Latest Articles

  • NYS Department of Taxation & Finance Announces Latest Policy Concerning Sales Tax Treatment of Scaffolding

    By:
    David A. Shuster, JD, LLM
    |
    Dec 1, 2014
    Just like a midtown Manhattan city block, the NYS Tax Department’s position concerning the application of the state’s sales tax rules to scaffolding transactions appears to be continually under construction.  On October 23, 2014, the Department issued TSB‑M‑14(15)S to clarify its policy in this area.
  • Qualified Longevity Annuity Contracts – Something New Under the Sun

    By:
    Bruce Resnik, JD, CPA/PFS
    |
    Dec 1, 2014
    On July 2, 2014, the Internal Revenue Service promulgated new regulations to the Internal Revenue Code which permitted the use of a new type of deferred annuity contract called a “Qualified Longevity Annuity Contract” (QLAC) to be used in conjunction with tax-qualified defined contribution plans and IRA’s. The purpose of the regulations was to make the purchase of lifetime annuities more attractive within retirement plans and help individuals to secure lifetime guaranteed monthly income no matter how long they live.
  • Introducing the New York State Throwback Tax

    By:
    Kevin Matz, JD, LLM, CPA
    |
    Dec 1, 2014
    On April 1, 2014, Governor Andrew Cuomo signed into law several provisions affecting estate planning and trusts as part of the New York State Executive Budget. Although most of the attention has focused on the New York estate tax law changes, the new law ushered in significant changes in the income taxation of trusts as well.
  • Updates in Employment Law in the Greater New York Area

    By:
    Jonathan A. Wexler, Esq., and Kaitlyn Fallon, Esq.
    |
    Nov 1, 2014
    New York City and New Jersey have recently enacted several statutes that impose various obligations on employers who do business in those jurisdictions. These provisions include additional employment protection for pregnant employees or those affected by pregnancy, protection for victims of domestic or sexual violence, and protection for job applicants with a criminal history.
  • De Minimus Can Be Maximus under the New Tangible Property Regulations

    By:
    James J. Wienclaw, CPA
    |
    Nov 1, 2014
    So much has been written on the tangible property regulations during their evolution from proposed standards to final regulations, and even the CPA community has been outspoken with regard to these regulations. Still, many taxpayers are paying less attention than expected to them, perhaps because the lengthy implementation delays left some taxpayers taking a wait-and-see approach.
  • To Live and Die in New York: The Tax Department’s Guidance on the 2014 New York State Estate Tax Law Changes

    By:
    Kevin Matz, JD, LLM, CPA
    |
    Nov 1, 2014
    On Aug. 25, 2014, the New York State Department of Taxation and Finance (DTF) issued TSB-M-14(6)M to provide guidance on the significant changes in the New York State estate tax system that became effective on Apr. 1, 2014 (see this author's prior TaxStringer article on the subject). In its guidance, the New York DTF clarified certain points, left open by the language of the April statute, concerning the following:
  • State Tax Implications for Multinational Companies

    By:
    Nicole DeRosa, CPA
    |
    Nov 1, 2014
    As if the ever-changing state and local tax laws and regulations aren't complicated enough for U.S.-based companies, multinational (i.e. foreign, non-U.S.) companies have it worse. For such company, failure to consider state and local tax implications when deciding to expand to the United States could have costly consequences.
  • Three Common Problems in Handling a New York Residency Audit

    By:
    Mark Klein, JD
    |
    Oct 1, 2014
    New York’s nonresident audit program continues to snag thousands of taxpayers who might—or might not—owe additional tax dollars to the state. Residency audits have reportedly generated more than $1 billion dollars for New York’s coffers, and hundreds of millions of dollars of new revenue is budgeted for the next year.
  • Transparency Top 12: Managing Risk and Disclosure Issues for Charitable Organizations

    By:
    Luana K. Lewis
    |
    Oct 1, 2014
    Since the 1920s, the Better Business Bureau (BBB) has developed charity reports that seek to help both public and business donors make more informed giving decisions. This service flows out of the BBB's mission to promote trustworthy business practices, especially in solicitations of any kind.
  • New York State Corporation Tax Reform: Prepare Now for Changes in 2015

    By:
    Brian Gordon, CPA
    |
    Oct 1, 2014
    There are sweeping changes coming to New York State corporation tax laws, effective for tax years beginning on or after Jan. 1, 2015, for reasons that include reducing complexity and removing uncertainty.

Tax Quote

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