State & Local Tax (SALT)

After a tumultuous 2020, “uncertainty” remains the watchword, especially when it comes to tax planning. The shift in Washington and...

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...

On October 1, 2021 the application window to elect into New York State’s Employer Compensation Expense Tax (“ECET”) will open...

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

New York’s recently enacted fiscal 2021–2022 budget legislation introduced a myriad of significant state income tax changes that will affect...

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...

Friedman's Christian Burgos recently appeared on the Stoler Report to discuss the SALT Cap Workaround, available to partnerships and S corporations, comprised solely of...

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...

Friedman’s State and Local tax expert, Christian Burgos shares why it may be more beneficial for some tax payers to...

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

Despite continued reassurances that the IRS could handle all of the recent COVID-19 related stimulus — including another round of...

What do I need to do from a payroll tax perspective? How to I remain compliant with reporting? These are...

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

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

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

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

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...

Friedman is proud to announce that state and local tax specialist Christian Burgos, Esq. joined the firm as Managing Principal...

During these unprecedented times, wise tax planning can provide much-needed financial relief to individuals and businesses. To help you make...

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

Last week, the Treasury and IRS announced final regulations limiting the effectiveness of certain State and Local Tax (“SALT”) cap workarounds. Following...

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,...

On the evening of March 20th, New York City's Mayor, Bill de Blasio, signed an executive order delaying the deadline...

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...

Since the financial crises of the late 2000s, out-of-town developers and institutional funds have flooded Philadelphia to capitalize on real...

With the recent changes to the SALT deduction, many residents of high-tax states are opting to move elsewhere. “It took a...

The elimination of familiar tax planning strategies under the Tax Cuts & Jobs Act (TCJA) in addition to potential changes...

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...

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

Friedman's Alan Goldenberg recently discussed many tax payers' desire to leave high-tax states such as New York and New Jersey with...

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

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

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

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

Many individuals are looking for ways to mitigate the financial burden brought about by the $10,000 SALT Deduction cap in...

Friedman's Alan Goldenberg recently sat with Fox Business to discuss the widespread impact the cap on state and local tax...

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...

This week the Treasury Department shot down a strategy high-tax states adopted to help ease the effects of the $10,000...

Carl Bagell, Managing Partner of Friedman's Southern New Jersey office, recently spoke with NJBIZ on the challenges and uncertainties of this tax...

The Tax Cuts and Jobs Act has made a significant impact — both directly and indirectly — on the deductibility...

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...

Concerned how the latest tax developments may impact your 2018 tax strategies? As you head into your 2018 tax planning, this...

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

Take advantage of a new income tax planning opportunity leveraging trusts with key insights from Jonathan Curry-Edwards, CPA.  Read the Transcript  Tax...

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

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

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

Gain the knowledge you need to reap tax benefits and avoid pitfalls in the wake of the most significant overhaul to...

If you own or operate a business in Pennsylvania, as you gear up for tax filing, know that the Pennsylvania...

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%....

By now, you’ve seen media headlines covering the House Tax Reform Bill introduced on November 2. What you may not...

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

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

The White House released its promised tax reform agenda, known as the “September Framework.” While longer than the previous version,...

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

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

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

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...

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

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

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...

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

Tax planning is a year-round endeavor, but several year end strategies might reduce your 2015 tax bill.Here are five to...

Beware the passive foreign investment company Have you considered investing into an investment partnership that invests in PFICs? If so, think...

For 2015 and after, employers retaining at least a certain number of employees (generally 50 full-time employees or a combination...

The most effective estate-planning strategies often involve the use of irrevocable trusts. But what if you’re uncomfortable placing your assets...

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 taxes, is there a state that is winning the ‘tax battle?’ NJCPA Magazine asked Friedman LLP...

Is the new audit regime easier for the IRS to enforce and for practitioners to advise clients about? Michael Greenwald,...

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.

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.

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.

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!

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.

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.

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.

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...

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

A good tax-planning technique is to sell a poor-performing security to “harvest” the loss and offset it against your capital gains. But what if you have high hopes for the security and would like to keep it in your portfolio?

Tune in for an insightful discussion examining little-known techniques to leverage the Opportunity Zone (OZ) program to yield significant tax benefits. Uncover unique strategies that can drastically impact after-tax investment outcomes for those who...

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...

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

The IRS recently released the highly anticipated proposed regulations for Section 199A deductions. For self-employed individuals and pass-through entities, these regulations...

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