Posted in Corporate Income Tax, Featured Content, Featured Post, Personal Income Tax, State & Local Strategies, The Bottom Line

Owners of Pass-Through Entities Electing the NY PTE Tax – Your NY Personal Estimated Tax Payments Must Be Calculated Without a PTET Credit

New York State (NYS) second quarter Personal Income Tax Estimated Payments are due on June 15, 2021. This year, for owners, partners and shareholders of Pass-through Entities (PTE) that are considering electing to be subject to New York State’s Pass-through Entity Tax (PTET), there’s an important wrinkle in the calculation of these estimated payments.

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Posted in Corporate Income Tax, Featured Content, Featured Post, Income and Franchise, Personal Income Tax, State & Local Strategies, The Bottom Line

New York’s Pass-through Entity Tax – Potential Lower Federal Tax Benefits to S Corporation Shareholders

New York’s Pass-through Entity Tax (PTET) may result in significantly lower Federal tax benefits for certain electing S corporations. The potential Federal tax benefits of the New York State (NYS) PTET for resident shareholders of S corporations with low NYS Business Apportionment Percentages (BAP) may be significantly lower than initially expected. Why? The PTET provisions’…

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Posted in Corporate Income Tax, Featured Content, Featured Post, Income and Franchise, Personal Income Tax, Property and Other State/Local Tax Issues, State & Local Strategies, The Bottom Line

New York’s Budget Decouples From Federal Opportunity Zone Tax Benefits – Is It a Big Swing and Miss for New York Taxpayers?

As detailed in our previous post, Governor Cuomo signed the 2021-22 New York State (NYS) Budget (The Budget) last month with little fanfare. The Budget contains numerous tax provisions that have broad implications to New York taxpayers. However, one of The Budget’s potentially unfavorable tax provisions, as set forth in Section DDD of…

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Posted in Corporate Income Tax, Featured Content, Featured Post, Personal Income Tax, State & Local Strategies, The Bottom Line

Batter up – The NYS 2021-22 Budget – Is It a Home Run or Strike Out for New York State Taxpayers and Businesses?

Spring has officially arrived – flowers are blooming, baseball has begun, and Governor Cuomo signed the 2021-22 New York State (NYS) Budget on April 19, 2021. This year, Albany has been quite engaged in its attempt to enhance New York State’s “field of taxes.”

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Posted in Corporate Income Tax, Featured Post, Personal Income Tax, Property and Other State/Local Tax Issues, State & Local Strategies, The Bottom Line

Decoupling 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…

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Posted in Corporate Income Tax, Featured Post, Income and Franchise, Personal Income Tax, Property and Other State/Local Tax Issues, State & Local Strategies, The Bottom Line

NYS 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…

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Posted in Corporate Income Tax, Featured Post, Income and Franchise, Personal Income Tax, Property and Other State/Local Tax Issues, State & Local Strategies, The Bottom Line

NYS 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.

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Posted in Featured Post, Sales and Use Tax, State & Local Strategies, The Bottom Line

New 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…

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Posted in Corporate Income Tax, Featured Post, Income and Franchise, Nexus, Personal Income Tax, Property and Other State/Local Tax Issues, Sales and Use Tax, State & Local Strategies, The Bottom Line

No 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…

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Posted in Corporate Income Tax, Featured Post, Income and Franchise, Nexus, Personal Income Tax, Property and Other State/Local Tax Issues, Sales and Use Tax, State & Local Strategies, The Bottom Line

Some 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…

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Posted in Featured Post, In The News, State & Local Strategies, The Bottom Line

New 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,…

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Posted in Featured Post, State & Local Strategies, The Bottom Line

New 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

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Posted in Corporate Income Tax, Featured Post, Income and Franchise, Nexus, Personal Income Tax, Property and Other State/Local Tax Issues, State & Local Strategies

New 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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Posted in Nexus, Sales and Use Tax, State & Local Strategies, The Bottom Line

Summer 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…

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Posted in Corporate Income Tax, Featured Post, Income and Franchise, Nexus, Personal Income Tax, Property and Other State/Local Tax Issues, Sales and Use Tax, State & Local Strategies, The Bottom Line

New 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…

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Posted in Nexus, Sales and Use Tax, State & Local Strategies

Anatomy 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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Posted in Nexus, Sales and Use Tax, State & Local Strategies

Anatomy of a Sales Tax VDA: Organizing and strategizing a multi-state Sales Tax Voluntary compliance project – Part 2

by: Raymond Chang, CPA (Part 2 of 3) In part one of this series, we examined the intial steps in tackling a comprehensive review of a client’s potential exposures to sales tax requirements to states in which they have conducted business. Here, we look into the results of our initial analysis and “fill in…

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Posted in Nexus, Sales and Use Tax, State & Local Strategies

Anatomy of a Sales Tax VDA: Organizing and strategizing a multi-state Sales Tax Voluntary compliance project – Part 1

by: Raymond Chang, CPA (Part 1 of 3) Navigating the ever-evolving state Nexus and sales tax nuances is never a simple process. Adding to the complexities presented by the significant variance in states’ tax codes, the sheer logistics of maintaining the necessary due diligence can seem overwhelming. For those reasons, businesses are understandably reticent to…

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Posted in Sales and Use Tax, State & Local Strategies

The Heat Is On – How Prepared Is Your Company for Sales and Use Tax Exams?

The late, great Glenn Frey’s song, “The HEAT IS ON”, accurately describes what many companies are experiencing when it comes to sales tax exams this summer. As I noted during a recent Webinar (and confirmed by attendees themselves), sales tax compliance and exams are hot topics for many companies. Equally important, the extensive information document requests (“IDRs”) and…

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Posted in Nexus, Sales and Use Tax, State & Local Strategies

Income Tax & Sales and Use Tax Compliance Big Concerns For Next 12 Months

Based on a poll of attendees at a recent Margolin, Winer & Evens LLP webinar on sales and use tax, it’s clear that income tax compliance, sales/use tax compliance and financial reporting are the biggest concerns facing accounting departments over the next 12 months. More than 500 professionals attended the webinar (2016 SalesTaxPerspective 8.1.16). These…

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Posted in Nexus, Personal Income Tax, Sales and Use Tax, State & Local Strategies

Living in one state – earning income in another: Avoiding double taxation

by: Richard L. Feldman, CPA, Senior Manager Once upon a time living in one state and earning revenue in another would have been very complicated. With the advent of modern technology and the ease of travel, however, such scenarios are commonplace. What remains complicated are the draconian tax implications that individual taxpayers and employers must…

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Posted in Nexus, Sales and Use Tax, State & Local Strategies

Unclaimed Property and Escheat Responsibilities Should Prompt Multistate Tax Spring Clean Up

What is a business’ responsibility regarding unclaimed property reporting? With tax busy season over, now is an excellent time to prepare and prioritize your multistate tax 2016 Spring Clean Up. If you let this slide, you may be opening yourself up to harsh penalties from the states where you do business. While not technically a…

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