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New York and NYC Recent Tax Developments: Final Corporate Regulations, Pass-Through Entity Election, Current Cases

Note: CLE credit is not offered on this program

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Thursday, March 28, 2024

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This webinar will analyze recent New York and New York City tax developments. Particularly, our panel will explain the recent final regulations issued for corporate taxpayers. They will also discuss the state of New York and NYC's pass-through entity tax election and other current cases and rulings affecting companies doing business in New York.

Description

In December 2023, the New York Department of Taxation and Finance issued final corporate tax regulations. Among the many changes and clarifications, New York adopted the Multistate Tax Commission's guidelines on P.L. 86-272, explained sourcing rules, the taxation of digital products, and conformed to Section 382 treatment of NOLs. These rules affect C and S corporations doing business in New York and are retroactive to Jan. 1, 2015, the date of its prior corporate reform package. New York City is drafting similar legislation.

In 2021, New York added a pass-through entity tax election. In 2022, New York City followed suit. Making or not making the election significantly impacts New York shareholders and partners. The benefits of making the election are influenced by the owners’ individual tax situations, including their resident statuses, tax brackets, and access to current and carryforward losses. Partnerships are required to have at least one NYC resident to make the NYC election, while S corporation shareholders must all reside in NYC.

Although continually ranked as one of the worst states for small businesses, New York remains one of the most populous and popular states, and a thriving destination for businesses. Companies and tax professionals working with companies operating in New York, or potentially having nexus in New York, need to grasp the recent developments in N.Y. and NYC.

Listen as our panel of New York taxation and controversy experts reviews the latest tax developments in the state and New York City.

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Outline

  1. Doing business in New York and NYC
  2. Final regulations
  3. Impact of the retroactive application of these regulations
  4. Pass-through entity elections
  5. Recent court rulings
  6. Best practices

Benefits

The panel will review these and other critical issues:

  • The impact of the final corporate regulations on businesses with nexus in New York
  • The current state of the PTE election in New York and NYC
  • Recent court rulings affecting New York business ventures
  • Applying the final regulations retroactively
  • Expert advice and tips for doing business with and in New York and New York City

Faculty

Holm, Bryan
Bryan M. Holm, CPA, MST
Senior Manager
Hill, Barth & King

Mr. Holm is a Senior Manager in the Cherry Hill, NJ office of HBK CPA's and Consultants. He joined the firm in 2021...  |  Read More

Reed, Jeffrey
Jeffrey S. Reed
Partner
Kilpatrick Townsend & Stockton

Mr. Reed chairs Kilpatrick’s State and Local Tax Practice. He handles both state tax controversies and state tax...  |  Read More

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