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State Taxation

  • Beneficial Owner Disclosure Under the New York LLC Transparency Act

    By:
    George Martin, Kevin Matz, CPA, JD, LLM, and Tracy McLaughlin, CFP
    |
    Jun 1, 2025
    After a rollercoaster of activity related to the federal Corporate Transparency Act (CTA), the U.S. Treasury Department (Treasury) announced Mar. 2, 2025, that it will not enforce any penalties or fines associated with beneficial ownership information reporting for U.S. reporting companies. (“Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies,” https://tinyurl.com/5bvp4mt7). 

  • Has the No Lookback for Home Care Medicaid in New York Run Its Course?

    By:
    Anthony J. Enea, Esq.
    |
    Jun 1, 2025
    When the state of New York passed legislation in 2020 creating a 30-month lookback period for uncompensated transfers of assets under the Medicaid home care program, few imagined that almost five years later, the law would still not be in effect.

  • Proposed CAMT Guidance May Have Significant Impact on Asset Management and Real Estate Reporting Part 1

    By:
    Aaron Lebovics, Annet Thomas-Pett, CPA, Charwin Embuscado, CPA, Jason Black, CPA, Jennifer Wyatt, CPA, and Michael Hauswirth, JD
    |
    Jun 1, 2025

    Proposed guidance related to the corporate alternative minimum tax (CAMT) may create incremental reporting burdens for asset management and real estate funds.

    On Sept. 12, 2024, the Treasury Department and the IRS issued proposed regulations implementing the CAMT. Enacted in 2022 as part of the Inflation Reduction Act, the CAMT imposes a 15 percent minimum tax on the adjusted financial statement income (AFSI) of an “applicable corporation.” The CAMT is effective for tax years beginning after Dec. 31, 2022.

  • Leveraging Tax Credits for Energy-Efficient Investments in Local Governments: Opportunities Under the Inflation Reduction Act

    By:
    Brendan Nelson, CPA, and Nicholas Hennessy, CPA
    |
    Mar 1, 2025

    The Inflation Reduction Act, enacted in 2022, provides a groundbreaking framework for advancing clean energy initiatives across the United States. This legislation’s primary focus is to incentivize energy-efficient investments through tax credits, including provisions that allow local governmental agencies and other tax-exempt entities to benefit from these incentives via elective pay, also referred to as direct pay. By tapping into these opportunities, local governments can significantly reduce costs while advancing sustainability goals, modernizing infrastructure, and stimulating local economies.

  • 2024 New York Tax Update – Year in Review

    By:
    Joseph F. Tantillo, Esq.
    |
    Feb 1, 2025

    2024 was yet another busy year for New York taxes. The Budget was, once again, full of new and interesting tax provisions, albeit lighter on changes than the last few years. There were various highlights, including new rules regarding representatives, guidance from New York City on changes to the Business Corporation Tax, and a challenge to the Tax Department’s New Corporate Regulations related to Public Law 86-272. 

  • State Tax Considerations When Selling a Partnership Interest

    By:
    Elizabeth Pascal, JD, and Carissa Conley, CPA
    |
    Feb 1, 2025
    State tax considerations often get short shrift when planning for the sale of a business or investment held in a partnership. That’s not surprising when we compare federal and state tax rates. But sales of partnership interests can be taxable to a corporate or individual nonresident partner in states that the partner has no other connections apart from the activities of the underlying partnership being sold.

     

  • A Test of New York State’s Infamous Convenience Rule

    By:
    Brian Gordon, CPA
    |
    Nov 1, 2024

    The case of Scott and Elizabeth Bryant was heard in the Division of Tax Appeals by Administrative Law Judge Alexander Chu-Fong. The determination was dated Sept. 12, 2024, DTA number 830818.

    This case addresses New York State’s convenience rule for telecommuting employees during the COVID-19 pandemic. This can also apply to other forced office closures.
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