Sentences with phrase «federal tax law as»

Any tax - related statements made in this material are based upon general information and represent only one interpretation of current federal tax law as it relates to annuities.

But some states use federal tax law as of a certain date in the past, and any subsequent changes have to be specifically authorized by state lawmakers.

Any tax - related statements made in this material are based upon general information and represent only one interpretation of current federal tax law as it relates to annuities.

Maryland Attorney General Brian Frosh, D, announced Thursday that he will join several high - tax states planning to challenge the new federal tax law as illegal because it would «jack up» the amount many residents owe.

Not exact matches

The after - tax income of state residents would, the argument goes, be the same as under the old federal tax law.

The field also spans everything from payroll management to regulatory compliance — state and federal tax laws, as well as reforms like the Affordable Care Act, each with its own nuances and complexities.

As the law stands now, undocumented parents can receive a federal income tax credit up to $ 1,000 annually for each child, the vast majority of whom are American citizens.

As you more than likely know, at the end of 2017, new federal tax legislation was signed into law.

«By contrast, federal tax law permits 501 (c)(4) organizations to spend money advocating the election or defeat of candidates, so long as such activity isn't the 501 (c)(4) organization's «primary» activity.

The Congressional Budget Act of 1974 defines tax expenditures as «revenue losses attributable to provisions of the Federal tax laws which allow a special exclusion, exemption, or deduction from gross income or which provide a special credit, a preferential rate of tax, or a deferral of tax liability.»

This discussion also does not consider any specific facts or circumstances that may be relevant to holders subject to special rules under the U.S. federal income tax laws, including, without limitation, certain former citizens or long - term residents of the United States, partnerships or other pass - through entities, real estate investment trusts, regulated investment companies, «controlled foreign corporations,» «passive foreign investment companies,» corporations that accumulate earnings to avoid U.S. federal income tax, banks, financial institutions, investment funds, insurance companies, brokers, dealers or traders in securities, commodities or currencies, tax - exempt organizations, tax - qualified retirement plans, persons subject to the alternative minimum tax, persons that own, or have owned, actually or constructively, more than 5 % of our common stock and persons holding our common stock as part of a hedging or conversion transaction or straddle, or a constructive sale, or other risk reduction strategy.

Individuals in other arrangements, such as civil unions, registered domestic partnerships, or other similar arrangements, that aren't recognized as a valid marriage under relevant state law won't be treated as married or as spouses as defined in this policy for federal tax purposes.

Any business must consider the federal, state, and local laws that govern how a business is formed and managed as well as being knowledge about how to deal with taxes, deductions, and disclosures - among the many things covered under the area of regulations.

«Currently, under federal banking laws, many legal, regulated legitimate marijuana businesses — operating legally according to state law — are prevented from maintaining bank accounts and accessing financial products like any other business, such as accepting credit cards, depositing revenues or writing checks to meet payroll or pay taxes,» Perlmutter said.

However, individuals in other arrangements, such as civil unions, registered domestic partnerships, or other similar arrangements, that are not recognized as marriage under the relevant state law, will not be treated as married or as spouses as defined in this policy for federal tax purposes.

You will want to discuss all of your options with your attorney or tax advisor before taking action, especially if creditor protection is a concern for you, as the Supreme Court has ruled that Inherited IRAs are not protected under federal bankruptcy laws (although state law creditor protection of inherited IRAs still varies).

On 6 August 2013, Federal Judge Amos Mazzant of the Eastern District of Texas of the Fifth Circuit ruled that bitcoins are «a currency or a form of money» (specifically securities as defined by Federal Securities Laws), and as such were subject to the court's jurisdiction, [274][274] and Germany's Finance Ministry subsumed bitcoins under the term «unit of account» — a financial instrument — though not as e-money or a functional currency, a classification nonetheless having legal and tax implications.

The change in the current tax law regarding MLPs could result in the MLP being treated as a corporation for federal income tax purposes which would reduce the amount of cash flows distributed by the MLP.

This law provides federal tax deductions to good faith donors and serves as a financial incentive for U.S. businesses.

Cuomo's payroll tax was unveiled this week and is meant to act as a workaround for the federal cap on state and local tax deductions set at $ 10,000, part of the December tax law approved by Congress.

Windsor sought to claim the federal estate tax exemption for surviving spouses, but was barred from doing so by § 3 of the federal Defense of Marriage Act (DOMA), which amended the Dictionary Act — a law providing rules of construction for over 1,000 federal laws and the whole realm of federal regulations to define «marriage» and «spouse» as excluding same - sex partners.

Broadridge Financial Solutions said it was boosting workers» pay, delivering bonuses and expanding employee benefits as a result of strong company growth and the recent federal tax law changes.

The measure would amend the state's tax law when it comes to how a taxpayer's income is calculated in order to avoid the state's tax burden increasing as a result of the federal tax overhaul.

Faced with a new federal tax law that limits state and local tax deductions, three communities in New Jersey have come up with a novel solution: They want people to donate to a town - run charity as a way of mitigating their property taxes.

«As a general matter, nothing prevents the federal government from changing the SALT deduction,» said David Gamage, a professor of tax law at Indiana University's Maurer School of Llaw at Indiana University's Maurer School of LawLaw.

Like many blue - state Republicans, he voted against it primarily because of the new law's curtailment of the federal exemption for state and local taxes, a change that Cuomo has described in his letter as «an economic missile launched at the heart of the State of New York.»

Another proposal would allow operators of certain businesses, such as a law firm or other professional operation, to pass through their personal income taxes — as a cost of operations — to the federal business taxes they pay.

Kinderhook, NY — April 5, 2016... Citing New York's outrageous property taxes as a major cause of Upstate's economic decline, Congressional candidate John Faso (R - Kinderhook) today announced that, if elected, he will introduce legislation amending federal law (42 USC 1396a) to eliminate a state's ability to impose a local government share of Medicaid costs.

A day later, Espada's clinic was raided by federal and state authorities and law - enforcement sources said criminal charges of mail fraud and tax evasion were expected as soon as next month.

This year, in a speech that included applause for Cuomo's criminal justice reform efforts such as strengthening state oversight of jail and his plan to fight the federal government on the tax law, Cuomo sought to give shootouts to individual members of the Legislature and praise Attorney General Eric Schneiderman as well as DiNapoli.

At the same time, Cuomo said he was worried federal lawmakers and the Trump administration would seek other ways of running roughshod over states» rights beyond the tax law approved last month as well as federal immigration policy.

Yes, Congress could pass a law that modifies the Federal Election Commission's personal financial disclosure requirements so as to include personal tax returns.

But Cuomo wants to change that as a response to the cap on state and local tax deductions, now at $ 10,000, in the federal tax law approved in December.

As to threats from the administration of President Donald Trump, de Blasio said Trump's tax law favors wealthy individuals and that it increases the federal budget deficit.

Thus, as part of the budget proposal, the governor called for restructuring the state's tax code to find was to work around the federal law — which limits the deductibility of state, local and property taxes.

Cuomo in the coming week is expected to unveil at least a partial plan in an attempt to do an end - run around the new federal tax law that restricts what people can deduct in state and local taxes, such as property taxes.

«While there may be a few winners, the majority of Long Islanders will pay more federal taxes as they will no longer be able to deduct all their state and local taxes,» said Kevin Law, CEO of the pro-business Long Island Association.

Silver, a Manhattan Democrat who has served as speaker of the state assembly since 1994, has been under federal investigation over payments he received from a small law firm, Goldberg & Iryami, that specializes in New York City real estate taxes.

GE had net operating losses at the height of the financial crisis that federal law allows them — and every other corporate taxpayer — to carry over to subsequent tax years so as not to unfairly burden it with the calendar set by bureaucracy.

Again accusing Republicans in Washington of «having declared war on New York,» Cuomo, as part of the upcoming state budget talks, wants to find a way to revamp New York's tax code to limit the impact of the federal law.

Cuomo had proposed the payroll tax and charitable foundations as ways to help cushion the impact of the new federal tax law and its $ 10,000 limit on deductions for state and local taxes.

That idea is being floated in some quarters as a way to circumvent the fiscal impact of the new federal tax law's low - SALT diet in high - tax states.

Cuomo last week proposed replacing the state's personal income tax with a payroll tax as a response to the federal tax law capping state and local tax deductions at $ 10,000.

According to this article, New York may end its income tax and instead expand its payroll tax as a way to outmaneuver the new federal law that limits deductions for state and local taxes.

As federal authorities have been slow to investigate tax - exempt advocacy groups for potential violations of tax and election laws, New York Attorney General Eric Schneiderman moved this week to take matters into his own hands.

«The Federal Government is also using the data to generate «nudge» letters which are being sent to those identified as being potential tax defaulters,» said Adeosun while responding to questions raised by journalists during the submission of progress report on tax laws reform.

Since then, high - income earners lost the option to deduct more than $ 10,000 in state income tax as part of the federal tax law passed by Congress.

He framed the proposal as a way to hit back at the new federal tax law, which he called «the biggest giveaway to the wealthy and corporations in our history.»

As expected, the new budget amendments also include a proposed shift — for the increasing minority of taxpayers who will still itemize under the new federal law — away from state income tax payments to an employer - paid payroll tax system.

A Cuomo administration budget official said the proposed payroll tax also could be used to raise more revenue by seizing some of the tax cuts promised to corporations and the wealthy under the federal tax law, as a way to shore up state finances.