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Pandemic-Driven Devalued Retail Real Estate Owners Should Seek Property Tax Reductions

By Bradley R. Marsh, Cris K. O'Neall, C. Stephen Davis, Glenn Newman, Ruben Sislyan & Jennifer A. Vincent

May 10, 2021

Retail real estate has been one of the hardest hit markets by the COVID-19 pandemic. State shutdown orders and health guidelines, a shift in retailers’ needs, and tenant bankruptcies have created the perfect storm for declined retail space demand. Landlords have also had to endure government-mandated rent deferrals and holidays geared at assisting tenants. Even non-paying tenants have gained significant bargaining power over rents. Retail rent collections were reported at 20% to 40% in the…

Legacy Advisors

Barbara T. Kaplan and G. Michelle Ferreira to Participate in the Virtual ABA 2021 May Tax Meeting

By Greenberg Traurig, LLP

May 6, 2021

Greenberg Traurig Shareholders Barbara T. Kaplan, Global Tax Practice co-chair and New York Tax Practice chair, and G. Michelle Ferreira, co-managing shareholder of the firm’s San Francisco and Silicon Valley offices, will participate in the virtual ABA 2021 May Tax Meeting on May 12 at 2:30 to 4:00 p.m. EST and May 13 at 1:15 to 2:00 p.m. EST, respectively. Kaplan is presenting on May 12 during the session titled “The Multicultural Taxpayer: How to Address…

Legacy Advisors

Non-Recourse Financing Can Imperil Tax Deductions: The Application of the Internal Revenue Code ‘At-Risk’ Rules to Aircraft Purchases

By Edward H. Kammerer ‡

May 3, 2021

Taxpayers who lease or purchase aircraft face a myriad of tax issues, and aircraft can be a favorite target of both federal and state tax auditors. While the restrictions imposed by the “hobby loss” and “passive activity” limitations are more widely known, taxpayers can suffer just as much from a lesser-known scourge: the “at risk” rules imposed by Section 465 of the Internal Revenue Code (the Code). Continue reading the full GT Alert.…

Legacy Advisors

State Sales Tax on Sale of Non-Fungible Tokens (NFTs) – Questions and Answers

By Marvin A. Kirsner

April 29, 2021

Non-fungible tokens (NFTs), which can be used as a medium for art, music, video clips, trading cards, and other collectibles have recently become hot investments. Although no state tax agency has specifically announced that NFTs are subject to sales and use tax yet, some states already have the statutory framework in place to impose their sales tax on NFTs. Furthermore, selling NFTs to a buyer in a different state could result in a state income…

Legacy Advisors

IRS Establishes Office of Promoter Investigations with Emphasis on Conservation Easements and Micro-captive Insurance Arrangements

By Barbara T. Kaplan & Shira Peleg

April 21, 2021

On April 19, 2021, the IRS announced the establishment of a new Office of Promoter Investigations (OPI). The creation of OPI demonstrates the IRS’s commitment to pursuing promoters and combating abusive tax avoidance transactions, including conservation easements and micro-captive insurance arrangements. Continue reading the full GT Alert.…

Legacy Advisors

Florida Requires Sales Tax Collection on All In-Person and Online Sales, Effective July 1

By David C. Ashburn, Hayden R. Dempsey & Fred F. Harris

April 20, 2021

Florida State Capitol, in Tallahassee, Florida

On April 19, Gov. DeSantis signed into law a sweeping tax package, Senate Bill 50, that provides both temporary and long-term relief to Florida businesses. The new law requires the collection of sales taxes by online businesses and is projected to generate $1 billion in annual tax revenue for the state. This will level the playing field for Florida brick and mortar businesses that are required to collect sales tax. Click here to continue …

Legacy Advisors

The Netherlands and Germany Amend Tax Treaty

By Paul Schouten & Reinier van de Steenoven˘

April 14, 2021

On March 24, 2021, the Netherlands and Germany signed a protocol to amend the tax treaty between the two states (the Protocol). The tax treaty prevents, on the one hand, double taxation by companies or citizens and, on the other hand, non-taxation. The Protocol contains agreements on the right to levy taxes on (short-term) social security benefits and clauses to prevent tax avoidance. Continue reading the full GT Alert.…

Legacy Advisors

IRS Actively Seeking Information Regarding Cryptocurrency Via John Doe Summonses

By Michelle Ferreira, Barbara T. Kaplan, Pallav Raghuvanshi & Shira Peleg

April 13, 2021

Taxpayers that have engaged in cryptocurrency transactions should be aware that the Internal Revenue Service is seeking customer records from cryptocurrency exchanges. The Department of Justice recently filed petitions in the District of Massachusetts and the Northern District of California asking to allow the IRS to serve John Doe summonses on two cryptocurrency exchanges. Continue reading the full GT Alert.…

Legacy Advisors

IRS Wins Again on Micro-Captive Arrangements, Urges Taxpayers to Exit Transactions

By Barbara T. Kaplan & Josh Prywes

April 9, 2021

On April 9, 2021, the IRS urged taxpayers who engage in micro-captive insurance arrangements to exit these transactions. This announcement follows an IRS victory in the U.S. Tax Court, which found that such arrangements are not eligible for the tax benefits claimed. The IRS had previously issued settlement initiatives following victories in Tax Court. Continue reading the full GT Alert.…

Legacy Advisors

Corporate Tax Hikes for Biden’s Infrastructure Plan

By Pallav Raghuvanshi

April 5, 2021

USA-national-flag-and-dollar-bills.-Business-and-finance-concept

On March 31, 2021, President Joe Biden unveiled a $2 trillion infrastructure and economic recovery plan (American Jobs Plan) to strengthen the post-pandemic economy. The American Jobs Plan focuses on increasing federal spending to fix highways, electric grids, broadband, schools and childcare facilities, manufacturing, and R&D investments, among other areas. As an offset for the American Jobs Plan, the White House also introduced the “Made in America Tax Plan” (Tax Plan), which aims to increase…

Legacy Advisors

Powered by GT Tax - A Greenberg Traurig Knowledge Product

Blog Authors

Pandemic-Driven Devalued Retail Real Estate Owners Should Seek Property Tax Reductions

Barbara T. Kaplan and G. Michelle Ferreira to Participate in the Virtual ABA 2021 May Tax Meeting

Non-Recourse Financing Can Imperil Tax Deductions: The Application of the Internal Revenue Code ‘At-Risk’ Rules to Aircraft Purchases

State Sales Tax on Sale of Non-Fungible Tokens (NFTs) – Questions and Answers

IRS Establishes Office of Promoter Investigations with Emphasis on Conservation Easements and Micro-captive Insurance Arrangements

Florida Requires Sales Tax Collection on All In-Person and Online Sales, Effective July 1

The Netherlands and Germany Amend Tax Treaty

IRS Actively Seeking Information Regarding Cryptocurrency Via John Doe Summonses

IRS Wins Again on Micro-Captive Arrangements, Urges Taxpayers to Exit Transactions

Corporate Tax Hikes for Biden’s Infrastructure Plan

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