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The NY Statutory Residence provision was intended to prevent tax evasion by New York residents. Info on NY statutory residence and the permanent place of abode provision. Gaied v New York State Tax Appeals and the details of the court case. State and local tax for New York.

New Jersey offers taxpayers opportunity to resolve outstanding tax liabilities for the tax periods 2005 - 2013. In exchange for resolving outstanding liabilities, New Jersey will waive most tax penalties and all collection costs and recovery fees for participating taxpayers.

Information on late-filed Form 5500-EZ penalty relief. The IRS has penalty relief for late filers of IRS Form 5500-EZ and is encouraging eligible small businesses that did not file certain retirement plan returns to take advantage of a low-cost penalty relief program.

EisnerAmper's 2019 Year-End Tax Planning Tips can reduce estate taxes, maximize the amount of funds available for retirement and assist you in managing your cash flow to help you meet your financial objectives.

EisnerAmper's 2018 Year-End Tax Planning Tips can reduce estate taxes, maximize the amount of funds available for retirement and assist you in managing your cash flow to help you meet your financial objectives.

On September 13, 2018, the Treasury Department provided the first installment of the long-awaited section 951A proposed global intangible low-taxed income (“GILTI”) regulations. The proposed regulations leave a number of questions unanswered.

The Trump Administration has targeted international business in an attempt to stimulate the American economy and business landscape, and tariffs in a three-part series of lists, which heavily targeted China and the European Union.

To maximize the M&E deduction businesses should strengthen documentation, have a separation of meals and entertainment for accounting and record keeping, and take a second look at venue choices and guest lists when planning events.

On August 1, 2018, the IRS issued proposed regulations on the IRC Section 965 Transition Tax. In many cases, the regulations provided clarity and examples to various taxpayer situations as well as answers to many questions.

The TCJA did not specifically address when providing food and beverages might constitute “entertainment”, but taxpayers generally may continue to deduct 50% of the food and beverage expenses associated with operating their trade or business.

Leveraging certain classifications in business transactions can yield tremendous tax savings. For C corporations, the designation of a personal goodwill claim can sidestep double taxation in a traditional corporate sale.

The winter 2018 business tax quarterly suggested readings includes IRS clarity on the deductibility of business meals, meals and entertainment expenses, IRS foreign tax rules and state taxation of GILTI with respect to foreign tax credits.

Steps you can take now to help you save income taxes for the current and future years, reduce eventual estate taxes, maximize the amount of funds you will have available for retirement, reduce the cost of financing your children’s education, and manage your cash flow.

The Tax Cuts and Jobs Act introduced a new 20% pass-through deduction – IRC Sec. 199A – for business taxpayers other than corporations. Taxpayers may rely on the Proposed Regulations until final regulations are published.

Recent tax reform offered many favorable business tax breaks at the federal but that doesn’t mean states will follow in lockstep with all the same provisions. To what extent states will adopt similar measures isn’t yet fully known.

The Supreme Court reversed a 1992 ruling that a state could only require vendors with a “physical presence” to collect and remit sales tax. The new ruling has ramifications far beyond merely sales tax and typical e-commerce companies.

In Notice 2017-38, the IRS and Treasury identified documentation regulations under IRC Sec. 385 as one of the eight tax regulations imposing an undue financial burden on taxpayers. Until finalized, taxpayers may rely on the proposed regulations.

Five additional audit campaigns have been announced by the IRS Large Business and International Division. Under its recently developed and implemented audit approach, LB&I is moving toward issue-based examinations.

IRC Sec. 871(m) continues to be controversial, with some arguing they are too expansive, overly complicated and difficult to administer. The Treasury and the IRS continue to consider possible agency actions that may reduce unnecessary burdens.

EisnerAmper's Fall 2018 Business Tax Quarterly provides links for further reading regarding the fallout from the Wayfair case, state and local taxes, tax deductions, sales tax, and small business owners.