During this webinar, we discussed how to potentially mitigate the impact of the state and local tax (SALT) cap at the federal level. New York State has joined the list of states that have enacted an elective pass-through entity tax in an effort to do just that. We also dove into the possibility of changing residency to a low-tax or no-tax state. With state tax rates on the rise in some places and the realization that remote work is doable, many individuals are contemplating making a move. To succeed in making a change like this, one must be aware of the technical rules and be willing to significantly adjust one’s life. We talked through all these considerations.
The New Rage in SALT: State Pass-Through Entity TaxCitrin Cooperman
During this webinar, Partner Eugene Ruvere and Principal Jaime Reichardt take deeper dive into the new elective tax regime in New York, in addition to neighboring states like Connecticut, New Jersey, and Rhode Island, among others.
The Long Lasting Impact of Tax Reform- NYC- Event- 1/24/18Citrin Cooperman
The passage of the Tax Cuts and Jobs Act will have widespread and long lasting implications throughout the country and will change how most taxpayers will prepare their tax returns. Citrin Cooperman recently hosted a seminar in NYC to provide insight on where we are now, how we plan to move forward, and how the new law will impact your overall business and tax strategies.
International tax reporting requirements relevant to U.S. persons engaged in cross-border transactions. Foreign information returns discussed include Forms 926, 5471, 5472, 8858, and 8865. The discussion focuses upon proper execution of the Forms and potential penalties for noncompliance.
View the video recording here: https://youtu.be/UyNXjUoFxYA
Learn more about Citrin Cooperman's International Tax Services here: http://bit.ly/2veYkrO
Speeding Through 2020 Auto Webinar Series - Year-End ReviewCitrin Cooperman
As 2020 nears completion, we discuss what automotive dealerships need to record and what files need to be kept in order to ensure that 2020 is closed properly and that the new year starts off right.
The New Rage in SALT: State Pass-Through Entity TaxCitrin Cooperman
During this webinar, Partner Eugene Ruvere and Principal Jaime Reichardt take deeper dive into the new elective tax regime in New York, in addition to neighboring states like Connecticut, New Jersey, and Rhode Island, among others.
The Long Lasting Impact of Tax Reform- NYC- Event- 1/24/18Citrin Cooperman
The passage of the Tax Cuts and Jobs Act will have widespread and long lasting implications throughout the country and will change how most taxpayers will prepare their tax returns. Citrin Cooperman recently hosted a seminar in NYC to provide insight on where we are now, how we plan to move forward, and how the new law will impact your overall business and tax strategies.
International tax reporting requirements relevant to U.S. persons engaged in cross-border transactions. Foreign information returns discussed include Forms 926, 5471, 5472, 8858, and 8865. The discussion focuses upon proper execution of the Forms and potential penalties for noncompliance.
View the video recording here: https://youtu.be/UyNXjUoFxYA
Learn more about Citrin Cooperman's International Tax Services here: http://bit.ly/2veYkrO
Speeding Through 2020 Auto Webinar Series - Year-End ReviewCitrin Cooperman
As 2020 nears completion, we discuss what automotive dealerships need to record and what files need to be kept in order to ensure that 2020 is closed properly and that the new year starts off right.
The passage of the Tax Cuts and Jobs Act will have widespread and long lasting implications throughout the country and will change how most taxpayers will prepare their tax returns. Citrin Cooperman recently hosted a seminar in Philadelphia to provide insight on where we are now, how we plan to move forward, and how the new law will impact your overall business and tax strategies. Join us to get answers to questions in the following areas:
Corporate and Businesses
Pass-Through Entities
International Issues
Individuals
The Tax Cuts and Jobs Act has now passed, which enacts the biggest tax reform law in thirty years. Citrin Cooperman's Federal Tax Policy Team recently hosted a webinar discussing what you need to know to begin planning and steps you can be taking to be prepared. The conversation focused on the following key areas:
Business
Corporate
Pass-Through Entities
International
Individuals
State and Local Implications
C-Suite Snacks Webinar Series: There’s No Vaccine for This - State and Local ...Citrin Cooperman
Sign up for our weekly C-Suite Snacks webinars here: https://www.citrincooperman.com/infocus/c-suite-snacks
Our C-Suite Snacks webinar series provides the middle market with brief, strategic, and tactical business improvement information for 30 minutes every week. Join Citrin Cooperman live every Thursday at noon for snack-sized insights for business executives.
The pandemic has affected everything in our lives, all the way down to how we run our businesses and our personal finances. In this session, State and Local Tax Partner Eugene Ruvere covered business and personal income tax considerations connected to the pandemic.
C-Suite Snacks Webinar Series: Tax Structures to Reduce Cost and Improve Comp...Citrin Cooperman
Sign up for our weekly C-Suite Snacks webinars here: https://www.citrincooperman.com/infocus/c-suite-snacks
Our C-Suite Snacks webinar series provides the middle market with brief, strategic, and tactical business improvement information for 30 minutes every week. Join Citrin Cooperman live every Thursday at noon for snack-sized insights for business executives.
Running a business can be quite difficult, and the process of getting things up and running often overshadows other considerations, such as what type of business tax structure you should operate under. During this session, we covered how to structure your business for optimal tax benefits. Key takeaways included:
- Best tax structure for your business
- New insights on tax structure
- Tips to avoid tax traps based on the type of structure
Understanding Single Audit Compliance Requirements - It's No Joke!Citrin Cooperman
Has your not-for-profit organization received federal funding or additional funding under the CARES Act? This informational session discussed audit requirements for organizations receiving federal funds (i.e. Single Audits), reporting considerations, and specific requirements relative to COVID-19 response funds, including Paycheck Protection Program loans, Economic Injury Disaster Loans, Provider Relief Funds, and more.
CARES Act Update - What you Need to Know Heading into 2021Citrin Cooperman
During this webinar we focused on the interplay between the different CARES Act provisions, in particular PPP loans, Provider Relief Funds, and Medicare Advanced Payments, and how they may impact 2020 year-end planning and 2021 forecasting.
High Net Worth Webinar Series - Tax Planning and Update for 2022Citrin Cooperman
As 2021 comes to an end, business owners and individuals are seeking opportunities to maximize their savings through year-end tax planning. This webinar session will help you navigate the many complexities, obstacles, and impending tax landscape changes that the 2021 tax year brings to the table and what 2022 has in store.
Tax Changes 2013 / 2014 and Their ImpactPeter Pfister
Peter Pfister, Parter at The Curchin Group, CPAs, shares insight into the tax changes in 2013 and their future impact on businesses and individuals as well as what is likely to happen in 2014.
The passage of the Tax Cuts and Jobs Act will have widespread and long lasting implications throughout the country and will change how most taxpayers will prepare their tax returns. Citrin Cooperman recently hosted a seminar in Philadelphia to provide insight on where we are now, how we plan to move forward, and how the new law will impact your overall business and tax strategies. Join us to get answers to questions in the following areas:
Corporate and Businesses
Pass-Through Entities
International Issues
Individuals
The Tax Cuts and Jobs Act has now passed, which enacts the biggest tax reform law in thirty years. Citrin Cooperman's Federal Tax Policy Team recently hosted a webinar discussing what you need to know to begin planning and steps you can be taking to be prepared. The conversation focused on the following key areas:
Business
Corporate
Pass-Through Entities
International
Individuals
State and Local Implications
C-Suite Snacks Webinar Series: There’s No Vaccine for This - State and Local ...Citrin Cooperman
Sign up for our weekly C-Suite Snacks webinars here: https://www.citrincooperman.com/infocus/c-suite-snacks
Our C-Suite Snacks webinar series provides the middle market with brief, strategic, and tactical business improvement information for 30 minutes every week. Join Citrin Cooperman live every Thursday at noon for snack-sized insights for business executives.
The pandemic has affected everything in our lives, all the way down to how we run our businesses and our personal finances. In this session, State and Local Tax Partner Eugene Ruvere covered business and personal income tax considerations connected to the pandemic.
C-Suite Snacks Webinar Series: Tax Structures to Reduce Cost and Improve Comp...Citrin Cooperman
Sign up for our weekly C-Suite Snacks webinars here: https://www.citrincooperman.com/infocus/c-suite-snacks
Our C-Suite Snacks webinar series provides the middle market with brief, strategic, and tactical business improvement information for 30 minutes every week. Join Citrin Cooperman live every Thursday at noon for snack-sized insights for business executives.
Running a business can be quite difficult, and the process of getting things up and running often overshadows other considerations, such as what type of business tax structure you should operate under. During this session, we covered how to structure your business for optimal tax benefits. Key takeaways included:
- Best tax structure for your business
- New insights on tax structure
- Tips to avoid tax traps based on the type of structure
Understanding Single Audit Compliance Requirements - It's No Joke!Citrin Cooperman
Has your not-for-profit organization received federal funding or additional funding under the CARES Act? This informational session discussed audit requirements for organizations receiving federal funds (i.e. Single Audits), reporting considerations, and specific requirements relative to COVID-19 response funds, including Paycheck Protection Program loans, Economic Injury Disaster Loans, Provider Relief Funds, and more.
CARES Act Update - What you Need to Know Heading into 2021Citrin Cooperman
During this webinar we focused on the interplay between the different CARES Act provisions, in particular PPP loans, Provider Relief Funds, and Medicare Advanced Payments, and how they may impact 2020 year-end planning and 2021 forecasting.
High Net Worth Webinar Series - Tax Planning and Update for 2022Citrin Cooperman
As 2021 comes to an end, business owners and individuals are seeking opportunities to maximize their savings through year-end tax planning. This webinar session will help you navigate the many complexities, obstacles, and impending tax landscape changes that the 2021 tax year brings to the table and what 2022 has in store.
Tax Changes 2013 / 2014 and Their ImpactPeter Pfister
Peter Pfister, Parter at The Curchin Group, CPAs, shares insight into the tax changes in 2013 and their future impact on businesses and individuals as well as what is likely to happen in 2014.
2018 Pennsylvania Tax Update: The State Budget, Legislation, and Multistate T...McKonly & Asbury, LLP
This webinar was hosted by McKonly & Asbury Senior Tax Manager and SALT Leader, Michael Eby, and Tax Supervisor, Lindsey Waltemyer.
It provides an overview of the enacted 2017-2018 Pennsylvania State Budget; a brief update on recently passed Pennsylvania tax legislation and court decisions of interest; and discusses how states, including Pennsylvania, are addressing these changes at the Federal level in their own respective tax structure.
Tax Cuts and Jobs Act: Latest employer developments as of 3-21-2018Debera Salam, CPP
Following are the slides from the CIC Plus and Ernst & Young LLP webcast that aired on March 21, 2018 where we focused on the latest developments of employer interest in connection with the Tax Cuts and Jobs Act of 2017.
This presentation will be two hours in duration and will offer two CPE credits. The presentation will focus on tax law updates for both businesses and individuals that are expected to be passed. The discussion during the webinar will feature information on both sides, as they are often interdependent.
The webinar will also touch on the tax policies of some of the 2016 presidential candidates and how these policies will impact you and your organization.
2015 Accounting Updates for Not-for-ProfitsWelch LLP
To view our webinars geared for Not-for-profits, please visit: http://www.welchllp.com/resource-centre/webinars/non-profit-hot-topics/
On Oct. 21st, 2015, we hosted our annual Accounting Updates for Not-For-Profits breakfast seminar where our expert panel presented the relevant updates for your NPO / Registered Charity.
The following topics were discussed:
- NPO & Charity Tax Updates
- EHT Exemption, EI Rebate, & HST Updates
- New Income Streams for Not-for-Profit Corporations
- Restrictions with Respect to Business Activities of NPOs & Charities
- Update on Accounting & Audit Standards
- Controlled Entities, Branches & Divisions
- Disaster Planning
Canadian Tax Insights: How High Net Worth Investors Should Navigate Today’s T...Nicola Wealth
In this webinar, Nicola Wealth CEO, John Nicola will address timely taxation topics to help you understand the developments in Canadian tax policy in relation to the taxation of homes, wealth, capital gains, and marginal tax rates. John will further prepare you to navigate the current tax environment by reviewing several tax planning options available to you and how these strategies integrate with overall portfolio design.
October 2015: New York Tax Update for Closely Held and Flow Through EntitiesTimothy Noonan
Overview of New York State and City tax issues affecting closely-held and flow-through entities and their owners doing business in New York. Presented for the NYSSCPAs at the annual Closely Held and Flow Through Entity Conference in October 2015.
Similar to High Net Worth Webinar Series: SALT Thoughts - Pass-Through Entity Taxes & Residency Changes (20)
C-Suite Snacks Webinar Series: Modern Decision SupportCitrin Cooperman
The role of finance continues to evolve in response to the ever-changing business environment. In order to keep your business agile, it is important to make sure that you're fully benefiting from a best-in-class FP&A function.
During this C-Suite Snacks webinar, Dominic DiBernardo, Partner and Corporate Performance Management Practice Leader, discusses what modern decision support looks like and the ingredients for a great financial planning and analysis (FP&A) function.
“Citrin Cooperman” is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Cooperman Advisors LLC serve clients’ business needs. The two firms operate as separate legal entities in an alternative practice structure. Citrin Cooperman is an independent member of Moore North America, which is itself a regional member of Moore Global Network Limited (MGNL).
C-Suite Snacks Webinar Series: Building an Advisory BoardCitrin Cooperman
Many private businesses evolve to the point where adding an advisory board can be a significant resource for the owners and senior leadership team, as they accelerate growth and profitability in their companies.
During this C-Suite Snacks webinar, Mark Dailey, a partner at Newport, LLC and seasoned advisory board expert, discusses when you should evaluate building a board, the leading practices and board structures you should consider, and the responsibilities that come with running your board.
“Citrin Cooperman” is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Cooperman Advisors LLC serve clients’ business needs. The two firms operate as separate legal entities in an alternative practice structure. Citrin Cooperman is an independent member of Moore North America, which is itself a regional member of Moore Global Network Limited (MGNL).
C-Suite Snacks Webinar Series: Prepping Your Company's Financials for SaleCitrin Cooperman
The business acquisitions market is booming and it’s a seller’s market out there! What can you do NOW to make sure that your business is ready?
Join us at our upcoming C-Suite Snacks webinar as Peter Colgan, Transaction Advisory Services Practice manager, discusses what business leaders find most challenging about preparing their financials for sale and how to efficiently conquer those challenges through the lens of a sell-side financial due diligence.
“Citrin Cooperman” is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Cooperman Advisors LLC serve clients’ business needs. The two firms operate as separate legal entities in an alternative practice structure. Citrin Cooperman is an independent member of Moore North America, which is itself a regional member of Moore Global Network Limited (MGNL).
Preparing for the new lease accounting standard can seem like a daunting task. In this webinar, we reviewed how you can handle and prepare to navigate your business through the new lease accounting standard in 2022.
Lease Accounting: Preparing Your Business for 2022Citrin Cooperman
Making a smooth transition to the new lease accounting standards and putting new practices in place for the future is a top priority for any business as they plan for 2022. During this webinar session, we reviewed how you can handle and prepare to navigate your business through the new lease accounting standards.
Topics included:
- What private companies should think about for 2022
- How the lease accounting standards can impact your financial
statements, financial covenants, and taxes
- Identifying opportunities for your business due to the new lease
accounting standards
C-Suite Snacks Webinar Series: The Talent Wars - Can Benefits Be Your Secret ...Citrin Cooperman
In today’s candidate-driven job market, offering a competitive benefits package can significantly improve your company’s success in both attracting and retaining talent. In this webinar session, Shaun Gagnon, president and managing partner of Cambridge Insurance Advisors, shares his insights on maximizing your employee benefits to attract employees and combat the talent shortage.
Topics included:
• Trends in open enrollment and wellness fairs
• Popular and practical benefits
• The war on talent
• Cost increases and how to deal with them
“Citrin Cooperman” is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Cooperman Advisors LLC serve clients’ business needs. The two firms operate as separate legal entities in an alternative practice structure. Citrin Cooperman is an independent member of Moore North America, which is itself a regional member of Moore Global Network Limited (MGNL).
High Net Worth Webinar Series - The Business of Digital Assets & BlockchainCitrin Cooperman
The recent rise of Bitcoin and digital assets has created significant new opportunities and challenges for investors. This emerging asset class is transforming both the technology and finance industries. In this session, you will learn about Bitcoin, its progeny, the emerging use cases for digital assets, and how investors are getting involved.
High Net Worth Webinar Series - Estate Planning Strategies and UpdatesCitrin Cooperman
There’s much uncertainty in the world of estate planning for high net worth individuals and their families. With numerous legislative proposals that would drastically alter the current estate planning landscape, listen in as our Trust and Estate Services Practice team discusses: various proposals, including those in Congress and the Biden Administration’s Green Book, estate and gift planning strategies for the remainder of tax year 2021, and more.
Showtime for Shuttered Venue Operators Grant (SVOG) RecipientsCitrin Cooperman
We discuss the ever-changing guidance around the conditions attached to the distribution of these funds and the specific requirements your organization needs to execute.
C-Suite Snacks Webinar Series: A Year Like No Other - Manufacturing and Distr...Citrin Cooperman
Our second annual Manufacturing and Distribution Pulse Survey Report explores the impact of the pandemic on the industry, and how businesses have pivoted to survive, including managing new product offerings, technology implementation, and supply chain disruptions.
During this webinar session, we discussed how 200 leaders of M&D companies, ranging from $20 million to over $1 billion in revenue, responded to our survey.
Topics included:
• How COVID-19 has accelerated the 4th Industrial Revolution
• Product sourcing changes
• Business pivots and what made them successful
Manufacturing & Distribution Update: The Economic Impact on the IndustryCitrin Cooperman
This presentation focused on what the future is likely to bring to manufacturers and distributors as the nation attempts to claw its way back from the worst of the COVID-19 crisis.
C-Suite Snacks Webinar Series: What's Your IP Worth? Discovering the Value of...Citrin Cooperman
Sign up for our weekly C-Suite Snacks webinars here: https://www.citrincooperman.com/infocus/c-suite-snacks
Our C-Suite Snacks webinar series provides the middle market with brief, strategic, and tactical business improvement information for 30 minutes every week. Join Citrin Cooperman live every Thursday at noon for snack-sized insights for business executives.
Every day brings news of a new music catalog sale, strategic piece of intellectual property purchased by a large company or private equity firm, or major transaction of a patent-driven business.
During this C-Suite Snacks webinar session, we discussed which intangible assets and intellectual property are commanding the highest prices and what is behind the value of these assets. Key takeaways included:
- An overview of what drives IP value
- COVID-19 impacts on IP value
- Current IP value trends
C-Suite Snacks Webinar Series: Best-In-Class Finance and Accounting: Should Y...Citrin Cooperman
Sign up for our weekly C-Suite Snacks webinars here: https://www.citrincooperman.com/infocus/c-suite-snacks
Our C-Suite Snacks webinar series provides the middle market with brief, strategic, and tactical business improvement information for 30 minutes every week. Join Citrin Cooperman live every Thursday at noon for snack-sized insights for business executives.
During this C-Suite Snacks webinar session, Jason Slivka, executive vice president of strategic initiatives, and Steve Ronan, principal and leader of our Business Process Outsourcing Practice, discussed how outsourcing your accounting function drives profitability and business value. They covered:
- Cleaning up historical books and records
- Combining in-house staff and outsourced capabilities
to get best-in-class expertise across your accounting
function
- How better forecasting and financial analysis drives
better management decisions
- Best practices for accounting technology
- Trends in middle-market accounting operations
C-Suite Snacks Webinar Series: Not Sold on Selling Your Business? Why Now is ...Citrin Cooperman
Sign up for our weekly C-Suite Snacks webinars here: https://www.citrincooperman.com/infocus/c-suite-snacks
Our C-Suite Snacks webinar series provides the middle market with brief, strategic, and tactical business improvement information for 30 minutes every week. Join Citrin Cooperman live every Thursday at noon for snack-sized insights for business executives.
The recently proposed tax provisions in the Biden Administration’s American Families Plan should provide substantial incentives for business owners to discuss the creation of an Employee Stock Ownership Plan (ESOP).
During this C-Suite Snacks webinar session, Howard Klein and Heather Oboda covered more about ESOPs, including:
- An overview of what an ESOP is including financial and non-financial benefits
- The common misconceptions about ESOPs
- How the current tax proposals make an ESOP more attractive
MasterSnacks: Cybersecurity - Playing Offense: A Proactive Approach to Cybers...Citrin Cooperman
Sign up for our weekly MasterSnacks courses here: https://www.citrincooperman.com/infocus/mastersnacks
MasterSnacks, our C-Suite Snacks spin-off, brings you a series of topic-specific courses, using our snack-sized sessions to go in depth on content important to you. Join MasterSnacks live every Wednesday at noon for live exclusive sessions.
In today's world, a cyber attack happens every 39 seconds on average. For every doom and gloom story we can tell, there are also instances where another organization’s proactive defense has helped to avoid a cyber attack.
During our final MasterSnacks: Cybersecurity session, we discussed strategies your company can implement to move your IT environment from reactive to proactive. We also shared examples of current clients whose proactive positions have had a real impact in thwarting hackers' attempts at infiltrating their organizations. We covered:
- Case studies on companies that have successfully staved off cyber attacks
- Proactive strategies for protecting your infrastructure
- Automated tools to facilitate more timely evaluation and monitoring
MasterSnacks: Cybersecurity - Disaster Recovery: Hoping for the Best but Plan...Citrin Cooperman
Sign up for our weekly MasterSnacks courses here: https://www.citrincooperman.com/infocus/mastersnacks
MasterSnacks, our C-Suite Snacks spin-off, brings you a series of topic-specific courses, using our snack-sized sessions to go in depth on content important to you. Join MasterSnacks live every Wednesday at noon for live exclusive sessions.
Since a disaster is more a matter of “when” and not “if,” it’s critical to have a plan in place to ensure a rapid recovery. Whether it’s a natural cataclysm or a human-made catastrophe, having actionable, tested steps in place to recover could mean the difference between a brief outage and weeks of downtime.
During session 2, we covered disaster recovery planning. Key takeaways included:
- Knowing the key components to include in a plan
- Understanding Recovery Time Objective (RTO) and Recovery Point Objective (RPO)
- Differentiating between disaster recovery, business continuity, and incident response plans
C-Suite Snacks Webinar Series: Mise en Place: Ensuring the Success of Your Bu...Citrin Cooperman
Sign up for our weekly C-Suite Snacks webinars here: https://www.citrincooperman.com/infocus/c-suite-snacks
Our C-Suite Snacks webinar series provides the middle market with brief, strategic, and tactical business improvement information for 30 minutes every week. Join Citrin Cooperman live every Thursday at noon for snack-sized insights for business executives.
While restaurant owners are taking precautionary health measures to protect their staff and customers, reopening may require a difference business approach altogether. Many realize that customer needs and expectations have shifted, and it is imperative for these owners to adjust to the new reality in order to succeed.
During our C-Suite Snacks webinar session, we covered how to set your business up for success in order to thrive going forward. Key takeaways included:
- Leveraging on landlords and new lease options
- Rethinking operations and e-commerce expectations
- Minding your PPPs, RRFs, SVOGs, and ERTCs
- Strategies for cash flow and revenue streams
MasterSnacks: Cybersecurity - Third-Party Crashers: Avoiding Service Provider...Citrin Cooperman
Sign up for our weekly MasterSnacks courses here: https://www.citrincooperman.com/infocus/mastersnacks
MasterSnacks, our C-Suite Snacks spin-off, brings you a series of topic-specific courses, using our snack-sized sessions to go in depth on content important to you. Join MasterSnacks live every Wednesday at noon for live exclusive sessions.
As your business wages war against cyber criminals, you must combat the vulnerabilities posed by your own third-party service providers. Your external providers must be held accountable in order to keep your business safe and secure.
During Session 1 of our MasterSnacks:Cybersecurity series, we covered more about mitigating third-party risks by evaluating and managing your service providers. Key takeaways included:
- Third-party risk evaluation and management systems
- Strategies to mitigate risk
- The value and difference between SOC Reports
C-Suite Snacks Webinar Series: In The Weeds- The Cannabis Industry...What's I...Citrin Cooperman
Sign up for our weekly C-Suite Snacks webinars here: https://www.citrincooperman.com/infocus/c-suite-snacks
Our C-Suite Snacks webinar series provides the middle market with brief, strategic, and tactical business improvement information for 30 minutes every week. Join Citrin Cooperman live every Thursday at noon for snack-sized insights for business executives.
When in your lifetime have you witnessed the birth of an industry? As this industry transitions from illegality into a state-legal/federally illegal business, it faces business challenges like no other. Between difficulties in obtaining basic banking services, being taxed on gross margin rather than net income, and complex state and local regulatory environments, business owners and entrepreneurs face enormous hurdles.
During this webinar session, we covered the business challenges in the cannabis industry. Key takeaways included:
• Overview and business challenges faces
• Taxation of the industry
• Cash flow and fraud risks
MasterSnacks: Cryptocurrency Taxes on Bitcoin and Digital AssetsCitrin Cooperman
Sign up for our weekly MasterSnacks courses here: https://www.citrincooperman.com/infocus/mastersnacks
MasterSnacks, our C-Suite Snacks spin-off, brings you a series of topic-specific courses, using our snack-sized sessions to go in depth on content important to you. Join MasterSnacks live every Wednesday at noon for live exclusive sessions.
The recent cryptocurrency bull market has attracted many new retail and institutional investors. With this transformational technology, there are tax considerations related to every transaction. During this MasterSnacks: Cryptocurrency session, we covered:
• Taxation of digital assets
• Unusual tax situations for crypto assets (forks, airdrops, securities, etc.)
• Tax tips related to cryptocurrency to save time and money
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
Taurus Zodiac Sign_ Personality Traits and Sign Dates.pptxmy Pandit
Explore the world of the Taurus zodiac sign. Learn about their stability, determination, and appreciation for beauty. Discover how Taureans' grounded nature and hardworking mindset define their unique personality.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
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RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
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High Net Worth Webinar Series: SALT Thoughts - Pass-Through Entity Taxes & Residency Changes
1. August 11, 2021
High Net Worth Webinar Series
Growing Wealth & Preserving Your Legacy
SALT Thoughts:
Pass-Through Entity Taxes &
Residency Changes
2. Our Presenters
Partner
State and Local Tax
New York City
Patrick Daly, CPA
Partner
State and Local Tax
White Plains
Eugene Ruvere, CPA, MST
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P a s s- Thr ou g h Entity Taxes
State - Specifics
Residency Chan ge s
Domicile
Statutor y Residency
Concludin g Thou g hts
Other States - Recent
Adoptio ns
Concludin g Thou g hts
Agenda
4. Polling Question #1
Are you interested in receiving CPE?
a. Yes
b. No
c. I’m just here because I’m a member of the Pat Daly fan club
4
5. into
Pass-Through Entity Tax
Background
• 2018 Tax Cuts & Jobs Act - $10,000 SALT deduction cap.
• Cap applies to individual taxpayers, but not business entities paying entity-level
taxes.
• Significant tax ramifications for pass-through entity owners in high income tax
states.
• Pass-Through Entity Tax Work-Around
• More than a dozen states have enacted (and counting).
• Mandatory vs. elective considerations.
• IRS Notice 2020-75
• Provided IRS-approval for federal deductibility of state pass-through entity taxes.
• Approval regardless of deduction or credit mechanism that may be available to partners,
members and shareholders.
5
6. into
Background continued
• Ramifications for cash vs. accrual taxpayers – apparent requirement for tax
payments made during the tax year
• Financial statement implications
• Common Issues
o Utilization of tax credits
o Allowance for composite returns and availability of credit if composite filed
o Non-resident withholding/cash flow
o Credit for tax paid in resident state
o Add-back
o Allocations when dealing with pass-through entity owners who may be exempt
o Tiered structures
6
7. into
New York
• Elective Pass-Through Entity Tax (“PTET”)
o The PTET applies to tax years beginning on or after 1/1/21.
o PTEs must make irrevocable election to be subject to the PTET annually by
the 1st quarterly payment due date of the tax year (generally March 15th).
o The 2021 election is due October 15, 2021.
o Electing PTEs may apply for an extension of up to six months to file.
o Once a PTET return has been filed, it can only be amended if authorization is
received.
o An electing pass-through entity becomes liable for payment of the PTET
upon making the election.
7
7
8. into
New York continued
• Elective Pass-Through Entity Tax
o Quarterly estimated payments of 25% of the required annual payment due by March 15, June
15, September 15 and December 15.
o The annual payment of estimated tax required to avoid penalties and interest is the lesser of
90% of the PTET shown on the entity’s return for the taxable year or 100% of the PTET shown
on the entity’s return for the preceding taxable year.
o For tax year 2021, individual members, partners or shareholders should continue making
estimated income tax payments at the individual level.
8
9. into
New York continued
• Elective Pass-Through Entity Tax
o Differing tax base computations for partnerships/LLCs versus S corporations.
o Based on income subject to personal income tax so no tiered entities in computation.
o PTET base of an electing partnership/LLC is the sum of:
• The resident partners/members’ un-apportioned flow-through income and
• The nonresident partners/members’ apportioned flow-through income.
• Note that partnerships/LLCs use a 3-factor evenly-weighted formula with charges for services
being sourced to NYS when performed by or through an office of the business located within
NYS.
o PTET base for S corporations is equal to NYS source income of the business with no difference in
calculation for resident and nonresident partners.
• Note that S corps use a single sales factor apportionment formula with market sourcing.
9
10. into
New York continued
• Elective Pass-Through Entity Tax
o PTE owners are entitled to a refundable tax credit in the amount of PTET paid by an electing
entity on their share of taxable income.
o NYS residents entitled to a credit for tax paid for their share of any pass-through entity tax
substantially similar to NYS.
o NYS taxpayers should add back the amount of the above-referenced PTET credits to NYS
taxable income.
10
11. into
Elective Pass-Through Entity Tax
New York continued
11
PTE Taxable Income up to $2m 6.85%
PTE Taxable Income over $2m, but under $5m 9.65%
PTE Taxable Income over $5m, but not over $25m 10.30%
PTE Taxable Income over $25m 10.90%
12. New York PTE Tax –
Calculation Example 1
Partnership – New York
Resident Individual
Partner
12
New York PTE Tax Calculation Examples
For Discussion Purposes Only
37% Federal Effective Rate NY Resident
Partnership - All Operations in New York 40% Interest in PTE
Federal Income Tax
Taxable Income before PTE Deduction (PTE-Level) 15,000,000
PTE Deduction (PTE-Level) 1,456,500
Taxable Income (PTE-Level) 13,543,500
Distributive Share (PTE Owner-Level) 5,417,400
Other Income (PTE Owner-Level) 500,000
Federal Taxable Income (PTE Owner-Level) 5,917,400
Federal Income Tax Due (PTE Owner-Level) 2,189,438
Net Federal Savings to PTE-Owner 215,562
New York Income Tax - PTE Owner
Federal Taxable Income 5,917,400
New York Modifications 750,000
PTE Tax Add-Back 582,600
New York Taxable Income 7,250,000
New York Tax 651,164
PTE Credit 582,600
Resident Credit -
Remaining NY Tax Due 68,564
13. New York PTE Tax –
Calculation Example 2
Partnership – Virginia
Resident Individual
Partner
13
New York PTE Tax Calculation Examples
For Discussion Purposes Only
37% Federal Effective Rate VA Resident
Partnership - All Operations in New York 40% Interest in PTE
Federal Income Tax
Taxable Income before PTE Deduction (PTE-Level) 15,000,000
PTE Deduction (PTE-Level) 1,456,500
Taxable Income (PTE-Level) 13,543,500
Distributive Share (PTE Owner-Level) 5,417,400
Intangible Income (stocks, bonds, etc.) 500,000
Federal Taxable Income (PTE Owner-Level) 5,917,400
Federal Income Tax Due (PTE Owner-Level) 2,189,438
Federal Savings to PTE-Owner 215,562
Net Detriment in Light of Resident Credit Issue (139,064)
New York Income Tax - PTE Owner
Federal Taxable Income 5,417,400
State Modifications 750,000
PTE Tax Add-Back 582,600
New York Taxable Income 6,750,000
New York Tax 599,664
PTE Credit 582,600
Resident Credit -
Remaining NY Tax Due 17,064
Foregone VA Resident Credit 354,626
14. New York PTE Tax –
Calculation Example 3
S Corporation – New York
Resident Shareholder
14
New York PTE Tax Calculation Examples
For Discussion Purposes Only
37% Federal Effective Rate NY Resident
S Corporation - All Operations in New York, but 40% Interest in PTE
only 50% Receipts Factor for Apportionment
Federal Income Tax
Taxable Income before PTE Deduction (PTE-Level) 15,000,000
PTE Deduction (PTE-Level) 684,000
Taxable Income (PTE-Level) 14,316,000
Net Pro Rata Share (PTE Owner-Level) 5,726,400
Intangible Income (stocks, bonds, etc.) 500,000
Federal Taxable Income (PTE Owner-Level) 6,226,400
Federal Income Tax Due (PTE Owner-Level) 2,303,768
Net Federal Savings to PTE-Owner 101,232
New York Income Tax - PTE Owner
Federal Taxable Income 5,726,400
State Modifications 750,000
PTE Tax Add-Back 273,600
New York Taxable Income 6,750,000
New York Tax 599,664
PTE Credit 273,600
Resident Credit -
Remaining NY Tax Due 326,064
15. Polling Question 2
Do you think you or someone you know will take advantage of a
pass-through entity tax opportunity?
a. Yes
b. No
c. Still need to think about how it applies
16
16. into
New Jersey
• Pass-Through Business Alternative Income Tax (“PBAIT”)
took effect in 2020.
• Pass-through entities may elect to pay an entity-level tax
on New Jersey source income.
• Return due date of 3/15 or 15th day of third month after
year-end; also deadline for making PBAIT election.
• Owners of PTEs receive refundable income tax credits for
tax paid by entity based on income allocation (not
refundable for CBT taxpayers).
• Tiered partnership claims credit for tax paid on its behalf
on NJ CBT-1065.
17
17. • Tax imposed on NJ source income—using schedule NJ-NR-A; 3-factor evenly-
weighted apportionment formula with services sourced based on where performed
(even for S corps, despite the fact that normally they use single sales factor
apportionment with market sourcing).
• The tax base may include net income, dividends, royalties, interest, rents,
guaranteed payments, and gains of a PTE, provided NJ source.
• Legislation calls for consolidated/combined option for PTEs which are commonly-
owned.
• Refundable credit from the tax passed through to an estate or trust may be used by
the estate/trust or allocated to beneficiaries.
18
New Jersey continued
18. New Jersey continued
• Estimated tax payments: 4/15, 6/15, 9/15, 1/15.
• No penalties for 2020 due to lack of forms/guidance.
• Nonresident withholding still applicable even if election made - cash flow issue.
• Credit for PBAIT paid should be available on composite return.
• If election made, tax must be paid on behalf of all members, even those which
are tax-exempt.
• Potential issue with Pennsylvania resident credit.
19
19. into
New Jersey continued
20
Sum of Each Members Share of Distributive Proceeds Tax Rate
First $250,000 5.675%
Amount of $250,00 but not over $1 million ($14,187.50 plus
6.52% of excess over $250,000)
6.52%
Amount over $1 million but no over $5 million ($63,087.50
plus 9.12% of excess over $1 million)
9.12%
Amount over $5 million ($427,887.50 plus 10.9% of the
excess over $5 million)
10.9%
20. into
Connecticut
• Mandatory pass-through entity tax imposed since tax year 2018.
• 6.99% entity-level tax.
• Two potential methods for computing tax base:
o CT-source income; or
o CT-source income + resident portion of unsourced income.
• Tax credit available on individual owner’s return for 87.5% of tax
computed on owner’s share of income.
• In tiered partnership context, subtraction of previously taxed
income at lower tier level.
• Commonly-owned (80%) pass-through entities can elect to file a
combined PE tax return.
• Estimated payments: 4/15, 6/15, 9/15, 1/15.
21
21. into
California
• Recently-passed elective tax for tax years 2021-2025 or until the
SALT deduction returns uncapped at the individual level.
• 9.3% tax on CA-source income for nonresidents and all income
regardless of source for residents.
• CA uses single sales factor apportionment with market sourcing.
• Non-refundable tax credit available to owners/partners for PTE
tax paid with 4-year carry-forward.
• Election shall be made on a timely filed tax return, including
extension.
o No election available for an entity with partnership or multi-member LLC
owners/partners etc.
22
22. into
California continued
• For 2021 tax year, tax to be paid by original due date (don’t forget the IRS
guidance though).
• For subsequent years, the PTE shall remit either 50% of the elective tax paid
during the prior taxable year, or $1,000, whichever is greater.
• The remaining balance of the tax due shall be due on or before the original due
date, without regard to any extensions.
• Failure to make the first payment due on June 15th will disqualify the pass-
through entity from the elective tax for the taxable year.
• Questions surrounding utilization of credit on composite filing and nonresident
withholding.
23
23. • Maryland
• Massachusetts
• Rhode Island
• Additional states to follow
depending on what happens in DC
Other Significant
States/
Recent Adoptions
24
24. Pass-Through Entity Taxes -
Concluding Thoughts
• Opportunity should be there for many pass-through entity owners.
• Focus on make-up of residency of owners of PTE.
o No resident credit issue for owners in no income tax states like FL, TN, TX, etc.
o Possible resident credit issue for owners in states without PTE tax regimes.
• Weigh added compliance costs (e.g., administrative costs of electing in and
navigating new tax regime; no composite allowed in states like MD).
• Consider cash flow impact of required withholding and estimated payments.
25
25. Changing Residency - Objectives
• Providing a solid understanding of state/city personal income tax concepts such
as:
o Domicile
o Statutory residency
o Nonresident state-sourced income
26
26. Polling Question #3
If you could move to a state that has no personal income tax,
which one would it be?
a. Florida
b. Nevada
c. Texas
d. One of the other ones
27
27. Key Concepts - Domicile
• Domicile - An individual’s permanent residence or “true home.”
• “Domicile” and “residence” are often used synonymously but have distinctly different
meanings.
• An individual may have many residences BUT can have only one domicile.
• Once established, an individual’s domicile remains as such until there is “clear and
convincing” evidence that the individual intended to give up his or her old domicile and
has in fact established a new domicile.
28
30. Determining Domicile
• Home – Comparison of size, fair market value and usage, as well as community ties in the
involved jurisdictions.
• Active Business Involvement – Analysis of taxpayer’s active business participation, if any,
and where it takes place.
• Time - Not simply a 183-day test.
• Near and Dear Items - Location of cherished possessions.
• Family – General focus is spouse and minor children with some weight to location of
extended family (siblings, grandchildren, etc.).
• Other – Window-dressing items such as driver’s license, voter registration, car
registrations, etc.
31
31. New York Statutory Residency Test
• Three Key Points to Statutory Resident Test
o What does “maintain a permanent place of abode” mean?
o What does “substantially all” mean?
o What is a “day” for this purpose?
32
32. Non-Resident
• Non-Resident – An individual who is not a domiciliary or statutory resident but
derives income from “in-state” sources.
• Income from in-state sources can include:
o Wages for services performed within state
o Convenience vs. necessity rule for days worked at home (New York and Pennsylvania are
primary states with rule)
o Deferred compensation and stock options
o Flow-through entity income
33
33. Changing Domicile in COVID-19
Environment
• Simple Test – If your “life” substantially reverts back to what and where it was
pre-COVID, it will likely be VERY difficult to convince the historical domicile state
that the intent was to change domicile, regardless of the amount of time spent in
the proposed “new domicile.”
• From the NYS Department of Tax website:
o Your New York City domicile does not change until you can demonstrate with clear and
convincing evidence that you have abandoned your city domicile and established a new
domicile outside New York City. Even if you live in a location outside of the city for a period of
time, if it’s not the place you attach yourself to and intend to return to, it’s not your domicile.
Your domicile will still be New York City and you will still be considered a New York City
resident.
34
34. Example #1
• Mary has been filing as a NYC resident for 15+ years.
• She maintains a 6 BR home in Westchester County, NY and a 2 BR apartment in
New York City close to her job.
• Each year before 2020 she spent greater than 183 days in NYC; because of COVID
she will be under 184 days in NYC for 2020 and possibly 2021 as well.
• Her children are in high school in Westchester.
35
35. Polling Question #4
Is Mary a New York City resident in 2020?
a. Yes
b. No
c. I need more information to figure that out
d. Even with more information I’ll still have no idea
36
36. Example #2
• John (and his family’s) primary home was in New Jersey for 10+ years.
• His place of work was in NYC during that same period, with his W-2 being his primary income
source.
• John is fed up with the property taxes and state personal income tax rates; COVID triggers a
desire to move to Wyoming, but he wants to maintain his home in NJ.
• His employer is willing to let him work remotely from Wyoming but there is no plan to open an
office in Wyoming.
• His children will start school in Wyoming in fall 2021.
37
37. Concluding Thoughts
• Apply the state/city residency and income-sourcing rules to your personal facts.
• Have a conversation with a trusted state tax advisor before taking a leap.
• Ensure the residency change is worth your while (i.e., the tax savings are meaningful to you).
38
39. Disclaimer
These materials provided by Citrin Cooperman & Company, LLP, are intended to provide general
information on a particular subject or subjects and are not an exhaustive treatment of such
subject(s) and are not intended to be a substitute for reading the legislation. Any advice contained
in this communication, including attachments and enclosures, is not intended as a thorough, in-
depth analysis of specific issues. Nor is it sufficient to avoid tax-related penalties. The materials are
being provided with the understanding that the information contained therein should not be
construed as legal, accounting, tax or other professional advice or services. Before making a
decision or action that may affect you or your business, you should consult with Citrin Cooperman &
Company, LLP, or another qualified professional advisor. The materials and the information
contained therein are provided as is, and Citrin Cooperman & Company, LLP, makes no express or
implied representations or warranties regarding these materials. Without limiting the foregoing,
Citrin Cooperman & Company, LLP, does not warrant that the materials or information contained
therein will be error-free or will meet any particular criteria or performance or quality. In no event
shall Citrin Cooperman & Company, LLP, its affiliates, officers, principals and employees be liable to
you or anyone else for any decision made or action taken in reliance on the information provided in
these materials. The information and content provided in these materials is owned by Citrin
Cooperman & Company, LLP, and should only be used for your personal or internal use and should
not be copied, redistributed or otherwise provided to third parties.
40