Alston & Bird Tax Blog

New York

NY Tribunal Disallows Broker-Dealer Sourcing for Receipts from a Disregarded LLC

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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

Taxpayer Win on Retroactivity: An Important Step for New York Tax Law

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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

Amendment to NYS Tax Law Affects Recording of Deeds for LLCs

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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

False Claims Act Is Again in Focus, This Time in New York

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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

Unclaimed Property Advisory: New York Puts Coal in Gift Card Issuers’ Stockings with New Rules

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Our Unclaimed Property Group explains how, effective December 25, New York will further restrict gift card service fees, limit card expiration dates and require additional terms and conditions to be clearly and conspicuously stated.

Read the full advisory here.