Tax Cuts and Jobs Act

No. 288: On awards season, Opportunity Zones, international patents and dumpster fires

Snow kidding: Another whitewashed workweek is in the books, dear readers, and if you thought Wednesday’s surprise snowstorm was a shocker, just be glad you weren’t in England 127 years ago today. That’s when the Great Blizzard of 1891 began its tear across the UK. Featuring 15-foot snowdrifts and crippling winds, the five-day snowmageddon is blamed for the deaths of 200 people and more than 6,000 animals. According to the story, snow piles were still…


Cerini & Associates launches 2018 Tax Change Blog

By EDWARD McWILLIAMS // In December 2017, the U.S. Congress passed, and President Trump signed, the Tax Cuts and Jobs Act of 2017, which will impact virtually all taxpayers in the United States. Over the coming months, we will be regularly updating the Cerini & Associates 2018 Tax Change Blog to provide helpful and meaningful information on these tax-law changes, looking at specific provisions and new laws and how they will affect certain industries. We…


No. 280: A TCJA counterattack, an interstate healthcare alliance and baby, it’s cold outside (but it could be colder)

Weekend forecast: Welcome to the blessed end of another busy work week, dear readers – and speaking of endings and beginnings, happy anniversary to the National Weather Service, launched on this date (by the U.S. Army, believe it or not) 148 years ago today. The NWS likely had a field day on its 64th anniversary – Feb. 9, 1934 – when New York City, amidst a legendary arctic blast that deep-froze much of the nation,…


Multistate coalition to sue feds over new tax law

By GREGORY ZELLER // Responding to “an economic missile (fired) at the fiscal health of our state,” Gov. Andrew Cuomo and friends are taking the federal government to court. Joined by freshy minted New Jersey Gov. Phil Murphy and Connecticut Gov. Dannel Malloy – all Democrats – Cuomo announced Friday that the three states have formed a coalition that will challenge the controversial Tax Cut and Jobs Act of 2017 in court. The lawsuit specifically…


State of the State 2018: Cuomo tears into Trump, TCJA

By GREGORY ZELLER // He’s Andrew Cuomo, and he approves this message. With a deft comedic touch, impressive stamina and a decidedly presidential timbre, Gov. Andrew Cuomo delivered a no-holds-barred 2018 State of the State Address Wednesday, blasting “federal” targets, touting seven years of statewide socioeconomic progress under his watch and laying out an ambitious New Year’s agenda. The governor’s 90-minute address rocketed from business-development programs to clean-energy initiatives to environmental-remediation efforts to the new…


No. 269: Cuomo’s big plans, LI’s bouncing babies and other exciting ways to start your innovative 2018

Hello, you wonderful old Building & Loan! OK, yes, enough already with the Christmas references – but the very first U.S. building & loan association organized 87 years ago today in Frankford, Pa. Thought you’d like to know. And with that quick history lesson, we turn our eyes squarely ahead toward another year of invention, collaboration and healthy socioeconomic development on Long Island. The Innovate LI team will be here every step of the way,…


Tax update 2018: ‘Cuts and Jobs Act’ will hit LI hard

By TIMOTHY McHALE // At first glance, the recently passed Tax Cuts and Jobs Act seems to hit Long Island – and all high-tax areas – pretty hard. One reason: Many businesses on Long Island are pass-through entities in the service sector, which do not qualify for the reduced corporate rate or the additional pass-through deductions. Pass-through entities, with the exception of service industries, are allowed a deduction (subject to limitations) that effectively taxes their…


TCJA: Too soon to panic (but not to start planning)

By TIMOTHY McHALE and ED McWILLIAMS // Finally, after months of fanfare and blueprints (and endless requests from our managing partner, Ken Cerini, to put out content on what a potential Republican tax plan would mean for our clients), the House Ways and Means Committee has released the Tax Cuts and Jobs Act. While previously released frameworks offered few details, the TCJA comes in at a robust 429 pages – worthy of a seismic shift…