The New York State Society of CPAs

At a conference scheduled for Oct. 1, the U.S. Supreme Court will decide whether to hear a case involving taxpayers who meet the definition of  “statutory resident” in both New York and Connecticut and thus are subject to income taxation in both states.

The current pension legislation was just given a boost to assist business owners of closely held privately entities with income tax planning strategies to help manage current income taxes as well as attract, retain, and reward talent to their businesses.

A hearing was held before Administrative Law Judge (ALJ) Barbara J. Russo in the matter or SoulCycle, Inc. vs. the NYS Division of Taxation. The determination was issued on May 23, 2019.

In 2003, Michael Lewis’ book, Moneyball: The Art of Winning an Unfair Game, outlined the economic disadvantages the small-market Oakland A’s faced competing against the New York Yankees and other large-market teams. Lewis’ book also examined the A’s strategy of exploiting market inefficiencies in the valuation of Major League Baseball players to not only compete, but actually succeed, within the parameters of large-market and small-market teams. Such is the business of sports.

In today's fast-moving business environment, many successful companies are increasingly choosing to supplement their existing Property and Casualty policy coverages with a Captive Insurance Company to more effectively manage their enterprises risk. A high percentage of these companies are not just Fortune 1000 companies but rather highly successful family-owned businesses searching for a need of a more effective approach to managing the risks of their growing business.