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New York State
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.
If business is good and you're expanding, the NYSDTF is happy for you. But it is sending out a reminder that with success come responsibilities, financial and otherwise.
New York City Council Speaker Christine C. Quinn and Manhattan District Attorney Cyrus R. Vance Jr. announced funding for an expanded cybercrime lab that, according to a release, "will streamline and improve upon the work of this critical area of the Manhattan District Attorney’s Office."
Mincing no words, the New York State Department of Financial Services accused Standard Chartered Bank of "willful and egregious violations of law" saying that for nearly a decade the bank "schemed with the Government of Iran and hid from regulators roughly 60,000 secret transactions, involving at least $250 billion." These transactions earned hundreds of millions of dollars in fees for the bank, alleges the department, and left the U.S. financial system vulnerable to terrorists, weapons dealers, drug kingpins and corrupt regimes.
In two separate documents, the New York State Department of Taxation and Finance has clarified and updated tax rates on residential solar energy systems in particular and home energy generally.