A New York City resident for tax purposes is someone who is domiciled in New York City or who has a permanent place of abode there and spends more than 183 days in the city. These two tests for residency are complicated and look at multiple factors to determine whether you should be taxed
As published in the Suffolk Lawyer, a publication by the Suffolk County Bar Association. New York State residency audits are unique in focusing on the taxpayer’s personal life and activities rather than his finances. In this article, we review the types of evidence and tactics that tax professionals can use to effectively prepare
According to the U.S. Census Bureau, New York lost more than 319,000 residents between July 2020 and July 2021 - the highest of any state in the nation. A significant portion of this is likely related to the pandemic with large numbers of New Yorkers deciding to move elsewhere to escape the high infection rate
Where Did You Work During COVID for New York State Tax Purposes? Were you one of the lucky people who got to work from home because of COVID? Do you understand the possible tax implications? If you live and work in different states, you may be subject to taxation in more than one state.
by Karen Tenenbaum, Esq., LL.M. (Tax), CPA It is not unusual for high-wealth clients to have more than one home. It could be a vacation house, an apartment in the city used for convenience, or dual residences in the Northern and Southern U.S. for snowbirds. Individuals with multiple homes often will select their state
If you have more than one home and COVID-19 altered certain of your activities, you could have a tax problem. Due to COVID-19, many taxpayers left one home for another home or were unable to change locations because of travel limitations. If that describes you, it could have affected your residency for state tax
Do you own or rent residential property somewhere outside New York State and continue to maintain a home in New York State or City? You may be a target for a New York State or New York City residency audit from the NYS Department of Taxation and Finance. The State has been aggressive in
If you have multiple homes with one of them in New York, you could face a residency audit and significant tax liability. That is because of New York’s broad residency rules. Even if you only have a convenience apartment or vacation home in the state, you could be considered a state resident if you
New York has high taxes, so some taxpayers try to change their residency to avoid them. New York residents are required to pay state tax on all worldwide income; while non-residents are only subject to tax on income allocable to New York, such as wages earned for services provided within the State, rents from
Did you miss the Long Island Tax Professionals Symposium? Below is a recap from one of the many stellar programs. Thanks to Hana M. Boruchov, Esq., Tenenbaum Law, P.C.; Frank Agostino, Esq., LL.M. (Taxation), Agostino & Associates, P.C.; and Noelle Geiger, Esq., Grassi & Co. for their great tips on getting innocent spouse relief
Many people get a second home without understanding the tax implications. Whether it’s maintaining a vacation home, an apartment close to work or a place to snowbird, one of those homes could lead to a big tax bill. Residency audits are a common way for states to collect money. New York State is particularly
New York residency audits are challenging and difficult ordeals, just ask anyone who has experienced one. When domicile is the issue, a taxpayer must clearly demonstrate both that he has abandoned his old domicile and established a new one. This can be more frustrating than you might assume, especially where a taxpayer’s lifestyle straddles
Audits are stressful experiences especially when it’s likely the taxpayer could owe a significant amount in back taxes and penalties. CPAs must be prepared to advise clients about how to deal with these situations. At the recent Long Island Tax Professionals Symposium, the attorneys from Tenenbaum Law spoke about several recent developments and methods
Do you have a second home? If you have a primary residence outside New York State, but also own or use residential property in New York State, you may be subject to a residency audit. The same is true if you have a home within New York City and another home outside New York
