State Taxation

  • New York State Nursing Home Assessment Credit

    By:
    Laura LaForgia, CPA, MST
    |
    May 1, 2014
    One commonly overlooked New York state income tax credit that could provide some real money to those who need it is the nursing home assessment credit. For tax years beginning on or after Jan. 1, 2005, this credit refunds the portion of an assessment imposed by the Commissioner of Taxation and Finance on a New York nursing home that is passed through on the nursing home resident's bill.
  • The New York Nonprofit Revitalization Act: 10 Things to Know

    By:
    David G. Samuels, JD, and Themes Karalis, JD
    |
    Apr 1, 2014
    The Nonprofit Revitalization Act of 2013 was signed into law by Governor Andrew M. Cuomo on Dec. 18, 2013, after unanimous passage by the New York State Senate and Assembly on Jun. 21, 2013. The act, which was introduced at the request of Attorney General Eric T. Schneiderman, generally takes effect on Jul. 1, 2014.
  • Settling a Dispute over Statutory Residency Leads to More Questions

    By:
    David A. Shuster, JD, LLM
    |
    Apr 1, 2014
    In February 2014, the New York Court of Appeals rejected the determination of the New York State Tax Appeals Tribunal (TAT) that there was “no requirement that the taxpayer actually dwell in [an] abode, but simply that he maintain it” when determining whether the taxpayer maintained a permanent place of abode (PPA), a prerequisite to statutory residency for nondomiciliaries (Matter of Gaied v. New York State Tax Appeals Tribunal).
  • Special Report: Important New York Initiatives to Fight Tax Fraud

    By:
    Mark S. Klein, Esq. and Ariele R. Doolittle, Esq.
    |
    Feb 1, 2014
    The New York State Department of Taxation and Finance has begun mining an unprecedented amount of readily-accessible data to help identify and stop potential tax cheats. The goal is to provide the greatest rate of return on the department's data and hardware investment. Or to put it in the vernacular, to make sure every person and every company pays every dime they owe.
  • Executive Compensation Limits under NYS Executive Order #38

    By:
    James E. Rocco Associates, Inc.
    |
    Jan 1, 2014
    In January 2012, New York Governor Andrew Cuomo issued Executive Order #38 (“EO38”), the latest in a series of regulatory actions to curb the use of public funds for excessive administrative expenses or executive compensation in exempt organizations. The rules are strict--and complex.
  • Tax Implications of Foreign Pension Plan Participation

    By:
    By James Cassidy, CPA
    |
    Mar 1, 2012
    As a result of IRS offshore compliance initiatives, recently enacted legislation, and new informational reporting requirements, tax preparers and U.S. participants in foreign pension plans must carefully evaluate how a foreign-based retirement plan is structured and valued. Because many U.S. citizens who have repatriated or are currently residing and working abroad, as well as foreign nationals currently residing in the United States, either have retirement assets abroad or are currently participating in a foreign plan, practitioners and taxpayers should evaluate the reporting requirements, follow guidance for preparing accurate tax and information returns and strive to minimize both taxes and onerous penalties.
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