This seminar will feature a detailed New York State tax update by Mark Klein featuring the new 2020-2021 NYS budget, new enforcement initiatives, NY estate tax issues and residency rules, and an analysis of the effects of TC&JA and COVID-19 on NYS taxes. Joe Endres will present an update on NYS sales tax rules and abandoned property rules.

For the afternoon session you will be able to choose 2 of the 3 topics and speakers listed below (you do not need to decide now, all 3 options will be presented at the webinar and you can choose to view any 2). 

Topics & Learning Objectives Include:

Morning Session - Mark Klein & Joe Endres

• The Recently Passed 2020-2021 NYS Tax Budget
• New Legislation
• Possible Legislation
• COVID- 19 Impact on Audits
• COVID -19 Impact on Residency Issues
• UBT Issues and Telecommuting
• Enforcement Issues
• Residency
• Multistate Nexus Created by COVID-19
• Sales Tax Issues
• Handling a Case from Audit to Court
• Abandoned Property

Afternoon Session (You Will Have the Option on the day of the Webinar to Choose any 2 of the 3 Courses Below) -

Chaim Kofinas - NJ Tax Update

• NJ Estate Tax repeal
• NJ Inheritance Tax Trap
• Summary of NJ Taxation of Individuals
• Retirement Income Exclusion
• NJ Reaction to TCJA Individual
• Summary of NJ Taxation
• NJ Reaction to TCJA Business
• Update on Sales Tax

Prof. Barry Leibowicz - New York Sales and Use Tax Audit Representation Update

• Creating and Managing the Audit Proof Business
• Audit Procedures During the Pandemic
• Identifying and Dealing with Procedural Traps
• Minimizing Personal or Criminal Liability
• Avoiding Crossover Effects on Other Liabilities
• Protesting an Assessment

Scott Ahroni - International Tax Update

• Recent Campaign by the IRS Going After Previously Filed Offshore Voluntary Disclosure Programs (OVDP)
• Non-Resident Filing Rules (1040NR)
• How to determine U.S. tax residence and possible relief for individuals and workers “sheltering-in-place” in the United States
• Common issues with preparing Form 1040-NR, Nonresident Alien Income Tax Return, including determination of FDAP and effectively connected income and claiming treaty benefits
• Tax obligations for residents and non-residents leaving the United States, including a discussion on the “expatriation tax” and FIRPTA
• How recently issued regulations will impact your client’s income sourcing and foreign tax credit calculations, as well as, their exposure to the GILTI tax
• Foreign information reporting obligations including FBAR and Forms 5471, 5472 and 8938
• Possible relief from foreign income and information return reporting compliance through recently revised voluntary disclosure programs