New York Residency: Hot Topics and Nuts and Bolts Audit Issues (Completed)

Date: Thursday, June 24, 2021
Instructor: Timothy Noonan
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  2 hours for CPAs

The New York State Department of Taxation and Finance has the most advanced and aggressive residency audit program in the nation. Auditors are constantly on the hunt for revenue by pursuing non-residents for New York taxes. With the pandemic this year requiring many people to work from home, tax season will particularly complicated for many taxpayers and practitioners. These impacts will surely be felt in future personal income tax audits conducted by the Department of Taxation and Finance.

With the loss of the SALT deduction as part of the 2017 federal tax reform, more taxpayers are attempting to leave New York than ever before. Consequently, there continues to be a great deal of New York audit activity in the residency area. A working knowledge of how New York's complex residency rules work is absolutely critical for tax practitioners, business owners, executives, and other professionals that deal with tax issues for high net-worth individuals. This two-hour CPE webinar will help you understand the rules, requirements, and issues in working through New York's residency tests and associated personal income tax issues, as well as the potential New York tax consequences for taxpayers working from home during the COVID-19 pandemic.

Timothy Noonan, a highly regarded New York tax practitioner and co-author of the New York Residency and Audit Allocation Handbook and will moderate a discussion that will include a practical review of the residency fundamentals in New York, helpful insights into the audit process gained from years of experience handling New York residency audits, and best practices for advising clients on changing residence and successfully defending those changes on audit.

Who Should Attend
All CPAs, enrolled agents, tax return preparers, tax attorneys, and other practitioners who prepare New York returns and/or are responsible for preparing multistate returns for clients or advise on cross-border tax issues or disputes.

Topics Covered

  • Overview of New York Residency Rules, Part 1: Domicile
  • Overview of New York Residency Rules, Part 2: Statutory Residency
  • COVID‐19 and Residency
  • Nonresident Allocation Issues

Learning Objectives

  • Describe New York's residency requirements
  • Identify key issues facing New York residents and nonresidents and strategies to defend positions in case of audits
  • Recognize how to advise on clients on income allocation as a result of the COVID-19 pandemic
  • Describe the five domicile factors
  • Recognize exceptions for day counting as it relates to statutory residency

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

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