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State Taxation

  • Sales Tax – It’s the Things You Don’t Know to Fear…

    By:
    Mark Stone, CPA, MST
    |
    Dec 1, 2023

    Over 30 years, the problems that clients experience with sales tax tend to repeat themselves, over and over and over again. Most of those problems are easily preventable if someone would just spend 15 minutes discussing sales tax with them when they started the business, or at least one year or two later—when the business started to get traction and really took off.

  • The New York Pass-Through Entity Tax (PTET): Frequently Asked Questions and Answers

    By:
    Elizabeth Pascal, Esq., JD
    |
    Nov 1, 2023
    New York’s Pass-Through Entity Tax (PTET) is now in its third year. Since its passage as part of the 2021/22 budget legislation in April 2021, New York has made some significant changes and released interpretive guidance responding to some of the most common questions about the elective tax. It has become clear that the PTET offers significant benefits to many taxpayers by shifting the incidence of the tax from individuals, who are limited to a $10,000 federal deduction for state and local taxes, to entities that may deduct the entirety of the tax federally.

  • 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).
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