NY Tribunal Disallows Broker-Dealer Sourcing for Receipts from a Disregarded LLC
Our State & Local Tax Team discusses a decision from the New York Tax Appeals Tribunal that holds that a single member of a broker-dealer is not entitled to use broker-dealer sourcing in NY.
Decision impacts millions at stake for NY taxpayers
Taxpayers relied on prior guidance from the NY Division of Taxation
The Tribunal reverses a widespread view on disregarded LLCs
Read the full advisory here. [...]Read more
Amendment to NYS Tax Law Affects Recording of Deeds for LLCs
New York’s new real estate transfer tax recording requirements for LLCs raise questions on whether the scope and complexity of the changes can be enforced or noncompliance monitored. Our State & Local Tax Group explores:
Disclosing all LLC members
Who is a “natural person”?
Compliance and confidentiality concerns
Read the full advisory here. [...]Read more