Legal Updates & Commentary for Tax & Estate Planning
Let’s play a game of “Guess Who?”[i]
Here are the clues:
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Over the last few months, we’ve considered on several occasions how Albany may respond to the fiscal crisis arising from the pandemic and the ensuing reduction in economic activity. These circumstances have placed an incredible strain upon the State’s various social safety nets,[i] as many individuals find themselves in…
Drums. Do you hear them? Along the western shore of the Hudson River.[i] It seems that the unrest which began in New England earlier this year is spreading into the Mid-Atlantic States.[ii]
The owner of a New York business that employs nonresidents who, as a result of the pandemic, are working remotely from…
Like most every other state in the Union, New York has experienced its share of fiscal stress over the last few decades. The source or cause of its problems? Well, that may depend upon the respondent to whom this question is posed and, unfortunately, the side of the political aisle on…
Many business owners who reside in New York, and whose business is headquartered in the state, pay income taxes not only to New York, but to other jurisdictions as well.
For example, the resident owners of a business may operate through a corporation that has elected to be treated as an S corporation,…
How many times have you sat with a client who wants to leave N.Y. for a jurisdiction with a more pleasant “tax climate?” A place where the combined state and local personal income tax rate does not approach 12.87-percent,[i] where the sales tax is well below…
Last week we considered New York’s “statutory residence” rule pursuant to which an individual domiciled outside of New York may nevertheless be taxed by New York as to all of their income for a taxable year – including their business income – regardless of its source, by virtue of maintaining a permanent…
Last month, Governor Cuomo presented his budget proposal for NY State’s 2017- 2018 fiscal year. Included in the proposal were a number of tax provisions that should be of interest to closely-held businesses and their owners.
Under current NY law, a federal S-corporation that is subject to tax in NY…
Last week’s post explored the federal income tax consequences to a taxpayer who failed to timely file an election for the classification of his wholly-owned business entity.
Today’s post considers how one taxpayer sought to utilize the IRS’s business entity classification rules to reduce his estate’s exposure for NY estate tax. Individuals who are not…
One Day . . .
It is the dream of so many New York business owners: build a successful business, get your kids involved in the business, transition the operation, management and – eventually – the ownership of the business to the kids, move to Florida (or another warm, tax-friendly venue), successfully fend off New…
