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New York Set to Adopt Federal Centralized Partnership Audit Regime

Withum

New York plans to align with the federal centralized partnership audit regime as part of Governor Kathy Hochuls fiscal year 2026 budget. New Yorks proposal would be retroactive to adjustments after January 1, 2018. Notably, New Yorks proposal would not recognize federal push-out elections or have a similar mechanism.

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Beware of Overly Optimistic Projections Used to Value a Business

RogerRossmeisl

A recent New York statutory appraisal case provides a cautionary tale worth considering. However, when management prepares financial projections for another purpose such as a loan application repurposing them to estimate fair market value for litigation purposes may raise a red flag. Kraus USA, Inc.,

New York 264
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New York Governor Signs 2025-2026 Budget That Includes Business Tax Hikes

Withum

On May 10, 2025, New York Governor Hochul signed the 2025-2026 budget bill into law. Including a payroll tax hike and new rules related to partnership audits. The rate for New York City employers will increase to nearly 0.9% Thus, New York’s federal adjustment reporting mechanism is not triggered.

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New York Considers New Taxes on Guns and Ammunition

CPA Practice

Firearms and ammunition are already subject to New York sales tax. If New York State Senate Bill 7733 is enacted, it will place an additional excise tax on the sale of firearms and ammunition in the Empire State. Will New York tax all guns and ammunition? By Gail Cole. This could be every two years or more.

New York 133
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Professional Tax Help in New York: Taxpayers Facing Tax Audits, Back Taxes, and 941 Payroll Tax Problems

MyIRSRelief

New York is known for being a hub of commerce, culture, and innovation, attracting businesses and individuals from all over the world. In these situations, seeking professional tax help in New York can make a significant difference in resolving your tax problems and avoiding legal and financial consequences.

New York 147
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New York Minimum Wage to Increase Starting in 2024

CPA Practice

The minimum wage will increase to $16 an hour in New York City and Westchester, Nassau and Suffolk counties and to $15 an hour in all other areas of the state on Jan. For Upstate New York, that’s an increase of 5.6% The raises could be stopped in any year when the inflation index shows prices are falling, the News said.

New York 119
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Federal Court Shuts Down New York Tax Preparer

CPA Practice

A federal court in the Eastern District of New York issued a permanent injunction yesterday against a Brooklyn, New York, tax return preparer.