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485-b COMMERCIAL REAL PROPERTY TAX EXEMPTION Section 485-b of the New York Real Property Tax Law provides the basis for a 50% reduction of the increase in assessed value due to certain qualifying new construction, alterations, installations, or improvements for the purpose of commercial, business, or industrial activity, thus reducing real property taxes and some…

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….

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J&G Law, LLP