
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…
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 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 MoreRecording: 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 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 MoreMarket Based Sourcing – No Time To Hibernate
It is always fascinating to watch trends develop and revisit whether the prognosticators were correct – we even enlist Punxsutawney Phil at this time of year – more on him later. One trend we’ve been watching has been the state tax authorities’ modifications in the sourcing of revenue in order to increase the receipts from…
Read MoreGot Unpaid State and Local Tax Liabilities? Voluntary Disclosure May Be Your “Get out of Jail Free” Card
by: Richard L. Feldman, CPA, Senior Manager Voluntary disclosure is not exactly a “get out of jail free” card when it comes to unpaid taxes, but it may be the next best thing. Voluntary disclosure programs allow taxpayers with unreported tax liabilities to come forward and settle their tax liabilities, usually under very favorable terms…
Read MoreThere’s No “Hot Stove” Off Season for Multistate Taxpayers
What used to be called the “off-season” in Major League Baseball, now enthusiastically referred to as the “Hot Stove” offers fans some of the most interesting and potentially impactful activity related to the sport. To a baseball fan there is no longer an “off-season.” And as we all have experienced,…
Read MoreFall Clean Up – SALT Considerations When Merging or Liquidating Entities – Beware of Hidden State Tax Dangers in Those Leaves
Wow, October is almost gone! One of my favorite but perhaps most frustrating chores this month is raking the leaves. There are several huge Pin Oaks around my home that provide great shade in the summer and a blanket of leaves in the fall. I always rake the leaves into one or two huge piles…
Read MoreTax Havens – “Water’s Edge” Combined Reporting is Moving Further Abroad
The initial principle of “Water’s Edge” combined reporting was to require combined reporting for affiliated domestic companies that are engaged in a unitary business. Some states have added foreign companies to the Water’s Edge group. These are companies that have a limited United States presence (20% or more) as long as they are part…
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