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New York State
In September, the state saw an increase of 2,900 private sector jobs, bringing the state's job count to an all-time high of 7,337,000, according to an Oct. 18 release from the State Department of Labor. Overall, the state has added 107,200 private sector jobs so far in 2012.
The New York State Department of Financial Services has created a resource page for senior citizens to help them get information in areas where confusing and misleading information is common. The site covers both state and federal programs.
The site has seven categories:
A Q&A on the MCTMT Situation
Q. Is the MCTMT in force?
A: It was overturned by a judge as unconstitutional.
Q: So I don’t have to pay it anymore?
A: Yes, you do. The state is appealing, and meanwhile filing and payment is required.
Q: How long will this appeal take?
A: It could be months before a decision is reached.
In a case with multiple ironies, a middleman involved in finding backers for the planned Broadway musical Rebecca is accused of being a con artist whose millionaire connections were no more real than characters on a stage, according to a release from the U.S. Attorney’s Office for the Southern District.
The musical, based on the classic Daphne du Maurier mystery, is also about a character who isn’t what she first seems.
The recently released NYSDTF Advisory Opinion TSB-A-12(5)I addressed the 548-day rule, a complex series of conditions that leads to a domiciliary exemption for New York residents who spend significant amounts of time abroad. What's interesting about this case is that it doesn't focus on the calculations—but on the definition of a "child."
According to Rick Sampson, president and CEO of the New York State Restaurant Association, governmental regulations that are far removed from the day-to-day reality of actually running a successful business are hobbling the area’s restaurant industry, and leaving business owners to wonder what new restrictions might come next. Sampson addressed NYSSCPA members as part of the FAE's Restaurant and Hospitality Conference, hosted today at the NYSSCPA's Manhattan headquarters.
The MTA has been much in the news, thanks to the Metropolitan Commuter Transportation Mobility Tax and its current uncertain status: although the tax has been at least temporarily declared unconstitutional, it may be reinstated in the near future. But even assuming the MCTMT funds continue to flow, the MTA has other financial problems as well, according to a report from the state comptroller's office.
The NYSDTF has issued Technical Memorandum TSB-M-12(4)M to clarify what happens with state estate taxes when a federal estate tax return is being filed only for portability purposes. The memorandum notes that in such a situation, the estate must report the actual value of assets and deductions used to compute the gross estate for New York estate tax purpose.
In Tax Bulletin ST-775, issued in September, the NYSDTF noted energy used for residential purposes is exempt from state sales and use taxes and possibly local taxes. The bulletin also gives guidance on mixed-used properties—those that are both residential and nonresidential.
Eric T. Schneiderman, the New York attorney general, has brought a civil suit against Bear Stearns & Company, a unit of JPMorgan Chase, in New York State Supreme Court, according to an article in the New York Times. The allegations involve mortgage securities packaged by Bear Stearns and one of its units from 2005 through 2007, says the article.
Generally, alcoholic beverage wholesalers must file annual sales tax information returns as
As had been expected, the New York City Board of Health voted to ban the sale of sweetened drinks in containers larger than 16 ounces, according to an article in the New York Times. The ban, which applies to restaurants, street carts and movie theaters, takes effect in March 2013.
Robert Half, the financial and accounting staffing firm, has released a report with its fourth-quarter professional hiring projections. Overall, 17 percent of those surveyed expected to increase staff, 5 percent expected to decrease staff, and 77 percent expected no change.
The NYSDTF has sent a notice through its tax subscription service explaining that Form FT-945/1045, Report of Sales Tax Prepayment on Motor Fuel/Diesel Motor Fuel, can now be filed online.
In a Sept. 11 article, The New York Times announced that New Jersey Governor Christie, New York Governor Cuomo and New York City Mayor Bloomberg have reached an agreement on the funding of the 9/11 Museum. The article says that there will be additional cash payments from the Sept.
How many CPAs are there in New York? The Office of the Professions is keeping track, not only year-by-year, but county-by-county.
As of January 3, 2012, the state reported 36,073 New York State CPAs. In 2011, it issued 3,000 licenses, down from 4,099 in 2010 and 3,003 in 2009. However, in 2007 and 2008 the state issued fewer than 2,000 licenses in each of those years.
The Center for Digital Government has honored the New York State Department of Taxation and Finance with three of its "Best of New York" Awards. The center, according to its website, is a national research and advisory institute on information technology policies and best practices in state and local government.
In New York, events classified as "live dramatic or musical arts performances," are exempt from sales tax, as noted in a Wall Street Journal article. And now Nite Moves, a strip club outside of Albany, is trying to save more than $100,000 in sales tax by claiming that the club's lap dances and pole dancing are the financial equivalent to the New York City ballet and entitled to the same live performance exemption.
A New York Supreme Court judge has ruled that the Metropolitan Transit Authority payroll tax, which passed the legislature in 2009 in order to address a $1.8 billion budget shortfall, is unconstitutional due to the fact that only some counties are affected by it, according to Bloomberg. The suit was brought against the MTA by Nassau County Executive Edward Mangano, who argued that the tax should be overturned, a proposition with which the judge, R.