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CANCELLATION OF DEBT INCOME You owe money. Then the debt gets cancelled. There is a risk that the cancelled debt will be treated as income to be included in your gross income that forms the basis for your income tax liability. Debt cancellation is becoming more common as this economic crisis grows. Unpaid purchases, credit…

THE PANDEMIC AND YOUR FINANCES Many of us have been financially impacted by the Coronavirus pandemic. There has been a lack of income due to loss of jobs, company layoffs and non-essential businesses being closed.  Rent and mortgages are due, monthly bills are stacking up, spending has increased, and credit cards have been maxed out….

SMALL BUSINESS THREATENED It has always been a challenge for the small business person to develop and operate the business of their dreams.  Regulations, big box and on-line competition, demanding credit sources and long hours are the price entrepreneurs pay for independence. Now on top of those forces has come the Covid-19 plague and society’s…

Employer or Contractor? Are you an employer or a contractor with people who perform labor and services for you? Are those service providers your employees or independent contractors? The distinction makes a big difference for both insurance and tax reasons. A big battlefield is with respect to workers compensation insurance premiums and employee payroll taxes….

Press Release For more information, contact: Michele Babcock, Managing Partner, Jacobowitz & Gubits LLP, 845-778-2121  FOR IMMEDIATE RELEASE  J&G Celebrates 50th Anniversary WALDEN, NY – J&G, LLP (J&G) is proud to announce that 2018 marks its 50th year of providing the highest quality legal services to individuals, businesses, non-profits and municipalities throughout the Hudson Valley….

One of the common attributes of family businesses is “discord”. A recent article talks about Tom Benson who is the owner of the New Orleans Saints professional football team and the NBA Pelicans. When he announced that he was leaving the teams to his third wife, members of the family took issue and an attempt…

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