This 2-hour webinar will cover high-points of Governor Cuomo’s 2020 – 2021 New York budget bill, including New York’s decision to decouple from the federal Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, and also discuss new and proposed legislation being considered for the 2021 – 2022 budget bill to stem the fallout from Covid-19’s impact on New York. We will also discuss and review Covid-19’s impact on New York residency issues, including changing domiciles during and after the Covid-19 crisis and monitoring statutory residency issues in New York and other states.
Who Should Attend
All CPAs, enrolled agents, tax return preparers, tax attorneys, and other practitioners who prepare New York returns, handle New York residency audits, or prepare multistate tax returns for clients.
Topics Covered
- High-points of the Governor's 2020 — 2021 budget bill
- Key proposed New York tax legislation, and planning for possible upcoming changes
- New York residency update & hot topics
- New Yorkers in other states: Residency issues to consider
- The potential impact of Covid-19 pandemic on future residency audits
Learning Objectives
- Define 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
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructors
Timothy Noonan
Tim focuses his practice in the state and local tax area. His work primarily involves New York State and New York City tax litigation and controversy. Over the past 20 years, he has handled more than 1,500 personal income tax, sales tax, corporate tax, or other New York tax audits. Tim also has handled about 100 cases in New York’s Division of Tax Appeals.
Tim leads the firm’s Tax Residency Practice and he is one of the leading practitioners in this area of the law. He has handled some of the most high-profile residency cases in New York over the past decade, including a 2014 win in the Gaied case, one of the first New York residency cases to ever reach New York’s highest court. Tim also co-authored the 2018 edition of the CCH Residency and Allocation Audit Handbook and Contesting New York State Tax Assessments (Fourth Edition), published by the New York State Bar Association, and he authored the New York Tax Litigation chapter in Thomson Reuters’ Commercial Litigation in New York State Courts treatise. He is often quoted by media outlets, including The Wall Street Journal, The New York Times and Forbes, on residency and other state tax issues.
Tim also has handled a significant number of residency and sales tax issues in other states, including work with many national and international clients on multistate compliance or voluntary disclosures. He has also appeared before the Connecticut Supreme Court and the Michigan Court of Appeals in litigated matters and is admitted to practice law in Connecticut.
Andrew W. Wright
Andrew focuses his practice on state and local tax matters. In particular, Andrew manages many different types of tax matters before the New York State Department of Taxation and Finance and New York City Department of Finance from audit through appeal, with a particular focus on New York residency audits. Andrew handles personal income tax, sales tax, and corporate franchise tax matters, including successful appeals regarding qualification for Empire Zone tax credits. Andrew also handles multistate tax matters for New York businesses, including state-level voluntary disclosure projects and audits of New York businesses doing business in other states.
Andrew has significant experience in 548-day rule audits and tax planning. He has successfully helped many clients plan for, execute, and defend on audit, 548-day rule strategies which resulted in nonresident status in New York. Clients he assists include: US expatriates living abroad for employment, those wishing to change their residency to a foreign country, and New Yorkers wishing to minimize State and/or City tax on discrete liquidity events.
Finally, Andrew is heavily involved in the area of multistate tax compliance for cross-border businesses. In conjunction with appropriate federal and international tax planning, Andrew advises on U.S. state and local tax compliance issues to identify tax liability and risk concerns for cross-border businesses. Once the compliance issues are identified, Andrew works with these businesses to resolve past compliance issues and ensure compliance on a go-forward basis.