State and Local Tax Update for 2021 - NYS & NYC

Also Featuring an International Tax Update & 1099 v W-2 Determination


CATEGORY: Taxation

SPEAKER: AM Session: Mark Klein, Joe Endres.
PM Session: Prof. Barry Leibowicz & Scott Ahroni.

DATE: Thursday December 2, 2021

TIME: 8:50 A.M. - 5:10 P.M. Eastern 8:50 - 10:45 Welcome & Lecture
10:45 - 11:00 Coffee Break
11:00 - 12:30 Lecture
12:30 - 1:30 Lunch (on your own)
1:30 - 3:15 Lecture
3:15 - 3:30 Coffee Break
3:30 - 5:00 Lecture
5:00 - 5:10 Wrap-up

LOCATION: L.I. Marriott, LI (Conditions Permitting)

This seminar will feature a detailed New York State tax update by Mark Klein and Joe Endres featuring the NEW NYC PASS-THROUGH RULES - SALT WORKAROUND, the new 2021-2022 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.

The afternoon session you will be Independent Contractor v Employee (W-2) Determination by Prof. Barry Leibowicz, and International Tax Update by Scott Ahroni - see detailed topics below. 

Topics & Learning Objectives Include:

Morning Session - Mark Klein & Joe Endres

  • The Recently Passed 2021-2022 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. THE HOTEL SEMINAR WILL NOT INCLUDE AN NJ UPDATE - WE WILL SEND A VIDEO TO ALL ATTENDEES) -

Chaim Kofinas - NJ Tax Update

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

Prof. Barry Leibowicz - Independent Contractor v Employee (W-2) Determination

  • Significant in computing the 20% flow-through deduction under TCJA Section 199A

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
  • Program Level: Overview
  • Prerequisites: Basic knowledge of NYS and NYC tax returns
  • Advance Preparation: None Required
  • $295.00 $260.00
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