Noonan’s Notes Blog https://www.hodgsonruss.com/Noonans-Notes-Blog/2021/ Fri, 07 Aug 2026 08:05:46 -0400 To Give Or Not To Give, That Is The Question: New York State’s Rules on Charitable Giving and Domicile Determination https://www.hodgsonruss.com/Noonans-Notes-Blog/to-give-or-not-to-give-that-is-the Timothy P. Noonan, Joseph F. Tantillo to-give-or-not-to-give-that-is-the Thu, 18 Nov 2021 09:00:01 -0500 Recently, we’ve witnessed a mass exodus from New York State as a result of the COVID-19 pandemic. Some movers yearn for warmer weather, others for more reasonable Covid policies, and others simply seek a home-state that won’t tax their personal income. When we advise these moving individuals on their domicile change, a question we’re receiving with increasing frequency is “after I move, can I continue to make donations to my favorite local charities, or will New York State use that information against me in a determination of my domicile?” We understand why people are concerned at the possibility that their charitable contributions might be weaponized against them. After all, in a domicile audit, New York auditors are instructed to analyze the taxpayer’s lifestyle, using five primary factors: home, time, business activity, near & dear, and family.

]]> Important Information for PTE Taxpayers: Requirements for 2021 Extension Payments https://www.hodgsonruss.com/Noonans-Notes-Blog/important-information-for-pte-taxpayers Open Weaver Banks, Timothy P. Noonan important-information-for-pte-taxpayers Thu, 11 Nov 2021 09:00:02 -0500 Just when you thought you could relax because you met the October 15 deadline for the New York Pass-Through Entity tax (PTET) election, new questions about some of the practical aspects of making tax payments and return filing deadlines have come to light.

]]> What are Substantially Similar Taxes? https://www.hodgsonruss.com/Noonans-Notes-Blog/what-are-substantially-similar-taxes Timothy P. Noonan what-are-substantially-similar-taxes Fri, 05 Nov 2021 09:00:03 -0400 Back in August, the Department confirmed in TSB-M-21(1)C, (1) that, beginning this year, resident partners, members, or shareholders will be allowed a resident tax credit against their New York State personal income tax for any pass-through entity tax imposed by another state, local government, or the District of Columbia, that is substantially similar to the PTET. The question remaining was: “what does substantially similar mean?” Well, we have our answer. On Monday, the Department published a list, which specifically enumerated the states (and corresponding qualifying state taxes) that impose a pass-through entity tax that is substantially similar to New York’s PTET.

]]> Hurricane Forces New York to Extend Some Deadlines https://www.hodgsonruss.com/Noonans-Notes-Blog/hurricane-forces-new-york-deadline-extension Timothy P. Noonan hurricane-forces-new-york-deadline-extension Wed, 13 Oct 2021 09:00:04 -0400 Much to the frustration of the practitioner community, the New York Tax Department’s extension of certain filing deadlines (((last month))) due to Hurricane Ida (sorry, we’re not calling it a “Post-Tropical Depression!”) did not cover October 15-related deadlines, unlike the extensions offered by the IRS and New Jersey.  But late on October 12, with only a couple days left in the filing season, the Tax Department finally capitulated, (((issuing Notice N-21-5))), extending many (but not all) of the due dates coming up for taxpayers and practitioners impacted by Ida.

]]> Important Updates for New York’s Pass-Through Entity Tax https://www.hodgsonruss.com/Noonans-Notes-Blog/important-updates-for-new-yorks-pass-through Christopher L. Doyle, Timothy P. Noonan, Elizabeth Pascal important-updates-for-new-yorks-pass-through Thu, 07 Oct 2021 09:00:05 -0400 We have been trying to keep up with all of the questions from clients and practitioners regarding New York’s Pass-Through Entity Tax (PTET) with the deadline for making the 2021 annual election looming on October 15. We published a handy list of FAQs in State Tax Notes, covering the nuts and bolts of the PTET, state credits and the federal deduction. 

Based on discussions internally, with other SALT practitioners, and with NYS representatives who were actively involved in the PTET legislation and guidance, we wanted to add a few more FAQs to our list.

]]> Courts Ruled on the SALT Cap Litigation https://www.hodgsonruss.com/Noonans-Notes-Blog/courts-ruled-on-salt-cap-litigation Timothy P. Noonan, Joseph F. Tantillo courts-ruled-on-salt-cap-litigation Wed, 06 Oct 2021 09:00:06 -0400 On October 5, 2021, the Second Circuit Court of Appeals declared that the federal $10,000 SALT deduction cap is constitutional. The long-awaited ruling affirms a decision by U.S. District Court Judge J. Paul Oetken, which we covered here. The SALT deduction was first capped at $10,000 as part of former President Trump’s Tax Cuts and Jobs Act of 2017 (TCJA).

]]> New York Issues Guidance on Pass-Through Entity Tax https://www.hodgsonruss.com/Noonans-Notes-Blog/new-york-issues-guidance-on-pass Open Weaver Banks, Timothy P. Noonan, Elizabeth Pascal new-york-issues-guidance-on-pass Thu, 26 Aug 2021 09:00:07 -0400 For months we’ve all been waiting for the Tax Department to issue guidance on New York’s new Pass-Through Entity Tax (PTET), since the legislation passed in April 2021.  And with the deadline to elect into the tax on October 15, 2021, little details—like how to actually make the election—remained up in the air!  We did our part, with (((a recent article in Tax Notes State))) asking and answering some FAQs, but finally yesterday the Tax Department issued its own guidance, in the form of a technical services memo, entitled (((TSB-M-21(1)C, (1)))).

]]> Finally, Connecticut Joins the Telecommuting Guidance Party https://www.hodgsonruss.com/Noonans-Notes-Blog/finally-connecticut-joins-the-telecommuting-guidance-party Timothy P. Noonan, Emma M. Savino finally-connecticut-joins-the-telecommuting-guidance-party Thu, 15 Apr 2021 09:00:08 -0400 For the last year, we've been tracking the guidance that states have issued related to how state personal income taxes will be handled during the COVID-19 pandemic, with a specific focus on telecommuting employees. At this point, most states have issued some guidance on this. Connecticut, on the other hand, has stayed silent, until now.

]]> A New Type of Pied-à-Terre Tax: A Surcharge on Non-Primary Owners https://www.hodgsonruss.com/Noonans-Notes-Blog/a-new-type-of-pied-a-terre Debra Silverman Herman, Timothy P. Noonan a-new-type-of-pied-a-terre Wed, 17 Mar 2021 09:00:09 -0400 At the end of last year, we discussed the latest pied-à-terre tax proposal introduced in the New York Legislature, Senate Bill S44B, and how it compared with prior versions reported in this blog over the past six years. (As you may recall, New York State Senator Brad Hoylman sponsored the original proposal to impose a real property tax on nonprimary residences in 2014).  This past weekend, the New York Assembly released its Tax and Revenue budget proposals for 2021-22, Assembly Bill 3009-B (the “Assembly Proposal”), which includes a new type of pied-à-terre tax, a surcharge on the owner!  (The Senate declined to include such tax in its budget proposal.)

]]> New York Legislative Tracker: February 12, 2021 Update https://www.hodgsonruss.com/Noonans-Notes-Blog/new-york-legislative-tracker-february-12-2021 Ariele R. Doolittle, Timothy P. Noonan new-york-legislative-tracker-february-12-2021 Fri, 12 Feb 2021 09:00:10 -0500 We’re back to our regularly scheduled programming.  For the last two weeks, we took a break from tracking legislative developments to provide a summary of the proposed tax changes in Governor Cuomo’s Executive Budget for fiscal year 2022.  In addition to our overall summary of the Executive Budget, we also took an in-depth look at some of the more noteworthy changes.  (See here, here, and here.)

]]>