Following New York City’s recent victory in a case regarding the apportionment of income earned by an out-of-state corporation from its sale of a non-unitary investment, the New York State Department of Taxation and Finance (NYS Department) memorialized the litigation position in an August 4, 2022 revision to the “final draft” regulations that it had
New York
The new New York: Corporate tax reform edition
By Jeremy Gove & Chelsea Marmor on
In this episode of the SALT Shaker Podcast, Eversheds Sutherland Associates Jeremy Gove and Chelsea Marmor dive in to the history of New York’s corporate tax reform, including a discussion of the anticipated “final draft” apportionment regulations the Department released on July 1.
They discuss the regulations, the New York State Department of Taxation…
Neither here nor there: New York holds resident tax credits cannot be claimed for intangible income
By Elizabeth Cha & Cyavash Ahmadi on
Posted in Income Tax, New York
The New York State Tax Appeals Tribunal upheld an income tax assessment and disallowed taxpayers’ claim of resident tax credits (RTCs) to the extent such RTCs were claimed for taxes paid to Connecticut on the taxpayers’ carried interest income. The taxpayers, both of whom were residents of New York, were employed by an affiliate of…
New York finds taxpayers’ evidence to establish new domicile is insufficient
By Elizabeth Cha & Chelsea Marmor on
The New York State Tax Appeals Tribunal affirmed an Administrative Law Judge determination that two taxpayers remained New York residents because the taxpayers did not establish that they had changed their domicile to Florida during the relevant tax years. Because the taxpayers spent “more than 30 but less than 184 days in New York,” the…
Legal Alert: New York issues “final draft” corporate income tax apportionment regulations
By Eversheds Sutherland SALT on
Posted in Legal Alert, New York
On July 1, 2022, the New York State Department of Taxation and Finance issued the third set of “final draft” regulations relating to the corporation franchise tax reform that took effect for tax years beginning on or after January 1, 2015. The third set of draft regulations relate to apportionment, and contain revisions to the…
New York’s false positive: Reforming the False Claims Act
By Jeffrey Friedman & Cyavash Ahmadi on
Posted in In the News, New York
New York is considering expanding its False Claims Act to “knowingly or illegally failing to file” a tax return.
Not only should the legislature reject the proposed legislation, New York should roll back its FCA so it does not apply to taxes.
In this installment of “A Pinch of SALT” in Tax Notes State,…
The complex questions of combined reporting
By Jeremy Gove & Cyavash Ahmadi on
In this episode of the SALT Shaker Podcast, Eversheds Sutherland Associate Jeremy Gove teams up with Associate Cyavash Ahmadi to discuss the complexities of combined reporting, specifically comparing and contrasting the combined reporting regimes in New York and California. They discuss several of the nuances of both states’ systems and even debate what “Joyce v.…
A deep dive into the attempt to expand the False Claims Act
By Nikki Dobay on
In this episode of the SALT Shaker Podcast policy series, host and Eversheds Sutherland Partner Nikki Dobay welcomes back Stephanie Do, Senior Tax Counsel for the Council On State Taxation (COST), for a discussion about two recent proposals to expand the False Claims Acts in Connecticut and New York.
As our listeners know, most…
Years in the making: New York issues two sets of “final draft” corporate tax reform regulations
By Eversheds Sutherland SALT on
Posted in New York
On April 29, 2022, the New York State Department of Taxation and Finance issued two sets of “final draft” regulations relating to the corporation franchise tax reform that took effect for tax years beginning on or after January 1, 2015. Since the sweeping corporate tax reform was enacted, the Department has published a series of…
New York Court allows art sales tax False Claims Act suit to proceed
By Daniel Schlueter & Justin Brown on
Posted in New York
The New York State Supreme Court, Appellate Division, affirmed a New York trial court decision denying a taxpayer’s motion to dismiss a False Claims Act suit brought against the taxpayer in relation to its sales of artwork to an alleged art collector under a resale exemption. According to the complaint, an employee of the taxpayer…