Sunday, February 14, 2016

Changing New York Tax Laws

Tax laws in America are very complicated.  And they differ from state to state.  And then they change.  Having a tax consultant therefore, makes the process a lot easier.  It is important that that tax expert specializes in the state where one has their money.

Louis Kreisberg – a Principal at Pioneer Wealth Partners – is one such individual who is equipped to offer consultation on this subject matter.  With offices in Seattle, Chicago and New York, Pioneer can offer clients expert consultation on business, estate planning, tax and more.

Last year, as part of the 2015-16 Executive Budget, Governor Cuomo made several changes to the New York State estate tax law. It was pretty complicated.  For example, estate tax exclusion was elevated by the 2014 legislation from $1 million to $2,062,500 for those who passed away between April 1, 2014, and March 31, 2015; to $3,125,000 for individuals dying between April 1, 2015, and March 31, 2016; to $4,187,500 for individuals dying between April 1, 2016, and March 31, 2017; and to $5,250,000 for individuals dying between April 1, 2017, and December 31, 2018.

At the beginning of this year, things changed again.  As pointed out in a recent article byconsultants at law firm Pillsbury Winthrop Shaw Pittman LLP:

“On January 13, 2016 the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) issued Geographic Targeting Orders (GTOs) requiring reporting by title insurance companies and their subsidiaries and agents on certain high-value real estate transactions starting on March 1, 2016. The GTOs require reporting on “all-cash” residential real estate deals made through shell companies in Miami Dade County, Florida and the Borough of Manhattan in New York City. The reporting is temporary, lasting for 180 days beginning March 1, 2016 and continuing until August 27, 2016 (unless extended).”

Clearly the above data from last year and this, shows the law is complex and subject to regular amendments.  Having a tax expert in New York, like Louis Kreisberg, can ease the pressure of keeping up with these laws.

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