NYS Budget Decoupling from Beneficial CARES Act Provisions Creates NOL and Excess Business Loss Complexities
In our previous post on New York State’s Budget, we identified several of the significant issues presented by New York’s Budget containing specific provisions which set forth that New York State will temporarily suspend adoption of the Internal Revenue Code (IRC) on a rolling basis {‘Decoupling”}. New York State’s Decoupling from the IRC is…
Read MoreNYS Budget Decouples from Beneficial CARES Act Tax Provisions
With little fanfare, New York State adopted and Governor Andrew M. Cuomo signed the New York 2020-2021 Budget {“The Budget”} in April that contains significant New York State tax ramifications, especially for those New York taxpayers for which the CARES Act provides potential federal tax benefits.
Read MoreNo Time for Wayfair Complacency
According to a recent survey of 1,150 accounting professionals, business owners are becoming increasingly more comfortable with the ramifications of Wayfair on their businesses compared to the first half of the year. However, they should not get complacent just yet. Even though the Wayfair ruling was made over a year ago, its continued effects on…
Read MoreSome SALTy Thoughts As We Get Ready For Thanksgiving Day Celebration With Family and Friends
As we approach the 2019 Holiday Season with Thanksgiving Day celebrations next week, the ever thoughtful and provocative tax experts at the Tax Foundation were considerate enough to release their 2020 State Business Tax Climate Index for all to consider. A quick read of the 2020 State…
Read MoreRecording: Fall 2019 State & Local Tax Update Webinar
MWE SALT Director Joseph Pizzimenti, Esq., talks about what’s hot in State and Local Taxes, Wayfair, and what to expect next. Find the webinar recording here.
Read MoreNew York, high-tax states dealt SALT cap blow in court, but fight likely not over
Yesterday, a Manhattan judge dismissed a lawsuit filed by four states including New York and New Jersey, saying that they failed to demonstrate that Congress exceeded its taxing authority when implementing the $10,000 cap on state and local tax deductions. After the news broke, Fox Business sat down with MWE SALT director Joseph Pizzimenti,…
Read MoreHouse Seeks To Help “Blue” Taxpayers with SALT issues in Blue States
According to a recent Bloomberg article, HILL TAX BRIEFING: House Tax Writers Consider SALT Change Today, several members of the House Ways and Means committee will be meeting soon to discuss the $10,000 limit on the State and Local Tax itemized deduction that was adopted as part of the Tax Cuts…
Read MoreNew York Taxpayer Post Labor Day Weekend Blues– New Announcements Could Necessitate Amending Previously Filed 2018 Returns
On September 3, 2019, the New York Department of Taxation and Finance issued three TSB-M announcements that summarize tax law changes adopted as the result of the State’s 2019-2020 Budget {“Budget”} that may affect New York taxpayers’ 2018 returns: TSB- M-19(3)C, Summary of Corporation Tax Budget Legislation Enacted in 2019
Recording: 2019 State & Local Tax Mid-Year Update Webinar
Listen in as MWE SALT Director Joseph Pizzimenti, Esq., offers updates on what’s hot in State and Local Taxes, Wayfair, and what to expect next.
Read MoreNew York Employers: Is the Employer Compensation Expense Tax A Trick or Treat?
In April of this year, New York Governor Cuomo signed the 2018-2019 Fiscal Year budget. The Budget adopted the Employer Compensation Expense Tax (ECET) in an attempt to offset the Tax Cuts and Jobs Act (TCJA) $10,000 state and local tax (SALT) deduction limitation and its potential negative effect on individual…
Read MoreSummer 2018 Comes In With A Sales Tax Heat Wave: U.S. Supreme Court’s Decision in Wayfair Overturns Quill’s Physical Presence Requirement
Earlier today we were welcomed by the arrival of Summer Solstice and the U.S. Supreme Court’s decision in South Dakota v. Wayfair, Inc. et al {“Wayfair”}, that overturned the physical presence requirement established by the Quill Corp. v. North Dakota decision. At issue was the South Dakota…
Read MoreNew York State Budget Tax Provisions’ Response to Federal Tax Cuts and Jobs Act
On April 12th Governor Cuomo signed the 2018-2019 Fiscal Year budget (Budget). The Budget contains numerous provisions that address the New York tax ramifications arising from the Tax Cuts and Jobs Act (TCJA) passed by the United States Congress late last year. The Budget’s tax provisions pose significant complexities as well…
Read MoreState Economic Nexus Update – 2017 Could Be An Active Legislative Year
While preparing a follow up to my article earlier this week, Economic Expectations Push the DOW to Record High as States Seek Economic Nexus To Boost Their Coffers, I came across a piece written the next day in Multistate Insider, Economic Nexus is the Most Prevalent Type of Sales Tax Compliance Legislation This Year”.…
Read MoreEconomic Expectations Push the DOW to Record High as States Seek Economic Nexus To Boost Their Coffers
Earlier this week, the DOW hit 20k for the first time in its 120 year history. A high water mark that some analysts believe signals the improvement in our Country’s economic future. Just as the DOW is hitting record highs, so has State and Local Tax Revenues. Based on 2015 State…
Read MoreAnatomy of a Sales Tax VDA: Organizing and strategizing a multi-state Sales Tax Voluntary compliance project – Part 3
by: Raymond Chang, CPA (Part 3 of 3) In part one of this series, we examined the initial steps in tackling a comprehensive review of a client’s potential exposures to sales tax requirements to states in which they have conducted business. In part two, we utilized and categorized client-side sales records to lay…
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