To provide tax professionals in New York and New Jersey the information they need to understand and potentially utilize the new tax related law updates recently implemented in each state.

• Updates to New York Tax Laws
  – Corporate income tax rates (article 9-A)
  – Proposed tax updates
  – Finalized corporate franchise tax regulations
  – Judicial updates
• Updates to New Jersey Tax Laws
  – Corporate income tax highlights (AB5323)
  – New sourcing rule (pass-through entities)
  – Personal income tax highlights (AB5323)
  – Corporate income tax highlights (AB5323)
  – Judicial updates
• State Elective Pass-Through Entity Taxes (PTET): New York and New Jersey
  – The federal SALT cap
  – IRS notice 2020-75
  – Pass-through entity taxes—current status
  – Understanding the mechanics
  – Collateral issues
  – New Jersey Business Alternative Income Tax (BAIT)

To provide tax professionals in New York and New Jersey the information they need to understand and potentially utilize the new tax related law updates recently implemented in each state.

DETAILED LEARNING OBJECTIVES

• Identify the effective date in New York for the permanent 30% MTA surcharge for Article 9-A taxpayers

• Identify the criteria for corporate partner nexus to be met in New York

• Recognize the order of appeals regarding the Tax Appeal Tribunal decisions

• Recognize the benefit provided by qualifying for QTEC status

• Identify how certain judicial cases affected New York State Tax Law

• Recognize how all federal S-Corporations will be treated for tax purposes in New Jersey

• Identify how the new sourcing rules in New Jersey will impact certain taxpayers

• Identify how asset management services are apportioned in New Jersey

• Recognize the characteristics of Wayfair-style nexus

• Identify which states have specific statutory, regulatory or judicial authority to assert that nexus exists for nonresidents that have state sourced income

• Identify the requirements of the Finnigan Rule

• Recognize the SALT deduction limitations for married filing separate taxpayers established by the TCJA of 2017

• Recognize how many states have owner-level personal income tax on pass-through entities that have not proposed or enacted an elective pass-through entity regime

• Updates to New York Tax Laws
  – Corporate income tax rates (article 9-A)
  – Proposed tax updates
  – Finalized corporate franchise tax regulations
  – Judicial updates
• Updates to New Jersey Tax Laws
  – Corporate income tax highlights (AB5323)
  – New sourcing rule (pass-through entities)
  – Personal income tax highlights (AB5323)
  – Corporate income tax highlights (AB5323)
  – Judicial updates
• State Elective Pass-Through Entity Taxes (PTET): New York and New Jersey
  – The federal SALT cap
  – IRS notice 2020-75
  – Pass-through entity taxes—current status
  – Understanding the mechanics
  – Collateral issues
  – New Jersey Business Alternative Income Tax (BAIT)