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State Taxation

  • Minimizing the Risks of a New York State Residency audit After COVID

    By:
    Karen Tenenbaum, Esq., LLM. (Tax), CPA
    |
    Aug 1, 2021
    COVID-19 caused millions of people to make a change in where and how they were living. To get away from crowds, they left cities in favor of the suburbs. Others sheltered in place free of the obligation to travel to an office. In many cases, this did not affect their taxes. However, where taxpayers lived and worked in different states, an opportunity arose to revisit their taxes. 

  • The Double-Tax Whipsaw: Some Problems with Resident Credits

    By:
    Elizabeth Pascal, JD and Ariele R. Doolittle, Esq.
    |
    Aug 1, 2021
    We would like to think that states give their residents a full tax credit for taxes paid to other state jurisdictions so that individuals won’t be subject to double taxation. Although this is often the case—for example, a state gives its resident a credit for taxes paid to a neighboring state on wages earned there—it isn’t always the case.

  • Supreme Court Rejects Challenge to the Affordable Care Act

    By:
    David Silverstein, CPA
    |
    Aug 1, 2021

    In a June 17, 2021 decision, the Affordable Care Act (ACA, “Obamacare”) survived its third and presumably final challenge as the Supreme Court rejected the challenge in a 7-2 decision. This margin of victory was wider than the 5-4 and 6-3 decisions from the prior two Supreme Court cases applicable to the ACA (in 2012 and 2015, respectively). 

  • Retirement Plan Distributions – New Guidance From The Department of Labor

    By:
    David A. Guadagnoli, Esq., JD, LLM (taxation)
    |
    Jun 1, 2021
    Whether you audit retirement plans, assist employers or individual clients with retirement benefits or are responsible as a fiduciary for your own retirement plan, you know that the proper distribution of benefits is at the very heart of tax-favored retirement plans, which broadly encompass Section 401(k) and 403(b) plans, profit sharing plans, employee stock ownership plans (ESOPs), defined benefit plans, and various other forms of plans, programs, and arrangements.

  • America, Love It or Leave It!: Tax Consequences of Citizenship Renunciation

    By:
    Alicea Castellanos, CPA
    |
    Feb 1, 2021
    During the tumultuous protests against the Vietnam War in the late ’60 s and ’70s, many pro-war activists decried the slogan “America, love it or leave It!” The meaning behind the slogan is that there is no middle road when proclaiming allegiance and loyalty to the United States—that is, you are either supportive of your country and the decisions made by its government, or if not, you have the choice to live elsewhere. It is a highly emotional proclamation reminiscent of a time in this country when people were deeply divided on life-and-death issues. 

  • SALT Business: A Glimpse in the Eye of the Pandemic

    By:
    Timothy P. Noonan, JD and Doran J. Gittelman
    |
    Jan 1, 2021
    There has been no shortage of excitement in the State and Local Tax (SALT) world this year. Between state-issued COVID-19 guidance, federal stimulus efforts, and the ever-changing landscape of income sourcing and nexus rules, individuals and multistate businesses are struggling to remain tax compliant. In this article, we will focus on some of the hot topics in state and local tax this year, and touch upon some of the big shifts occurring during the pandemic. 

  • New York Issues Guidance on How to Report the Decoupling from the CARES Act on the Personal Income on Tax Forms IT-201, IT-203, IT-204 and IT-205

    By:
    Mark H. Levin, CPA, MS (taxation)
    |
    Jan 1, 2021

    Ever since New York decoupled from the Coronavirus Aid, Relief, and Economic Security (CARES) Act in the 2020/21 Budget Act, tax practitioners have been asking how one reports a taxpayer’s income as required under the decoupling. This confusion arose because when the decoupling was enacted, no new Tax Law §§ 612(b) additions & 612(c) subtractions were enacted. However on Forms IT-201, IT-203, IT-204 and IT-205, taxpayers are still required to list the taxable items that comprise their taxable Federal adjusted gross income (AGI). Due to the decoupling from the CARES Act, these items may not be the same for New York.
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