New York ‘Works Around’ Tax Cuts and Jobs Act of 2017

On the surface, high tax states such as New York seem to be hardest hit by a new limitation on the State and Local Tax (SALT) deduction. For previous tax years, taxpayers had the ability to write off all of their SALT payments against their ordinary income. This deduction has now been limited to $10,000 …

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Client Corner: Seacoast Enterprises Associates, Inc. (S.E.A.)

S.E.A. was established in the 1970s by Richard “Dick” Mendelman and his business partner Leland “Buck” Burnett. Today, the company operates four marinas and two full-service boatyards in Three Mile Harbor, East Hampton, NY. The marina enterprises also include a waterside restaurant and services that range from watercraft rentals, gas and diesel fueling, boat and …

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Funding Options for Key Person Life Insurance

Key person insurance can be an essential component of business continuation planning. The business, or the owners and key persons who are essential to operating the business, purchase these policies. If an owner or key person dies or becomes disabled, this insurance could help make up for lost sales or earnings, assist in satisfying the …

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Client Corner: Henry Hildreth, Hildreth’s Home Goods

Residence: Southampton Mission: America’s oldest and longest family-run, held and owned home essentials retailer at 51 Main Street Southampton, NY. Status: Celebrating 175 years in business, since 1842; Henry’s family, including his wife and children, are entering the business. Henry Hildreth was questioning whether he wanted to be the third-generation owner of Hildreth’s Home Goods. …

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