
Batter up – The NYS 2021-22 Budget – Will It Be a Home Run or Strike Out for New York State Taxpayers and Businesses?
Spring is in the air, baseball has begun, and we await Governor Cuomo’s signature of the 2021-22 New York State (NYS) fiscal year budget. This year, Albany has been quite engaged in its attempt to enhance New York State’s tax “platform.” As with each spring, the 2021-22 NYS budget package contains numerous tax provisions that…
Read MoreThe New Jersey BAIT Due Date Extensions – A Potential “Bait and Switch” for the Unwary
The New Jersey BAIT As many may be aware, in early 2020, New Jersey enacted P.L.2019, c.320 the Pass-Through Business Alternative Income Tax (BAIT) Act, effective for tax years beginning on or after January 1, 2020.
Read MoreDecoupling from the CARES Act New York City Style – The Sequel
Late last Wednesday, Governor Cuomo signed legislation, A10519/S08411, that decoupled additional provisions from the CARES Act for New York City Business Taxes. The legislation may have personal income tax considerations because the legislation has provisions that apply to New York City pass-through entity level taxes. The legislation…
Read MoreNYS Decoupling from CARES Act – Section 163(j) Limitation – How to Make Complicated More Complicated
In our two previous posts on the New York State Budget’s Decoupling {“Decoupling”}, we discussed the myriad of implications arising from the Decoupling that focused on the Personal Income Tax as well as Pass Through Entity (PTE) ramifications to the extent the Decoupling’s affects would be required to be reflected by PTEs for…
Read MoreNYS 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 MoreNew York State Provides Limited Penalty Relief For Sales Tax Vendors
In the wake of declaring a State Disaster Emergency, New York Governor Cuomo has issued an executive order expanding the Tax Commissioner’s authority to abate late filing and payment penalties to also allow the Commissioner to abate interest on quarterly sales and use tax filings and remittances with a due date of March 20, 2020…
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 Read More
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…
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