Tom Corrie

The following article is part one of Friedman’s three-part series discussing must-know aspects of unclaimed property (“UP”), which can lead...

Many states enacted workarounds for the federal, state, and local (“SALT”) tax $10,000 cap. Most were not perfect when hastily...

Move over Hollywood — the entertainment industry isn’t necessarily centered in California anymore, and the Garden State is ready to...

On January 18, 2022, Governor Phil Murphy signed Senate Bill (S.B.) 4068 to revise the elective pass-through entity (PTE) Business...

Probably all of us at one time or another have leaned back in our chairs while sitting in a movie...

Want to see your name in lights? New Jersey is offering incentives to attract the film industry. Learn how to take...

A number of states have enacted pass-through entity taxes (PTETs) as a workaround for reductions in SALT deductions—a development that...

On August 25, the New York State (NYS) Department of Taxation and Finance issued a Technical Memorandum (TSB-M-21(1)C, (1)I) regarding...

As the pandemic drags on, many folks continue to work remotely from home. In fact, a number of commentators have...

Prepare for the month ahead with new tax highlights and guidance from our experts. She is Working Remotely – Independent Contractor...

Just like that, we blinked and it was July. Don't let the summer — or this week's new and noteworthy tax...

In this age of the pandemic, the respective states have suffered severe reductions in their expected tax revenues. Since many employees...

An individual is subject to tax on all of their income by the state in which they are domiciled. Over...

Perhaps no area of compliance gives businesses more trouble than that of escheat, commonly known as unclaimed property (“UP”). I’ve...

New York State's Governor Cuomo signed off on the largest state budget in the history of the state — with...

On April 19, 2021, New York State (“NYS”) Governor Andrew Cuomo signed the 2021-2022 budget bill, which includes the highly anticipated “Pass-Through...

On April 19, 2021, Governor Andrew Cuomo signed New York State's fiscal-year 2021/2022 budget bill (S.2509-C/A.3009-C). The comprehensive budget legislation includes several changes to...

In an attempt to take the title for highest tax rates in the country from California, New York State has...

In the wake of the pandemic and significant economic hardships, businesses are seeking opportunities to revamp their business, inject new...

The shift in employees working from home is greatly impacting states' income taxes. Tom Corrie, Principal and Co-Leader of the State...

The New York Forward Loan Fund (“NYFLF”) is an economic recovery program that administers affordable, non-forgivable working capital loans. The...

On January 26, 2020, the City of Philadelphia (the “City”) released guidance announcing that employers would be able to file...

Hear Friedman's State and Local Tax experts tackle how COVID-19 and rising costs-of-living are prompting unprecedented changes in residency and...

Tom Corrie, Principal and Co-Leader of the State and Local Tax Practice at Friedman LLP, recently shared his views with...

On November 9, 2020, the Internal Revenue Service (“IRS”) issued Notice 2020-75 (“Notice”), which announced that proposed regulations will be...

As employees continue to work remotely through the COVID-19 pandemic, some states are concerned about potential lost tax revenue with...

As taxpayers continue to wrestle with the challenges brought about by the COVID-19 pandemic, one important question remains, how will...

Tom Corrie, Principal and Director of State and Local Tax at Friedman LLP, recently spoke with Jeff Roberts at Fortune on...

It’s hard to believe that we are approaching the second anniversary of the U.S. Supreme Court’s ruling in South Dakota...

Conceptually, state income taxes imposed on nonresidents is straightforward. Under the Due Process and Commerce Clauses of the U.S. Constitution,...

The COVID-19 pandemic has caused a monumental fiscal crisis not seen in the U.S. since the Great Depression. In response,...

Tom Corrie, Principal and Director of state and local tax at Friedman LLP, recently spoke with Financial Advisor on how clients...

States and cities are facing the worst fiscal crisis in decades and a little-noticed provision in New York’s tax law...

Tom Corrie, a Principal at Friedman LLP, was recently featured in a publication by Thomas Reuters. “Many states now require out-of-state...

By now, most businesses have heard of, or even experienced firsthand, the implications of the US Supreme Court’s ruling in...

If you sell, buy or rent real estate in New York, you may be liable for new taxes following significant...

Friedman's State and Local Tax Practice Leader, Tom Corrie, recently shared how New Jersey's SALT deduction may affect small businesses. “When...

The US Supreme Court ruling in South Dakota v Wayfair was the most significant development in state and local taxation in...

Bob Charron sat with State & Local Tax Experts, Tom Corrie and Alan Goldenberg to find out everything you need...

Just when you thought we’ve covered all there is to know about New York real estate transfer taxes, including the...

1 year and 43 states later, grasping the widespread changes created by the Wayfair Ruling on sales tax is still...

Director of Friedman's State and Local Tax (SALT) Group, Tom Corrie, recently discussed how SALT issues are becoming more and...

More and more taxpayers are beginning to feel the impact of the Tax Cuts and Jobs Act’s $10,000 cap on...

Director of Friedman's State and Local Tax Group, Tom Corrie, recently discussed the wide-ranging effects that the cap on state...

Director of Friedman's State and Local Tax (SALT) group, Tom Corrie sat down with Forbes to discuss multi-state residency, as...

One of the more difficult aspects of tax compliance for employers is dealing with employees who travel outside of their...

As states continue to move forward, adopting varying approaches to market-based sourcing and economic nexus, taxpayers must understand how these...

Friedman's State and Local Tax (SALT) Practice Leader, Tom Corrie, recently discussed the large impact that the $10,000 cap imposed on SALT...

As expected, the IRS on Tuesday put the kibosh on state programs designed to help taxpayers circumvent the newly imposed...

Since the 2017 Tax Cuts and Jobs Act, New York, New Jersey and Connecticut have been fighting against a cap...

Marketplace providers (i.e., Amazon and EBay) with taxable sales into New York must collect and remit sales tax once they...

Friedman's State and Local Tax Practice Leader, Tom Corrie, recently spoke with ROI-NJ about the dilemma New Jersey tax payers face...

Watch the full recording of our recent webinar on increased unclaimed property risks and how to mitigate your company's financial and...

In the state personal income tax area, perhaps no subject is less understood than the concept of “domicile,” or what...

The Wayfair Ruling on sales tax overturned the physical presence rule and gives states the authority to impose sales tax...

In light of the U.S. Supreme Court’s pivotal Wayfair decision, Friedman’s Michael Sacco, Partner, sat with Alan Goldenberg, Principal in...

Director of Friedman's State and Local Tax Group, Tom Corrie, recently shared exclusive insights in an article by NJBiz covering New...

Watch this exclusive video featuring Tom Corrie, JD, LLM, Principal for powerful insights to help you navigate and maximize your individual tax position...

Friedman’s Tom Corrie responds to the recent news about the four Democratic-led northeastern states that sued the Trump administration to...

The New York Department of Taxation and Finance has issued a much anticipated tax memorandum clarifying how its new, optional...

ROINJ sought Tom Corrie’s expert knowledge about the new sales tax ruling in New Jersey. Learn how this recent ruling...

Over the weekend, New Jersey Governor Phil Murphy and state lawmakers reached a budget deal and became the last state...

As a follow up to our recent Tax Alert covering the June 21, 2018 U.S. Supreme Court decision in the...

On June 1, 2018, significant NYC Commercial Rent Tax (“CRT”) changes took effect in an effort to provide tax relief for...

Today, the Supreme Court ruled in favor of a South Dakota law that requires remote sellers to collect and remit...

Tom Corrie sheds light on the Supreme Court’s viewpoints on sales tax as it relates to South Dakota v Wayfair...

While most states employ some type of a net income tax to raise revenue from businesses, some states impose a...

Amazon revealed the 20 cities or areas that made the first cut in its site selection process for a second...

On March 30, the New York Legislature passed a $168.3 billion budget bill containing a variety of changes aimed at...

New York’s transfer taxes contain many nuances that impact their applicability, tax base and computations. Here, we examine how the imposition...

Like many states, Connecticut is wrestling with how the Tax Cuts and Jobs Act's ("TCJA") $10,000 limitation on a taxpayer's...

Commercial rent in Manhattan has skyrocketed in recent years, driving many restaurants and stores out of business or forcing them...

On December 22, 2017, Governor Cuomo executed an emergency Executive Order that allows New Yorkers to prepay their 2018 property taxes in 2017, prior to the effective date of the new federal tax law that imposes limits on the amount of the state and local tax deduction.

Sales and Use Tax: Effective January 1, 2018, New Jersey’s general 6.875% sales and use tax will be reduced to 6.625%....

As Washington takes up the mantle of tax reform, Friedman LLP proudly releases a timely study featuring insights gleaned from a...

For businesses operating in Philadelphia, it is critical to be aware of certain aspects of Philadelphia’s onerous business tax regime,...

Nearly twenty years ago, while consulting with several clients about state and local tax issues, I discovered a problematic theme—noncompliance...

States are often concerned that sellers of assets, particularly those from out-of-state, will disappear with the sales proceeds without satisfying...

News for online marketplace sellers in participating states: beginning August 17, 2017 through October 17, 2017, the Multistate Tax Commission...

Perhaps one of the most misunderstood areas in the state and local tax field is that of “use tax.” Most...

In order for a state to legally impose its taxes upon an out-of-state entity, nexus – a connection between the...

Sales and use tax considerations can be quite complex, and when applied to the purchase of high-end art, these taxes...

The demise of many of the larger traditional “bricks and mortar” retailers, coupled with the remarkable growth of mega online...

As Washington takes up the mantle of tax reform, Friedman LLP proudly releases a timely series of insights gleaned from...

It comes as no surprise to New Yorkers that year after year, numerous tax studies conclude that they face some...

For many foreign companies expanding their business operations into the United States, the focus of their tax planning usually centers...

Businesses are often surprised to learn of the New York City Unincorporated Business Tax (UBT), an entity-level tax imposed on...

Defining the Issue It is no secret that the annual growth rate of internet retail sales is far outpacing the yearly...

The scenario is generally the same. I receive a call from a taxpayer who has just been informed by the...

Back in January, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued Geographic Targeting Orders (GTOs) requiring...

Readers of this publication know that I have written extensively on the New York State Real Estate Transfer Tax (RETT)...

On July 26, 2016, Pennsylvania’s Department of Revenue (DOR) issued a summary of the recently enacted 2016–2017 budget. Below are...

A Common Problem Recently, I received a call from a gentleman who had been doing business in New York City for...

Some of the biggest compliance challenges facing taxpayers are not found with income taxes, but rather with sales tax. Properly...

Recently, both New York State (the “State”) and New York City (the “City”) have modified the methods prescribed with respect...

Although I have previously discussed the conceptual framework of the New York State Real Estate Transfer (RETT) and the New...

Tom Corrie, State and Local Tax practice leader, discusses how direct marketing and internet sales connect to state and local...

Think you've escaped a huge tax bill by heading to a tax-free state or another country? It all depends what...

When it comes to taxes, residency may have a bigger impact than you think. Taxpayers are generally acquainted with the...

Perhaps nothing causes more consternation among small and mid-sized business owners than the employee versus independent contractor problem. Generally, the...

Ignorance is bliss is a mantra for many taxpayers when it comes to compliance and tax obligations. When contacted by...

Perhaps there is no area of state and local tax law that is more perplexing to businesses than sales and...

When it comes to federal tax returns, the Internal Revenue Service (“IRS”) currently offers three types of spousal relief. What...

New York City Commercial Rent Tax (“CRT”) certainly has a habit of sneaking up on people. In fact, many professionals and non-professionals simply do not know it exists – that is until an audit notice comes their way.

For most businesses, the likelihood of being audited by the Internal Revenue Service (IRS) is less than 2%, but ask those who have been through one and the response is always the same – it is a long, gut-wrenching process, no matter how good your records are.

The sourcing of wages has become a major concern for non-resident employees of New York businesses given the number of them now seeking to telecommute at least on a part-time basis. New York’s “convenience of the employer” rule (the “Rule”) is targeted directly at such situations, and can operate as a trap for the unwary in many cases.

Real estate transfer tax is a tax imposed by states, counties and municipalities for the privilege of transferring real property within a jurisdiction. The tax is sometimes referred to as real estate conveyance tax, mortgage transfer tax or documentary stamp tax, among other terms.

Anyone craving emerging technology has surely seen the enormous interest generated by and surrounding Bitcoins. In just five years the little-known virtual currency has gone from being worth pennies to thousands of dollars apiece. And many speculators have been cashing in on them.

The New York State and New York City tax laws have numerous traps for unwary nonresidents. To avoid one of the biggest tax hazards, nonresidents owning or renting homes within New York must be aware of the applicable residency tests and what records they should maintain to avoid a dual residency determination. Nonresidents of New York State are only taxed on income earned in or sourced to the state. New York City only taxes city residents. However, if a nonresident is not attentive to the residency tests, the tax consequences can have New York State, and possibly New York City, seeking to impose tax on all income, including interest, dividends, and capital gains, regardless of its source.

As a state and local tax practitioner located in New York City, one of the questions I hear most often from potential clients is "What is Commercial Rent Tax?" Usually, that inquiry is immediately followed by the exclamation "I didn’t even know such a tax existed!" After I start explaining the nature of the Commercial Rent Tax ("the CRT") to them, they generally find it difficult to believe that New York City (the "City") imposes a tax on the very expensive rent already being paid by them. Guess what, it does!

On September 17, 2014, the New Jersey Division of Taxation announced a limited tax initiative for individuals and businesses who have unpaid New Jersey tax liabilities. The years covered under the program are tax periods 2005 through 2013.

In recent years, the big sales tax topic has been the emergence of the so-called "Amazon" laws, whereby an out-of-state Internet retailer who has a "click-through" arrangement with a local vendor must collect sales tax in that state, even if it has no physical presence there.

Often, when I am meeting with clients, I will bring up the subject of "unclaimed property." Many respond by saying that they don’t have any. Still others really haven’t a clue about the subject, and don’t appear overly interested in discussing it. My experience has been that just about all companies have unclaimed property. In the world of unclaimed property, such companies are referred to as "holders."

Recent amendments to the New York Tax Law have changed the payment and filing due dates of the Metropolitan Commuter Transportation Mobility Tax (MCTMT) for self-employed individuals. Individuals with net earnings from self-employment are required to make estimated MCTMT payments and to file annual MCTMT returns for the tax year. The new MCTMT payment and filing due dates now conform to the personal income tax payment and filing due dates. Effective for tax years beginning on or after January 1, 2015, estimated MCTMT payments are due on April 15, June 15, September 15, and January 15, and annual MCTMT returns must be filed by April 15. It should be noted that the payment and filing due dates for employers have not changed.

In general, the earnings of a corporation are often taxed twice both at the federal level and at the state and local level. Ordinary corporations, commonly known as Subchapter C corporations (or “C corporations”) are taxed on their income at the entity level, and should the corporation’s income be distributed to its shareholders via a dividend distribution, such income is taxed again at that level.

Notwithstanding the different agendas of the various states, the benefit inherent in sales and use taxes seems to be one area that they are able to agree on.

Friedman LLP recently promoted five of the Firm's professionals to Principal and two to Director. The promoted personnel are members of the tax, audit and FLVS departments, and are based in the New York City, East Hanover, Marlton and Linwood offices. All assumed their titles on July 1, 2014.

The New York City Department of Finance requires owners of income-producing property in New York City, that have an assessed property value of more than $40,000, to file an annual Real Property Income and Expense (RPIE) statement. A net lessee, responsible for all the real estate taxes on a New York City property, may file in lieu of the owner. By law, 2013 RPIE statements must be filed electronically by June 2nd. Statements for 2014 will be due June 1, 2015.

Although the dreaded tax day deadline has passed, for a number of taxpayers the difficulty may just have begun. Millions of Americans, who have waited the better part of a year to receive tax refunds, are in for a big shock when they learn that their refunds were sent to someone else as a result of tax-related identity theft. The legitimate refund will now take considerable time to be received by the taxpayer.

A recent unanimous decision by the New York State Court of Appeals with respect to the application of the state’s statutory residency law demonstrates that it is still possible for a lone taxpayer to challenge the Department of Taxation and Finance (the “Department”) regarding one of its favorite audit darlings, and prevail.

Earlier this month, the 2014-2015 NYS budget passed with an extension of all Lower Manhattan incentive programs.

The purchase of an existing business is generally structured in one of two alternative ways: purchase the entity outright, or purchase only the assets of the business.

It’s not very often that state taxing officials present taxpayers with bona fide refund opportunities.

Heads up to those who have outstanding New York tax liabilities; the state is getting tougher than ever in pursuing collection of these funds.

As you probably have heard from the news coverage of the budget debates, New York, like most states, is in the midst of a financial shortfall.

With state governments facing sharp declines in tax revenue and increases in fiscal spending, more and more states are searching for additional revenue streams.

Normally, if a transaction is subject to sales tax, the tax is imposed upon the price charged the retail customer with respect to the sale of taxable tangible personal property or the provision of taxable services.

Every taxpayer at one time or another will get some type of correspondence from the IRS, but many are unaware of the proper steps to take in responding to it.

A recent ruling issued by the New York State Department of Taxation and Finance (the “Department”) provides some interesting guidance...

In most states, sales tax is imposed on the sale of tangible personal property and certain specifically enumerated services.

Many taxpayers, when confronted with an overwhelming New York State tax liability, throw their hands up to the sky in despair...

New York State's Governor Cuomo signed off on the largest state budget in the history of the state — with...

In the wake of the pandemic and significant economic hardships, businesses are seeking opportunities to revamp their business, inject new...

With COVID-19 and rising costs-of-living prompting unprecedented changes in residency and the way we do business, it’s also created a...

1 year and 43 states later, grasping the widespread changes created by the Wayfair Ruling on sales tax is still...

For businesses operating across multiple states, it’s critical to understand the impact of complex apportionment rules on your overall tax...

Before changing your domicile for income tax purposes, watch our informative webinar for guidance on the far-reaching tax implications to...

The Wayfair Ruling on sales tax overturned the physical presence rule and gives states the authority to impose sales tax requirements on out-of-state sellers....

Tom Corrie, principal at Friedman LLP and director of the firm's State and Local Tax Group, to speak on “State...

Friedman LLP is delighted to be sponsoring and exhibiting at the upcoming annual ACEC NY winter conference where more than...