By Zach Gladney and Josh Labat
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
Earlier this week, our State & Local Tax Team examined the New York Appellate Division’s rejection of the state’s attempt to retroactively unwind already-claimed taxed credits after a New York court invalidates the state’s retroactive application of tax legislation as violating the Due Process Clause.
Applying New York’s three-factor standard to determine whether a retroactive tax law is constitutional
Comparing a taxpayer-friendly outcome to a taxpayer defeat
It all comes down to how and why
Read the full advisory here. [...]Read more
By Zach Gladney and Josh Labat
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
Last week, our Unclaimed Property Team uncovered the broader implications of a New York court’s False Claims Act ruling that could create a new risk for holders that report past-due property.
Overview of the action brought by the relator
The court’s decision
Implications for holders
Read the full advisory here. [...]Read more