Navigating Impact of New York Corporate Tax Overhaul: New Apportionment and Reporting Rules
Mastering Unitary Reporting, Market-Based Sourcing, and Changes to NY State Treatment of Nonresident S Corp Shareholders
Recording of a 110-minute CPE webinar with Q&A
This course will provide corporate tax advisers with a thorough and practical guide to the latest developments in New York State’s multi-year tax reform initiative. The panel will discuss the broader framework of New York’s corporate tax reform changes and will address the provisions scheduled to go into effect with the 2016-2017 Budget Act. The event will outline various elections effective for 2017, detail changes to balance sheet reporting, review treatment of nonresident S corporations conducting business in New York State, and point out filing deadline changes.
Outline
- Major 2014-2015 New York corporate income tax changes for out-of-state businesses
- Expansion of the single receipts factor apportionment formula
- Substitution of a unitary combined reporting regime for the existing combined reporting rules
- Adoption of economic nexus jurisdictional rules
- Repealing the bank franchise tax, bringing all corporations under the corporate franchise tax
- The 2015 legislation amendments: corporate franchise tax and other taxes
- Investment capital
- Investment income
- Qualified financial instrument
- Other changes
- Specific examples
Benefits
The panel will review these and other key issues:
- Assessing the Act’s impact on state income tax reporting procedures
- Evaluating the Act’s changes involving: economic nexus thresholds, market-based sourcing apportionment rules, corporate partner nexus reporting, and unitary combined reporting provisions
- Identifying and reconciling differences between state and city tax treatment in New York City and the state of New York
Faculty
Christopher L. Doyle
Partner
Hodgson Russ
Mr. Doyle leads his firm's SALT team. His practice spans most tax matters, but focuses primarily on New York... | Read More
Mr. Doyle leads his firm's SALT team. His practice spans most tax matters, but focuses primarily on New York State and New York City business taxes, including corporate income tax, unincorporated business tax, flow-through entity income taxation, and sales and use taxes. He provides counsel for tax-wise transaction structuring as well as tax controversy representation at every level, from audit representation to representation before New York's Court of Appeals. He is a former instructor of tax practice and procedure at the University of Buffalo School of Management.
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Elizabeth Pascal
Partner
Hodgson Russ
Ms. Pascal concentrates her practice in tax law with a focus on New York State, New York City, and multistate tax... | Read More
Ms. Pascal concentrates her practice in tax law with a focus on New York State, New York City, and multistate tax issues. She assists individual and business clients with New York State and New York City audits, including residency, sales tax, unincorporated business tax, commercial rent tax, and corporate tax audits. She also helps clients successfully navigate New York State’s voluntary disclosure process.
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Nicholas Montorio
Managing Director
BDO USA
Mr. Montorio advises the firm’s clients on a variety of multistate tax matters involving business activity taxes... | Read More
Mr. Montorio advises the firm’s clients on a variety of multistate tax matters involving business activity taxes and transaction taxes. Prior to joining BDO, he spent three years in the SALT group at a Big 4, where he provided multistate tax planning and consulting services to clients regarding their state and local tax obligations. He also spent over three years working at a mid-sized law firm in New York City, where he worked on a variety of transactions on behalf of the firm’s corporate and real estate clients. He regularly represented corporations and pass-through entities regarding federal, state and local tax matters, with a specialty in real estate matters. He regularly advised on planning and structuring opportunities to minimize state and local taxation, and also represented clients in SALT controversies regarding the NYC Unincorporated Business Tax, real property transfer taxes, sales and use taxes, and tax residency for individuals.
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