Marvin A. Kirsner

Firm/Organization: Greenberg Traurig, LLP

Blogs: E2 Law Blog, Emerging Technology Views, Financial Services Observer, GT Israel Law Blog, Legacy Advisors

Latest Articles

Final IRS Guidance for Rental Deduction Still Leaves Triple Net Leases Out in the Cold

December 9, 2019

Many real estate investors hoping for clarity on whether they will be eligible for the tax break for pass-through entities under the Tax Cuts and Jobs Act (TCJA) will be disappointed that guidance from the Internal Revenue Service (IRS) will not help much for projects leased on a triple-net basis. Read Marvin A. Kirsner’s article for the Daily Business Review, “Final IRS Guidance for Rental Deduction Still Leaves Triple Net Leases Out in the Cold.” (subscription).…

Legacy Advisors

Retailers Not Eligible for 100% Leasehold Improvement Write-Off Due to Legislative Glitch

By Marvin A. Kirsner

September 18, 2019

The 2017 Tax Cuts and Jobs Act provided a 100% first year write-off for many types of capital expenditures. Congressional tax writers intended this benefit to be available for leasehold improvements, which would be a boon to retail and restaurant businesses and their landlords. Unfortunately, in the rush to get the tax bill pushed through, there was a legislative drafting error that caused leasehold improvements to be left out of the definition of expenditures eligible…

Legacy Advisors

Is the 2017 Tax Law the Reason Home Sales Are Not Booming?

By Marvin A. Kirsner

August 13, 2019

Many blame rising home prices, construction and land costs, and a lack of inventory, but a large part of the reason for this disconnect between home sales and the economy may be due to changes in the 2017 Tax Cuts and Jobs Act (TCJA) that either reduced or eliminated the tax advantage of purchasing a house rather than renting one. The higher-end home market is being impacted by four provisions in the TCJA: a $10,000…

Legacy Advisors

Florida Sales Tax on Commercial Real Property Leases Reduced Beginning January 2019

By Marvin A. Kirsner

December 12, 2018

As commercial real property owners in Florida are likely aware, the Sunshine State imposes its sales tax on rental payments for the lease of real property. The general 6 percent state-level tax was reduced to 5.8 percent for 2018. The legislature passed a law to further reduce the state-level rate to 5.7 percent for occupancy periods beginning on or after Jan. 1, 2019. There is no reduction in the local option surtax that many Florida…

Legacy Advisors

New Jersey Tax Amnesty

By Glenn Newman, Marvin A. Kirsner, Martin L. Lepelstat & Bradley R. Marsh

November 26, 2018

Just in time for the holidays, the New Jersey Division of Taxation announced a tax amnesty program. Taking a “carrot and stick” approach, the Division of Taxation said that it would take amnesty applications from Nov. 15, 2018, through Jan. 15, 2019, for outstanding liabilities for taxes administered and collected by the New Jersey Division of Taxation based upon tax returns due after Feb. 1, 2009, (the end date of the previous amnesty) and before…

Legacy Advisors

Limitations for Charitable Deductions and SALT Credits

By Glenn Newman, Bradley R. Marsh & Marvin A. Kirsner

August 24, 2018

The Tax Cuts and Jobs Act (TCJA) placed a $10,000 annual limit on the deductibility of state and local taxes (SALT). In response to and attempting to work around that limitation, several states enacted programs that create charitable entities, contributions to which would entitle the donor to a credit reducing their property tax. This would reduce the amount of SALT paid by a taxpayer and allow the full deduction of the charitable contribution. New York’s…

GT Israel Law Blog

What CFOs Need to Know about the State Sales Tax Ruling

By Marvin A. Kirsner

July 23, 2018

The recent Supreme Court ruling allowing states to tax online sales could result in a disruption in the operations of portfolio companies owned by private equity firms. With little time to act, chief financial officers need to know how to deal with the consequences of this decision that has significantly changed the tax landscape. Continue Reading.…

Legacy Advisors

South Dakota v. Wayfair: Supreme Court Holds No Physical Presence Required for Online Retailer to be Required to Collect Sales Tax

By Marvin A. Kirsner, Bradley R. Marsh & Glenn Newman

June 21, 2018

On June 21, 2018, the U.S. Supreme Court in South Dakota v. Wayfair, Inc., et al., decided (5-4 although not the usual liberal/conservative split) that an online retailer does not have to maintain a physical presence in a state in order to be required to collect the state’s sales and use tax. This opinion overturns the pre-internet era 1992 precedent of Quill v. North Dakota, finding that Quill was erroneously decided. This decision says…

Legacy Advisors

Imposing a Tax Collection Obligation on Internet Sellers–South Dakota v. Wayfair

By Glenn Newman, William H. Gorrod, Marvin A. Kirsner & Bradley R. Marsh

April 19, 2018

This week the U.S. Supreme Court heard oral arguments for South Dakota v. Wayfair, regarding whether physical presence is required within a state for sales and use tax purposes, specifically addressing internet sellers. The case is challenging the Court’s 1992 decision in Quill v. North Dakota, 504 US 298, which upheld a decision from 1967 (National Bellas Hess v. Illinois, 386 US 753) and requires physical presence within a state in order to impose…

Legacy Advisors

California Documentary Transfer Tax Litigation Update

By Bradley R. Marsh, William H. Gorrod, Cris K. O'Neall, C. Stephen Davis & Marvin A. Kirsner

April 17, 2018

California’s Documentary Transfer Tax Act (Rev. & Tax. Code §§ 11901, et seq.) is based upon the former federal Documentary Stamp Tax Act first enacted by Congress to raise revenues for the Spanish-American War. The federal law was repealed, effective Jan. 1, 1968, and simultaneously California, like many other states, picked up the tax with conforming legislation authorizing counties and cities to adopt their own documentary stamp tax on transferring of interests in real property. …

Marvin A. Kirsner

Final IRS Guidance for Rental Deduction Still Leaves Triple Net Leases Out in the Cold

Retailers Not Eligible for 100% Leasehold Improvement Write-Off Due to Legislative Glitch

Is the 2017 Tax Law the Reason Home Sales Are Not Booming?

Florida Sales Tax on Commercial Real Property Leases Reduced Beginning January 2019

New Jersey Tax Amnesty

Limitations for Charitable Deductions and SALT Credits

What CFOs Need to Know about the State Sales Tax Ruling

South Dakota v. Wayfair: Supreme Court Holds No Physical Presence Required for Online Retailer to be Required to Collect Sales Tax

Imposing a Tax Collection Obligation on Internet Sellers–South Dakota v. Wayfair

California Documentary Transfer Tax Litigation Update

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