Welcome to the latest issue of New York Tax Insights. In this issue we cover:
- The New York State 2019-20 Executive Budget, which contains several significant tax proposals including: imposing sales tax collection responsibility on "marketplace providers," taxing nonresident fund managers on "carried interests," and imposing a 17% "fairness fee" (but only if nearby states conform), as well as a new sourcing rule, under both the New York State and New York City corporate taxes, for corporations with global intangible low-taxed income (on page 1).
- The New York State Department of Taxation and Finance's release of Important Notice N-19-1, which provides information on sales tax registration requirements for businesses that have no physical presence in New York State in light of the Wayfair decision (on page 2).
- The Appellate Court's confirmation of a New York State Tax Appeals Tribunal decision upholding an income tax assessment arising from investments in oil and gas partnerships that generated large deductions. The Appellate Division held that the investments constituted "abusive tax avoidance transactions" under the Tax Law and therefore were governed by a six-year statute of limitations for assessment (on page 3).
- The New York State Tax Appeals Tribunal's holding that the sale of security services by a vendor to a property manager that managed various apartment buildings for the New York City Housing Authority was exempt from sales tax because the property manager was acting as an agent for a City government agency (on page 5).
And more (on page 6).
Read our newsletter.
Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
© Morrison & Foerster LLP. All rights reserved