Many Americans vote based on how a candidate’s position affects their wallets. Election 2016 has a wide range of proposals that may drastically impact the estate taxes of many citizens. This blog provides a brief overview.more »
In the age of the internet, there is a growing trend amongst the American populace who decide they need a Will to avoid the cost of a lawyer and use a legal services website like Legal Zoom® or use some free Will form found on the internet. However, there are many dynamics that go into estate planning beyond executing a “simple” Will. First, you may have family dynamics or complex assets such as a closely-held business that require something more than a “simple” Will.more »
The City of Syracuse Industrial Development Agency (SIDA) made waves earlier this summer when board members unanimously voted to end the long-standing practice of giving the Syracuse Common Council the ability to vote on all payment in lieu of taxes (PILOT) agreements. As of June 21, 2016, the Council’s PILOT oversight is limited to instances in which an agreement deviates from the Agency’s uniform tax exemption policy (UTEP).more »
Authored by Christopher Powers, Summer Law Clerk
As you may have heard, Pokemon Go is sweeping the nation, including Central New York.
Pokemon Go is a downloadable mobile app where players try to find different characters from the popular Japanese cartoon and video game on a virtual map based on a user’s actual surroundings. The app uses GPS and other geolocation features on a user’s smartphone to places the virtual characters at local landmarks. Then, the player then must go to the place and use traditional gaming techniques to “capture” the character. Pokemon Go was released on July 7, and has become a worldwide sensation. Within a week, the game already had been downloaded more than 10 million times, according to CNN.more »
Authored by Christopher Powers, Summer Law Clerk
This week, the new Lakeview Amphitheater in Syracuse, N.Y., hosted one of the biggest concerts of the summer in these parts. The sold-out Dave Matthews Band concert was the first show of the season, and first ever sellout, at the new venue, which opened in 2015.
The kickoff of concert season coincides perfectly with the settlement of a major legal dispute that has implications for concert-goers, here in Syracuse and across the country, for months and possibly years to come.more »
Governor Cuomo announced this past week that he is advancing legislation to “modernize” the State’s Alcoholic Beverage Control Law (“ABC Law”). As someone that has spent years of my life ensuring license applicants comply with the law, first as an employee of the Liquor Authority and more recently as counsel to individuals and entities appearing before the Liquor Authority, this is a welcome announcement. While we don’t yet know all of the exact details and language, we do know some of the areas the Governor is proposing to change. They are as follows:more »
On May 18, 2016, the U.S. Department of Labor published its long-awaited final rule amending the federal Fair Labor Standards Act (“FLSA”) overtime regulations regarding the executive, administrative and professional exemptions (the “FLSA White Collar Exemptions”). The outside sales and computer professional exemptions are not subject to the new amendments.more »
In New York State, sellers who convey an interest in real property are required to pay New York State real estate transfer tax. In the usual sale of real property, the real estate transfer tax is computed at a rate of $2 for each $500 of consideration or fractional part thereof. For example, in a transaction in which the consideration paid is $100,000, the real estate transfer tax will be $400. The transfer tax is due when the instrument effecting the conveyance, which is a deed in the case of an interest in real property, is delivered from the grantor/seller to the grantee/buyer in the transaction.more »
If you have looked into purchasing long term care insurance, you know that it is an expensive proposition. However, there are some tax advantages related to the premium payments for long term care insurance.
If you are an employee and itemize your deductions you can deduct a portion of your long term care insurance premium as a medical expense on Schedule A of your 1040, itemized deductions.more »
On April 4, 2016, Governor Cuomo signed legislation enacting a statewide $15 minimum wage plan and a 12-week paid family leave policy. The sweeping legislation was passed as part of the 2016-17 state budget.more »
Disclaimer: This blog is for educational purposes; to provide readers general information and a general understanding of the law, not to provide specific legal advice. By using this blog all readers understand that there is no attorney client relationship between the reader and Mackenzie Hughes LLP, the publisher of this blog.
Prior results do not guarantee future success.
Mackenzie Hughes LLP | Mackenzie Hughes Tower, 440 South Warren Street, Suite 400, Syracuse, NY 13202 | 315.474.7571