS Substance Over Form Rule?February 28, 2017

    Barry Weisman, Tax Partner, reacts to the Sixth Circuit Summa Holdings ruling.

  • Make Sure Your Business is on the Path to Comply with PATHJanuary 31, 2017

    In December 2015, President Obama signed the Protecting Americans from Tax Hikes (PATH) Act. The purpose of the legislation was in part to protect businesses and individuals from tax fraud by lengthening the time the IRS has to review claims. The law also extends some tax credits for businesses and working families.

  • Avoid Letting Two Homes Become One Big Problem at Tax TimeJanuary 31, 2017

    Having a second home can be a source of joy and relaxation, yet it can also increase stress, especially to future tax bills if households are not careful.

  • Protect Yourself Against Scams This Tax SeasonJanuary 31, 2017

    Tax-payers are encouraged to be extra vigilant this year about IRS scams. Despite a raid in October 2016 in which 70 people in an international call center were charged with fraud, tax scams remained the most common type of scam last year according to a report by the Better Business Bureau (BBB).

  • Bitcoin: It’s Not Just a Currency, It’s an Asset ClassJanuary 31, 2017

    Individuals may know Bitcoin as a volatile digital-based currency that has been attracting headlines, but in the IRS’ eyes, Bitcoin is considered property.  Commentators have noted that Bitcoin represents a new type of asset class. For investors and philanthropists, the IRS classification of Bitcoin as an asset class (and not as a currency) may provide unique gifting and estate planning opportunities.

  • Important Changes for the 2017 Tax Filing Season for all Calendar Year Law FirmsJanuary 5, 2017

    The Highway Act legislation gave rise to sweeping changes for the 2017 tax season due dates for filing both original tax returns and extensions.

  • Track Your Federal and State RefundJanuary 1, 2017

    Check the status of your federal or state tax refund

  • 2017 TAX CALENDARJanuary 1, 2017

    This summary of when various tax-related forms, payments and other actions are due will help taxpayers make sure they don’t miss any important 2017 tax deadlines.

  • Qualified Small Business Stock: A Gem for Investors and a Marketing Tool for EntrepreneursDecember 28, 2016

    In this day and age, investors (Venture Capitalists, Private Equity, and Angel Investors) are concerned about maximizing their internal rate of return (IRR). Maximization of this important metric cannot be accomplished without minimizing the potential tax leakage of an investment. One feasible planning tool that can be used to achieve this goal is Internal Revenue Code (IRC) §1202.

  • 2016 Real Estate Year-End Tax Planning UpdateDecember 21, 2016

    Along with the results of the 2016 presidential election comes a dramatic shift in the political priorities of those in power and a strong likelihood that drastic tax reform lies ahead in 2017. While many of the details are still unknown and may not be fully actualized and actionable until well into the next year, getting a head start on planning and understanding the impact of various potential scenarios as early as possible is essential.

  • Make 2017 a Happier New Year by Implementing Last-Minute 2016 Tax-Saving TipsDecember 20, 2016

    The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2016 tax liability — you just must act by December 31. Here are five actions to consider taking.

  • Deadline Extended for ACA Information Reporting to EmployeesDecember 16, 2016

    The IRS has again extended the deadline for employers subject to the Affordable Care Act’s (ACA’s) information reporting requirements to meet their obligations to employees.

  • What to Know Before Giving and Accepting Money From RelativesDecember 7, 2016

    Clarence Kehoe, Anchin's Tax Leader, discusses the emotional issues related to unequal gifting, as well as how to strategically use 529 plans to make a gift stretch farther.

  • DOL’s Overtime Rule Blocked by U.S. District CourtDecember 5, 2016

    Just over a week before the U.S. Department of Labor’s (DOL’s) new overtime rule was scheduled to go into effect, a federal judge blocked it. The rule was set to make dramatic changes to the determination of which executive, administrative and professional employees are entitled to overtime pay under the Fair Labor Standards Act (FLSA).

  • Election Outcome Likely to Result in Major Tax Law ChangesNovember 15, 2016

    The election of Donald Trump as President of the United States, along with Republicans retaining control of both chambers of Congress, will likely result in an overhaul of the U.S. tax code.

  • Fringe Benefits That May Affect Your Payroll Reporting and Tax WithholdingNovember 1, 2016

    To Our Business Clients:

    Attached for your convenience is a summary of the tax treatment of certain fringe benefits for payroll tax and income tax reporting purposes, plus detailed information regarding company automobiles and health and accident insurance premiums for S corporations.

  • Fourth-quarter tax strategiesOctober 31, 2016

    Jared Feldman, Co-Leader of Anchin Private Client, points out some tax issues that may confront high earning individuals.

  • A ‘Seismic Shift’ in the Partnership Audit RulesOctober 18, 2016

    Anchin Tax Partner, Barry Weisman, discusses the need to revise procedure because of the rise in multi-tiered partnerships.

  • Special Election Edition: Taxation and PoliticsOctober 14, 2016

    Whether you are voting Democrat, Republican or this year perhaps not at all, there is a good chance that this November’s election results will have a significant impact on our country’s federal tax system.

  • A College Savings Plan Is Also Great for Estate Planning Across GenerationsSeptember 29, 2016

    A 529 plan can be an especially efficient vehicle for gift-giving to multiple generations with maximal tax efficiency

  • IRS Proposed Regulations Target Gift and Estate Tax Planning StrategiesAugust 11, 2016

    The IRS has released proposed regulations that would close so-called tax loopholes that many wealthy taxpayers have used to minimize transfer taxes (such as gift and estate taxes) when transferring interests in a closely held family business to relatives.

  • Tips to Avoid IRS Phone Scams: What You Need to KnowJune 9, 2016

    On Friday, May 20th, the Internal Revenue Service (IRS) sent an internal memo directing all IRS employees to no longer initiate contact with taxpayers by phone. With this in mind, if you get a call from someone claiming to be from the IRS – be wary and do not give out any personal information.

  • DOL’s final overtime rule brings sweeping changesJune 8, 2016

    The U.S. Department of Labor (DOL) has released a final provision that makes dramatic changes to the determination of which executive, administrative and professional employees — otherwise known as "white-collar workers" — are entitled to overtime pay under the Fair Labor Standards Act (FLSA).

  • 5 Boomer Tax Traps to AvoidApril 6, 2016

    E. Richard Baum, Tax Partner, touches base on various tax traps for baby boomers such as taxes on municipal bonds, the required minimum distribution and the income level for social security taxability.

  • Changes in the ACH Debit Block Information for New York StateMarch 14, 2016

    For those of you who electronically remit any of your business or personal taxes to New York State ("the State"), you should be aware that the State has changed its procedures regarding debit blocks. If you do not have a debit block on your bank account, no action needs to be taken.

  • IRS Extends Several Affordable Care Act Filing DeadlinesJanuary 13, 2016

    To our Clients and Friends: In order to allow health insurance carriers, self-insured employers and payroll service providers additional time to gather, compile and prepare the necessary forms due under the Affordable Care Act, the IRS has extended several filing deadlines as follows

  • 2016 New York, New Jersey, and Connecticut Payroll ChangesJanuary 6, 2016

    Happy New Year! It’s time again for payroll updates for the tristate area. Below are payroll related changes to keep in mind for 2016.

  • Individuals Can Save More Tax in 2015 and Beyond, Thanks to New “Extenders” LawDecember 29, 2015

    With year end right around the corner, Congress passed the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). The act extended numerous tax breaks that had expired December 31, 2014, and the President signed it into law December 18.

  • Latest “Extenders” Law Boosts Tax Benefits For BusinessesDecember 22, 2015

    Several provisions in particular may produce significant tax savings for businesses in 2015 and beyond.

  • Social Security UpdateDecember 8, 2015

    On November 2, 2015, President Obama signed into law the Bipartisan Budget Act of 2015. The Social Security changes reflected in the law affects several previously used strategies, restricting methods that married couples had available to increase their Social Security benefits.

  • Medicare Changes for 2016: What You Need to KnowDecember 2, 2015

    The Centers for Medicare & Medicaid Services just released 2016 Medicare premium, co-pay and deductible rates.

  • U.S. Supreme Court Decision in Obergefell v. Hodges Has Far-Reaching Tax and Benefits Implications for Same-Sex Married CouplesJuly 17, 2015

    On June 26, 2015, there was a groundbreaking decision in Obergefell v. Hodges. Two years after the Supreme Court ruled Section 3 of the Defense of Marriage Act (DOMA) unconstitutional in United States v. Windsor, the Supreme Court declared that same-sex couples have a right to marry anywhere in the United States under the freedom to marry ruling.

  • New York State ACH Debit Block ID ChangesJune 10, 2015

    For those of you using the New York State electronic payment system, there is an update you need to be aware of. Effective June 25, 2015, The New York State Department of Taxation and Finance will convert to a new bank to receive electronic payment of taxes. This will require changes to the New York State (Company) ID and name for debit blocks.

  • How the U.S. Supreme Court Ruling Can Impact Your TaxesJune 1, 2015

    In an ostensibly significant taxpayer victory, a bitterly divided (5-4) U.S. Supreme Court ruled on May 18, 2015 in Comptroller of the Treasury of Maryland v. Wynne that Maryland’s personal income tax regime ran afoul of the Constitution’s "Dormant" Commerce Clause.

  • New York City Corporate Tax Reform Will Have Significant Impact on 2015 TaxesApril 27, 2015

    Enacted New York legislation significantly revises the New York City corporate income tax system, generally applicable to taxable years beginning on or after January 1,…

  • Identity TheftJanuary 22, 2015

    Identity thieves stole an estimated $5.2 billion from the Internal Revenue Service (IRS) this past year. The threat of identity theft and refund fraud has increased substantially over the past few years.

  • New York Annual Wage Theft Reporting Act Requirements: Relief for 2015January 21, 2015

    At the end of December 2014, the New York State Department of Labor (NYSDOL) announced that Governor Cuomo signed a bill eliminating the annual notice requirement of the Wage Theft Prevention Act (WTPA). This provides significant relief for many businesses.

  • IRS Retroactively Increases Transit BenefitsJanuary 14, 2015

    The Tax Increase Prevention Act of 2014 extended the provision allowing employees to exclude from gross income up to $250 a month for transit passes. This provision was extended only through 2014, and is scheduled to return to $130 a month thereafter.

  • Recent Statutory Changes to the New York State Metropolitan Commuter Transportation Mobility Tax (“MCTMT”)January 13, 2015

    For tax years beginning on or after January 1, 2015, there are significant filing and payment changes to the MCTMT which will affect many unincorporated businesses and self-employed individuals.

  • The Art of Tax Planning - Part 3January 12, 2015

    This is the third installment of an article about tax as it applies to the unique subject of art.

  • New York, New Jersey and Connecticut Payroll Changes Take EffectJanuary 7, 2015

    On January 1st, New York’s minimum wage for most employees increased to $8.75 an hour from $8.00 per hour. On December 31, 2015, the minimum wage will rise again to $9.00 an hour.

  • New York State Conforms to the Market Based Sourcing Approach for the Sourcing of Receipts from Services and the Use of IntangiblesJanuary 6, 2015

    For tax years beginning on or after January 1, 2015, receipts from services and intangibles will be sourced to where the customer receives the economic benefit and not where the service was performed. This is more commonly known as "market-based" sourcing of receipts.

  • 2015 TAX CALENDARJanuary 1, 2015

    This summary of when various tax-related forms, payments and other actions are due will help taxpayers make sure they don’t miss any important 2015 tax deadlines.

  • House/Senate Pass Tax Extenders BillDecember 17, 2014

    Late last night the Senate passed a tax extenders bill, the same bill which the House had previously approved. It is expected that President Obama will sign the bill by the end of the week.

  • Uncertainty over expired tax provisions complicates year end tax planningNovember 5, 2014

    Now that we’ve entered the final two months of 2014, many businesses and individuals are turning their attention to year end tax planning.

  • Fringe Benefits That May Affect Your Payroll Reporting and Tax WithholdingNovember 1, 2014

    To Our Business Clients:

    Attached for your convenience is a summary of the tax treatment of certain fringe benefits for payroll tax and income tax reporting purposes, plus detailed information regarding company automobiles and health and accident insurance premiums for S corporations.

  • Tax Incentives for U.S. Work on Foreign ProjectsJuly 28, 2014

    Many Architecture and Engineering firms are expanding their scope of work into international projects. These companies may be able to reduce overall taxes and increase cash flow with the proper tax planning and structure.

  • Repair Regulations: Capitalize vs. ExpenseJuly 14, 2014

    The IRS has recently released final rules on the tax treatment of tangible personal property. An important component of these new rules deal with when and how to deduct or capitalize certain expenditures.

  • New York State Gift, Estate and Trust Law ChangesMay 13, 2014

    New York State recently enacted some significant tax law changes. Contained within the new budget are critical gift, estate and trust topics that should be addressed immediately by New York residents as well as beneficiaries of exempt resident trusts.

  • New York Budget to Have a Major Impact on 2014 TaxesApril 9, 2014

    Last week’s budget agreement brought significant tax developments that will greatly impact the 2014 tax picture for many companies and individuals. Here is a brief look at some of the key developments.

  • Anchin’s Trusts and Estates Market UpdateMarch 26, 2014

    Trust formation spiked in 2012, resulting in an increased need for formal (judicial) and informal accountings. The preparation of these formal (judicial) and informal accountings is a multifaceted process. Anchin’s Trusts and Estates Services Group provides expertise and in-depth knowledge essential to successfully prepare multistate judicial accountings.

  • Senate Considering Proposal to Eliminate the Cash Basis of Accounting for Many Professional Service FirmsJanuary 27, 2014

    The United States Senate is considering a proposal to eliminate the cash basis of accounting rules that currently exist for many professional service firms, potentially requiring these firms to change their tax method to the accrual basis. This change would greatly impact cash flow, and potentially hinder growth potential in professional service firms.

  • 2014 TAX CALENDARJanuary 1, 2014

    This summary of when various tax-related forms, payments and other actions are due will help taxpayers make sure they don’t miss any important 2014 tax deadlines.

Whitepapers

  • 2016 - 2017 Tax Planning GuideOctober 1, 2016

    We at Anchin firmly believe that tax planning is not a year-end event, but a year-round process. With many valuable tax provisions made permanent by…

  • Guide to Maximizing Social Security BenefitsFebruary 1, 2016

    Anchin, Block & Anchin LLP is pleased to present this compilation of strategies, "Guide to Maximizing Social Security Benefits". Social Security benefits play an important role…

  • Guide to Education Tax SavingsMarch 1, 2015

    Anchin, Block & Anchin LLP is pleased to present this compilation of articles titled "Guide to Education Tax Savings." The cost of education continues to be…

  • Harnessing Efficiency and Building Effectiveness in the Tax DepartmentJanuary 1, 2010

    Introduction Organizations employ a number of formulas to improve their business processes. These actions typically involve searching for internal cost-savings opportunities, developing departmental strategic relevance and…

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