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State Taxation

  • Hot New York Tax Topics in the Hedge Fund World

    By:
    Timothy P. Noonan, JD, and Ariele R. Doolittle, Esq.
    |
    Nov 1, 2023
    There have been countless reports in recent years of hedge funds leaving New York in favor of better state tax and business climates. And New York’s weather isn’t driving the exodus.  Instead with the onset of remote work during and after the COVID-19 pandemic, many service professionals have realized that they can do their work from anywhere.

  • After the Move – Part III: Returning to New York

    By:
    K. Craig Reilly, Esq.
    |
    Oct 1, 2023
    Welcome back to the third and final installment of the “After the Move” series. Part One focused on employment compensation, including New York’s nonresident income sourcing rules for telecommuting and the proper sourcing methodologies for various types of deferred compensation. Part Two outlined several potential pitfalls that can lead to unexpected New York source income when changing residency in connection with one-off transactions, such as the complete or partial sale of a business. 
  • After the Move – Part II: New York State’s Income Sourcing Rules for Business Sales

    By:
    K. Craig Reilly, Esq.
    |
    Sep 1, 2023

    Welcome back. This article is Part Two in the three-part “After the Move” series, outlining the potential New York State tax savings (and, more specifically, unexpected tax exposure) following a move away from the state. 

  • After the Move – Part I: New York State’s Income Sourcing Rules for Telecommuting and Deferred Compensation

    By:
    K. Craig Reilly, Esq.
    |
    Aug 1, 2023
    This is part one of a three-part series focusing in nonresident issues that have been seen since the COVID-19 pandemic. Efforts to change one’s tax residency only increased in the months and years following the COVID-19 pandemic, where IRS data shows that New York lost $25 billion in adjusted gross income from migration out of the state in 2021, up from the $20 billion the state lost in 2020.
  • New York Adult-Use Cannabis THC Potency Tax

    By:
    Jason Klimek, Esq.
    |
    Apr 1, 2023

    When the Marijuana Regulation and Taxation Act (MRTA) was passed, it added Article 20-C to the New York State Tax Law. Article 20-C contains both the THC potency tax (Potency Tax), an excise tax on adult-use cannabis products, and the adult-use retail tax (Retail Tax).

  • New York State Secure Choice Savings Program

    By:
    Josh Gmerek, JD
    |
    Mar 1, 2023

    During October 2021, New York State (NYS) passed legislation that made participation in the NYS Secure Choice Savings Program (the “Program”) mandatory for certain employers. The Program is one of many state-facilitated savings programs that are being adopted in states across the country. These state-facilitated savings programs are designed to solve a simple, but not easily fixed problem: getting more people to save for retirement. 

  • COVID-19 Capital Costs Tax Credit Program: Its Aims, Pitfalls, and Implementation

    By:
    Marquise Riley, CPA, MPS, John McKinley, CPA, CGMA, JD, LLM, and Adam Vars, MPS
    |
    Feb 1, 2023

    In response to the COVID-19 pandemic, both federal and state legislatures passed a series of legislation to inject funding into the economy and sought specifically to tailor programs to support small businesses within the United States. With the enactment of the COVID-19 Capital Costs Tax Credit Program, New York seeks to “provide financial assistance to economically harmed businesses to offer relief and reduce the duration and severity of the current economic difficulties” stemming from the pandemic.

 
Views expressed in articles published in Tax Stringer are the authors' only and are not to be attributed to the publication, its editors, the NYSSCPA or FAE, or their directors, officers, or employees, unless expressly so stated. Articles contain information believed by the authors to be accurate, but the publisher, editors and authors are not engaged in redering legal, accounting or other professional services. If specific professional advice or assistance is required, the services of a competent professional should be sought.