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State Taxation

  • After the Move – Part I: New York State’s Income Sourcing Rules for Telecommuting and Deferred Compensation

    By:
    K. Craig Reilly, Esq.
    |
    Aug 1, 2023
    This is part one of a three-part series focusing in nonresident issues that have been seen since the COVID-19 pandemic. Efforts to change one’s tax residency only increased in the months and years following the COVID-19 pandemic, where IRS data shows that New York lost $25 billion in adjusted gross income from migration out of the state in 2021, up from the $20 billion the state lost in 2020.
  • New York Adult-Use Cannabis THC Potency Tax

    By:
    Jason Klimek, Esq.
    |
    Apr 1, 2023

    When the Marijuana Regulation and Taxation Act (MRTA) was passed, it added Article 20-C to the New York State Tax Law. Article 20-C contains both the THC potency tax (Potency Tax), an excise tax on adult-use cannabis products, and the adult-use retail tax (Retail Tax).

  • New York State Secure Choice Savings Program

    By:
    Josh Gmerek, JD
    |
    Mar 1, 2023

    During October 2021, New York State (NYS) passed legislation that made participation in the NYS Secure Choice Savings Program (the “Program”) mandatory for certain employers. The Program is one of many state-facilitated savings programs that are being adopted in states across the country. These state-facilitated savings programs are designed to solve a simple, but not easily fixed problem: getting more people to save for retirement. 

  • COVID-19 Capital Costs Tax Credit Program: Its Aims, Pitfalls, and Implementation

    By:
    Marquise Riley, CPA, MPS, John McKinley, CPA, CGMA, JD, LLM, and Adam Vars, MPS
    |
    Feb 1, 2023

    In response to the COVID-19 pandemic, both federal and state legislatures passed a series of legislation to inject funding into the economy and sought specifically to tailor programs to support small businesses within the United States. With the enactment of the COVID-19 Capital Costs Tax Credit Program, New York seeks to “provide financial assistance to economically harmed businesses to offer relief and reduce the duration and severity of the current economic difficulties” stemming from the pandemic.

  • Sales Tax and Buying a Business – Bulk Sale Filing

    By:
    Jennifer Koo, Esq.
    |
    Feb 1, 2023

    People come to the United States seeking the American Dream. To go from rags to riches. To own your own business and excel in this open market economy. But at the same time, what is more American than taxes?

  • 2022 New York Tax Update – Year in Review

    By:
    Daniel Kelly
    |
    Jan 3, 2023
    It turned out that 2022 was a busy year for New York State and City tax purposes.  Highlights included a large and impactful 2022–2023 budget bill, off–budget-cycle major new and increased incentive credits, the introduction of a New York City Pass-Through Entity Tax (PTET) and other City corporate tax clarifications, a significant update to New York State’s PTET for S corporations, draft regulations that will drastically alter New York’s interpretation of Public Law 86-272, and a host of updated New York Tax Department policies and court decisions that impact New York State and City residency status. 
  • Excise Tax on Executive Compensation for Tax-Exempt Organizations

    By:
    Eva Mruk, CPA
    |
    Dec 1, 2022

    Historically and still today, the IRS requires that compensation paid to nonprofit executives be reasonable and not excessive. Up until now, tax-exempt organizations have not been subject to compensation limits on executive compensation; they have, however, been subject to the private inurement doctrine, intermediate sanctions, and excess benefit rules that impose an excise tax on nonprofit executives and managers who benefit from and knowingly participate in assigning compensation that exceeds the value of services performed. 

 
Views expressed in articles published in Tax Stringer are the authors' only and are not to be attributed to the publication, its editors, the NYSSCPA or FAE, or their directors, officers, or employees, unless expressly so stated. Articles contain information believed by the authors to be accurate, but the publisher, editors and authors are not engaged in redering legal, accounting or other professional services. If specific professional advice or assistance is required, the services of a competent professional should be sought.