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SPRING, 2022 
Westchester Office: 
1133 Westchester Avenue
Suite N208
White Plains, NY 10604
914.948.1556
Long Island Office:
135 Pinelawn Road
Suite 245 South
Melville, NY 11747
631.501.9800
ESTATE PLANNING UPDATE
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The uncertainty and anxiety caused at the end of 2021 by the estate and gift tax proposals in the Build Back Better Act now seem to have subsided. However, the 2018 Tax Cuts and Jobs Act is still in effect through the end of 2025, and there are annual increases to estate, gift and generation-skipping tax exemptions which are important to note.  read more
IRS PROPOSES COMPREHENSIVE OVERHAUL OF
REQUIRED MINIMUM DISTRIBUTION RULES, INCORPORATING SECURE ACT
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On February 24, 2022, the Internal Revenue Service (IRS) issued comprehensive proposed regulations (Proposed Regulations) under Section 401(a)(9) of the Internal Revenue Code (the Code) which describe the required minimum distribution rules. Among other things, the Proposed Regulations cover changes to the minimum distribution rules that were made in 2019 by the SECURE Act.   read more
First in a series

RECENT TRENDS IN INCENTIVE COMPENSATION PLANS
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In the current highly competitive marketplace for employee talent, many companies are seeking ways to recruit, retain and incentivize key employees. A properly designed incentive compensation plan can accomplish these objectives while aligning the interests of key employees with those of company owners.

There is a spectrum of incentive compensation arrangements, ranging from a simple discretionary annual employee bonus plan to grants of actual equity interests in the employer to employees. Since the nondiscrimination and minimum coverage rules that apply to qualified retirement plans are inapplicable to incentive compensation plans, employers are free to pick and choose key employees for awards under incentive compensation plans.

This article briefly summarizes some common cash-based incentive compensation programs. Each of these cash compensation arrangements results in recognition of ordinary income by an employee for tax purposes when payment is received, and the employer can claim a tax deduction at that time in the same amount. read more
In Our Firm:
We are pleased to report that our Firm continues to grow.

Please join us in welcoming our new associate, Claudia J. Kissel, Esq. Claudia is working in our newly expanded Estate Administration Department with James E. Dalrymple, Esq. and Andrew S. Burg, Esq.

We also welcome Tina Haugbro, an enrolled actuary with over 20 years of experience in both the public and private sectors. Tina will be assisting the Firm’s clients with OPEB GASB 74/75 reporting requirements as well as consulting on qualified retirement plans.

Additionally we welcome to our Retirement Plan Administration Department plan consultants, Kathryn Morrison Phelps, Anthony Arroyo, Jason Ritchey and Christine Backus. 
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