Taxation

  • Residency Issues: It's Not Just about Homes

    By:
    RICHARD J. KORETO
    |
    Feb 4, 2014
    Two venerable NYSSCPA traditions are back again for another year, and the Society is looking for volunteers to help keep them going. These ventures not only burnish the NYSSCPA's image, but help others outside the accounting community as well.
  • It's Not Just about Homes

    By:
    RICHARD J. KORETO
    |
    Feb 4, 2014
    Most residency taxation issues appear to be about where a dual-household taxpayer really lives, but that's not the only possible problem. In Advisory Opinion TSB-A-13(9)I, the state addressed the question of where the income comes from, specifically when it's an insurance payout. The answer proved to be particularly complex, and especially illustrative of the state tax department's insights.
  • Hotel or Club—State Rules on What Is Being Taxed

    By:
    RICHARD J. KORETO
    |
    Jan 28, 2014
    As the old saying goes, in real estate, the three most important things are location, location and location. It can be the same thing in sales tax rulings: exactly where is the sale occurring? Novel business models can make answering that question difficult. The tax department's Office of Counsel had to address that in Advisory Opinion TSB-A-13(28)S: not only was the "where" in question, but also the "what."                     
  • Cuomo Budget: Proposed Changes Could Affect CPAs and Their Clients

    By:
    RICHARD J. KORETO
    |
    Jan 28, 2014
    In his budget speech on Feb. 21, Governor Cuomo pointed out that under his administration, the state has passed three on-time budgets in a row—something that hadn't happened in more than 30 years. Now, he said, he's going for four in a row, which  New York hasn't achieved since Nelson Rockefeller was governor and many current legislators were still learning how to walk.  His talk was upbeat, with Cuomo saying "we are swinging for the fences in the fourth year." In fact, he had already mapped much of his tax strategy, so there wasn't much in the way of surprise in that area, but that doesn't mean there won't be any push-back as the state's fiscal year draws to a close on March 31.
  • State Makes Tough Tax Decision on Cap Improvements

    By:
    RICHARD J. KORETO
    |
    Jan 21, 2014
    The New York State Department of Taxation and Finance moves seamlessly from the sublime to the ridiculous. Last week, we described how the tax department applied the U.S. Constitution to a seemingly simple tax nexus case. This week, we show how the department turns its attention to the taxation of amusement park water slides. But as odd and trivial as this may seem—most NYSSCPA members will go their entire careers without accounting for a water slide—the ruling actually has important implications for any CPA who works with real estate and has concerns about capital improvements.
  • Check-Off Funds May Languish, According to Comptroller Report

    By:
    RICHARD J. KORETO
    |
    Jan 21, 2014
    On New York state tax returns, filers can check one or more boxes to donate money for wildlife management, breast cancer research, volunteer firefighters or five other causes. Did you ever wonder where that money actually went? State Comptroller Thomas P. DiNapoli did, and as noted in a recent report, he wasn't entirely happy with what he found.
  • Tax Department's Five-Year Rule Review Plan Starts Again

    By:
    RICHARD J. KORETO
    |
    Jan 14, 2014
    Don't like a tax rule? The state is going to give you a chance to change it. The State Administrative Procedure Act (SAPA) generally requires agencies to review existing rules at five-year intervals. To that end, the state tax department is putting up for review a series of 2009 (or older) rules and inviting comments. These rules have already been in effect for at least five years, and the department is not saying it will change all of them—or even any of them. But if you want them left alone, expanded or rolled back, now is the time to put in your two cents.
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