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Update on Department of Labor’s Fiduciary Rule The United States Department of Labor (“DOL”) has proposed a new rule that would expand the definition of “investment advice fiduciary” under the Employee Retirement Income Security Act 1974 (ERISA).  This legislation, which was scheduled to be phased in April 10, 2017, will automatically elevate all financial professionals…

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Estate Planning for the Non-US Citizen Spouse:   Transfers of Assets from a Deceased Spouse at Death. At death, assets you leave to a surviving spouse who is a United States citizen are not subject to federal estate tax. This is true notwithstanding how much the assets are worth. Lawyers and accountants call this rule…

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Can You Cancel the New York Durable Power of Attorney? A durable power of attorney is a document by which you give to another person (your “agent”) the authority to take legal and financial actions for you, on your behalf. Powers of attorney are commonly used in elder law and estate planning to enable children…

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UPDATE: Update to Paid Family Leave: Qualifying Reasons Expanded On June 20, 2018, the New York legislature added a new qualifying reason for eligible employees to take advantage of the Paid Family Leave Act. At the law’s inception, the qualifying reasons were limited to 1) the birth, adoption or new fostering of a child; 2)…

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Trump Tax Proposals The following is an overview of President-Elect Trump’s (“Trump”) tax plan based upon the tax proposals put forth during his candidacy. Congress must approve the trump tax proposals before they become law and, thus, the final outcome of these proposals are quite likely to be different then the original plan suggested by…

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Tax saving tips: As a Partner here at Jacobowitz and Gubits in New York and also a CPA, I work with individuals, business owners, corporations, municipalities and not-for-profits who all need to stay on top of the latest changes and proposals in tax law. Here are some tax saving tips for business owners that reflect the latest tax…

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New Minimum Wages Come to New York Now that we have entered 2017, there are six different hourly new minimum wages in effect in New York State. The one applicable to you, as an employer or an employee, depends on the location and size of the employer. As defined by this chart from the New…

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Nothing Stays the Same A historical safe harbor has been doing business using a corporate or limited liability entity.  Officers and employees were protected against claims for their actions as long as they were acting within the scope of their authority in the performance of activities on behalf of the company.  Another safe harbor was…

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Is It Necessary to Have a Court Decree Ordering Alimony To Take An Income Tax Deduction? I recently agreed to meet with a man who explained that the IRS was threatening to disallow his tax deduction taken for payments he had made to his wife pursuant to a home-made separation agreement. Taxpayer Charlie told me…

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Super Lawyers Recognizes Four Jacobowitz and Gubits Attorneys as 2016 Upstate New York Rising Stars The law firm of Jacobowitz and Gubits (J&G) is pleased to announce that Kelly A. Pressler, Jennifer Echevarria, Alanna Iacono, and Andrea Dumais have all been recognized by Super Lawyers as 2016 Upstate New York Rising Stars. Super Lawyers uses a…

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Jacobowitz and Gubits Counselors at Law