Important Changes to New York’s School Tax Relief (STAR) Program
New York State has a school tax relief (STAR) program available to New Yorkers who own their home as their primary residence and earn less than $500,000 per year. Previously, this relief was in the form of a partial exemption on the school tax bill. New York started issuing STAR checks instead of partial tax […]
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Collaborative Law: An alternative to consider when facing Divorce
Separation and divorce can be an overwhelming and terrifying process. In an instant, everything you hold nearest and dearest – your children, your home, your business, your money – is being examined, considered, and divided. This process is overseen by a judge, a person you have never met, who does not know you, and who […]
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New York State Budget Extends “Clawback” of Gifts for New York Estate Tax Purposes
New York State Budget Extends “Clawback” of Gifts for New York Estate Tax Purposes As an update to Ryan’s 2014 blog that in part discussed New York’s treatment of gifts, New York had let a provision in the law lapse that required the value of certain gifts to be included back into a New York […]
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Opportunity for Businesses and Investors in Central New York: Opportunity Zones, Opportunity Funds, and Qualified Opportunity Zone Businesses
The 2017 Federal legislation “Tax Credit and Jobs Act” created a new opportunity for both businesses and residents of economically distressed communities. The benefits offered by the new Opportunity Zone Program created by the Tax Credit and Jobs Act has the potential to attract significant investment to qualified Opportunity Zone businesses across the country and […]
2019 Changes to New York Estate Tax Exclusion Amount
As of January 1, 2019, the New York State estate tax exclusion amount is increased to $5,740,000 per person. This is an increase from the prior exclusion amount of $5,250,000. The Federal equivalent amount is now $11,400,000 per person. The annual gift tax exclusion amount remains at $15,000 per gift recipient. As stated in my […]
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Helping Out Our Furry Friends
Helping Out Our Furry Friends As the cold weather approaches our area, pet owners in Syracuse should be aware of the new legislation passed in June of this year which stipulates that an animal shall not be left outside for more than two hours below 30 degrees or above 90 degrees. The legislation, known as […]
I’ve Been Summoned for Jury Duty. Now What?
What do you think of when you hear the words “jury duty”? To many people, the term “jury duty” brings to mind a civic obligation; a 2017 survey by the Pew Research Center Survey found that roughly two-thirds of American adults believe that serving on a jury “is part of what it means to be […]
When Commercial Leases Don’t Mean What They Say
So you’re presented with a Commercial Lease, say a business retail tenant in a shopping center. You’re perhaps a Landlord, or a Tenant. You carefully review all of the terms and have no problem with their clarity. They’re explicit and unambiguous. What you might not realize is that there can be a third and silent […]
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Online Privacy 101
Although we may not be conscious of it, nearly every action we take online involves sharing some amount of information with a website or its advertisers. Because of this sharing of information, most sites on the Internet have a lengthy document somewhere on the site, frequently written in legalese that they call a “Privacy Policy.” […]
New Tax Bill Drastically Changes Treatment Of Alimony
For the last seventy-five years, a spouse paying alimony (also known as “maintenance” or “spousal support” in New York and many other jurisdictions) has been able to deduct the alimony award from his or her tax return each year. Likewise, the spouse receiving the maintenance has the obligation to include the total amount of alimony […]
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