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Danger! Don’t Get Too Close to the New York Estate Tax Cliff On March 31, 2014, Governor Andrew Cuomo signed legislation to implement sweeping changes to the New York State estate law. The changes apply to the estates of individuals with dates of death on or after April 1, 2014. The new law contains several...

MCTMT Changes Email Barry Email Alex The Department of Taxation and Finance has issued a technical memorandum that explains recent legislative amendments to the Metropolitan Commuter Transportation Mobility Tax (MCTMT) made by the 2014-2015 Budget bill. The new law changes the MCTMT payment and filing due dates for self-employed individuals to conform to personal income...

Pennsylvania Taxation Is Different Than in Most States Email Joe Pennsylvania isn’t like most of the other states. While states typically have some tax laws that do not conform exactly to federal income tax rules, Pennsylvania has some unusual differences that all tax preparers need to be aware of. One unusual and significant difference is...

Revised Nonresident Audit Guidelines Email Barry Email Alex In this edition, we cover breaking news in State and Local Tax developments and provide more detailed coverage of the developments for nonresident audits in NYS. If you have any questions about the information presented below, please reach out to a member of the WithumSmith+Brown SALT Team....

FICA Maintains Grasp on Severance Payments Email CJ Resolving a split among the courts, the Supreme Court has ruled that severance payments are subject to the Federal Insurance Contributions Act (“FICA”). The tax code’s income tax withholding provisions generally define “wages” in substantially the same way that FICA does: all remuneration for employment, including the...

Pilot Program Offers Relief for Late 5500 Filers The IRS recently established a one-year pilot program to provide penalty relief under Internal Revenue Code (“IRC”) §§ 6652(e) and 6692 for certain small businesses that are delinquent in filing Form 5500. The program gives sponsors andadministrators of retirement plans that are not covered by Title I...

New York State Tax Benefits for Seniors Seniors and retired persons have found the current economic condition difficult to endure. There are many ways for these individuals to take advantage of various tax breaks on their New York State income tax return. This article will describe some ways that they can do so. Senior citizens...