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New York Related News
New York Related News
04
May
On April 15, 2021, the New York Department of Financial Services (NYDFS) issued a report on the recent SolarWinds cyberattack. A copy of the report is available here. NYDFS called the attack a “wake-up call” to regulated financial institutions and insurers that should cause them to immediately assess and, if necessary, improve their own cybersecurity posture in order to avoid victimization in future attacks.
NYDFS characterized the SolarWinds attack as a “widespread, sophisticated espionage campaign” by Russian foreign intelligence actors that resulted...
22
Apr
The recently announced New York State fiscal year 2022 budget includes legislation which “decouples” New York from the federal income tax deferral available for investments in Opportunity Zones, beginning generally as of January 1, 2021.
From a federal standpoint, there have been three major benefits to taxpayers who invest in Opportunity Zones:
Deferral of tax on original capital gain: A taxpayer can defer paying tax on an eligible gain that is reinvested in an Opportunity Zone within the requisite time frame (generally...
21
Apr
In the healing of New York, more and more businesses are starting to move back to offices slowly. Commercial landlords are getting creative with their incentives to get new tenants to sign long-term leases while ensuring the tenants will observe Covid-19 safety precautions.
In order for financially bleeding businesses to come back to their pre-pandemic volumes, many tenants – especially those operating in the suffering hospitality industry - are successfully negotiating monthly rents based on a percentage of their revenue...
12
Apr
On April 6, 2021, the New York State Legislature and Governor Andrew Cuomo came to an agreement on the state’s operating budget for the fiscal year that began on April 1, 2021. Included in the budget legislation are the following law changes which will affect individuals and businesses in New York.
Tax Rate Increases for New York’s Highest Earners: Until now, New York State’s highest tax rate on individuals was 8.82%. This rate applied to taxable incomes in excess of...
02
Apr
$4.6 Million Available for Eligible Projects Within 28 New York State Counties
Grant Applications are Available Here and Due by 5 PM on May 14, 2021
Governor Andrew M. Cuomo today announced $4.6 million in federal grant funding is available for economic and community development within New York's Northern Border Region. Competitive grant funding is available for qualified projects within New York's 28 federally-designated Northern Border Regional Commission Counties.
"We are moving forward to build back better than ever before, and the Northern Border...
26
Feb
While New York State has maintained that non-residents who telecommuted to their NY-based jobs during COVID-19 are still subject to the state’s personal income tax under the convenience of the employer rule, the issue is less clear when it comes to business taxes, such as the NYC Unincorporated Business Tax (UBT).
Partnerships, LLCs or sole proprietorships that are subject to the UBT may be able to realize additional tax savings on their 2020 returns due to their remote workforces. This is because the...
23
Feb
On January 19, 2021, Governor Andrew Cuomo outlined the Fiscal Year (FY) 2022 Executive Budget in the wake of the ongoing COVID-19 pandemic. The timing and amount of federal aid will determine the level of tax increases that will be enacted by the state in FY 2022. If Congress fails to provide at least $15 billion in funding, the New York State Executive Budget proposes several significant tax law changes, as follows.
Increase in Tax Rates on Highest Earners: The...
13
Jan
While a halt in state income tax payments can trigger a residency audit in many states, New York City is one of the few municipalities to aggressively pursue them. With office buildings across the city dark for most of 2020 and employees flocking to other states or second homes, many taxpayers are left wondering where their 2020 resident state and local tax (SALT) obligations lie.
This issue is often the blurriest for New York State residents, who still reside in...