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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Corporate Tax

Date & Time
  • event Date

    Thursday, March 28, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

$247.00
CPE
ALL

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.

Faculty

Jeffrey S. Reed
Partner
Kilpatrick Townsend & Stockton LLP

Mr. Reed chairs the firm's State and Local Tax Practice. He helps tax directors, business owners, and individuals manage state and local tax risks and exposure, including assessing the strength of corporate tax positions, evaluating whether charges are subject to sales tax, and representing taxpayers in disputes with revenue agencies throughout the U.S. He brings a practical, pragmatic approach to state and local taxation, one that takes into account reserve considerations, legal and administrative guidance, and anticipated revenue agency responses. He is particularly experienced with New York and Massachusetts tax controversies, corporate tax planning, assessing the anticipated state tax consequences of mergers and acquisitions, and analyzing the taxability of electronic commerce and emerging business models. He has resolved disputes with most tax agencies in the United States, and also has broad experience with IRS audits and appeals, and unclaimed property.

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Bryan M. Holm
Senior Manager
Parent: Hill, Barth & King LLC

Mr. Holm is a Senior Manager in the Cherry Hill, NJ office of HBK CPA's and Consultants. He joined the firm in 2021 as a member of the HBK State and Local Tax (SALT) team. Mr. Holm's background includes work with top 10 accounting firms. Prior to specializing in state and local taxation, he worked in tax resolution for the Internal Revenue Service. Mr. Holm has served clients in a variety of industries including private equity firms, manufacturing, the restaurant industry, retail, construction, and the banking industry. He has provided a variety of state and local tax services to clients, including; Audit Defense, Refund Reviews, Nexus Reviews, Voluntary Disclosure Agreements, Income/Franchise Tax Compliance, M&A Due Diligence, and SALT Consulting and Advisory Services. Mr. Holm has also been a speaker and writer on state and local tax matters.

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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.

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

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify steps that should be taken in light of the retroactive nature of the current regulations
  • Determine how recent cases affect companies with nexus in New York
  • Decide how recent regulations impact nexus determinations for digital products
  • Ascertain key considerations when electing to pay the PTE tax

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of SALT taxation, nexus and apportionment as it applies to multi-state businesses.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.