For over a decade, New Yorkers have been using the New York State Statutory Short Form Power of Attorney (“2010 POA”) which also contained the Statutory Gifts Rider. The implementation and execution of the 2010 POA have been confusing and complex for most New Yorkers. 

The first computer virus appeared shortly after Apple introduced its first computer in the 1970s. In the early 1980s after the PC was introduced, viruses immediately followed. Some of the early malware did no real damage–they were created just to prove it could be done. Yet some did real damage, and the history of malware began.

For companies where ownership is vested exclusively in one individual, there is often a need to address continuity of the company in the event of the sole owner’s death or incapacity. The surviving spouse of an owner may not want to be encumbered with a business foreign to him, and an unclear line of succession could lead to in-fighting or panicking among employees at all levels of the business; in this way, an asset that has produced income for loved ones in the past now becomes a potential liability. 

The qualified business income (QBI) deduction under Internal Revenue Code (IRC) Section 199A introduces challenges and benefits for owners of pass-through businesses. Although the deduction can provide a significant tax opportunity, navigating the many rules and limitations associated with it can be complicated and time consuming. Here, learn key applications and requirements when determining the QBI deduction for taxpayers who receive QBI from multiple sources, such as Schedule K-1s and rental properties.

Enacted by the Tax Cuts and Jobs Act of 2017, IRC Section 250 (Deduction for Foreign-Derived Intangible Income (FDII) and Global Intangible Low-Taxed Income (GILTI)) provides a favorable 50% U.S. tax deduction to shareholders of controlled foreign corporations (CFCs) on their GILTI deemed dividends.  In addition, Section 250 provides domestic C corporations a favorable 37.5% deduction on Foreign Derived Intangible Income that is derived from serving foreign markets via sales, services and licensing. This article primarily addresses issues related to the FDII deduction.