New York State Looks to Adopt Final Corporate Tax Reform Regulations

Since the enactment of New York State’s corporate tax reform legislation as part of the state’s 2014-2015 budget, the Tax Department has published several versions of proposed regulations, which provide additional draft guidance on the new law changes, including in the areas of nexus, net operating losses, income and capital definitions, and apportionment. On Friday, April 29, the Tax Department announced that it finally intends to begin the official State Administrative Procedure Act (SAPA) process to formally adopt a version of the amended regulations.

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NY Tax Talk: 2020 in the Rearview

The end of 2020 is here. A time to reflect and appreciate the memories and blessings of the past...oh, never mind. I can't even fake it. 2020 is finally coming to a close. So long. Farewell. Good riddance.

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NY Tax Talk: Trump Tax Returns, Revenue Rebound, Reform

After a brief hiatus, NY Tax Minutes is back this month under the new moniker, NY Tax Talk. New name. Same approach. To give readers a one stop shop for recent New York state and city tax news.

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NY Tax Minutes: Trump Tax Updates, End To SALT Cap Suit

This article originally appeared in Law360 and is reprinted with permission.

It seems that President Donald J. Trump often finds himself at the center of New York state tax news, and therefore at the center of our monthly "NY Tax Minutes" column. This month is no different. First, the president continues two separate lawsuits seeking to prevent disclosures of his personal income tax returns, and second, Trump, whose name has graced New York buildings and tabloid headlines for decades, recently declared that he plans to abandon his New York tax residency for the warm weather (and low taxes) of Florida.

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NY Tax Minutes: City Finances, Transparency, Tribunal Rulings

This article originally appeared in Law360 and is reprinted with permission.

August is often a slow month in the state and local tax world, with attorneys, accountants and auditors looking to squeeze the last bit out of summer. But not everyone at the New York State Tax Department took a break this month. And our most seasonally appropriate update comes from the Tax Department’s August appearance at The Great New York State Fair in Syracuse, New York. [1]

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NY Tax Minutes: Trump Tax Returns, New Corporate Tax Regs

This article originally appeared in Law360 and is reprinted with permission.

Every year, magazines and newspapers across the country release summer’s best beach reads — lists of what books and articles to pick up and read your way through vacation. But, if you’re like us, don’t you wish there was a list tailored just for tax professionals? Those of us looking for something relaxing to read on our summer vacations but that’s also tailored just for you? Well for that, there’s only one recommendation you need: this month’s edition of NY Tax Minutes.

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New York Tax Minutes: Final SALT Regs and 2 Post-Budget Changes

This article originally appeared in Law360 and is reprinted with permission.

The Fourth of July fireworks may be over but there’s still plenty to see on the New York tax front. In this month’s edition of NY Tax Minutes, we take a look at the Internal Revenue Service’s final state and local tax, or SALT, regulations addressing potential workarounds to the SALT deduction cap. We also highlight two noteworthy post- budget changes to New York’s tax law and look in on the past month’s important state tax decisions and opinions.

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NY Tax Minutes: Marketplace Guidance, Tax Return Bill

This article originally appeared in Law360 and is reprinted with permission.

We’re back after a brief one month hiatus. One of your authors celebrated the birth of his first child in April, which led to some last- minute calls to duty on the home front. Your other author was at the ready to fill in, but he has 12 kids already (no joke), so we decided to dedicate April to our dependents (new and old), and to our clients. We’ll leave it to readers to guess which author has one mouth to feed and which has 12.

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New Jersey Income Tax Planning Opportunity: Delaware Trusts

A significant benefit of using trusts is the ability to minimize state level income taxes. The availability of this strategy depends on the residence of the trust creator (the “settlor”); the residence of the trustee; the residence of the trust beneficiaries; the type of assets owned by the trust; and the type of income earned by the trust. When all of the factors align correctly, the trust settlor can minimize, or even eliminate, state level income tax on the trust assets.  

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NY Tax Minutes: Marketplace Sales Tax, Corp. Franchise Regs

This article originally appeared in Law360 and is reprinted with permission.

As we finalize this month’s column, it appears that budget season here in New York state has finally come to a close, with the Governor and Legislature agreeing, on March 31, 2019, to a new $175 billion budget. The agreement came one day before the deadline for an on-time budget in order to meet the state’s next fiscal year, which begins April 1 In a March 31, 2019 press release,[1] Gov. Andrew Cuomo, Senate Majority Leader Andrea Stewart-Cousins and Assembly Speaker Carl Heastie announced a plan that includes:

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