Airbnb settles lawsuit with New York City

On December 2nd New York City and Airbnb resolved a lawsuit that was filed by Airbnb in October in Manhattan federal court. The lawsuit – as previously reported in the October 24 Mazars USA Real Estate Alert – challenged legislation signed by Governor Cuomo in October. Under the new law it is illegal to advertise […]

New Jersey Sets Transition Guidelines for Sales Tax Reduction

As reported in our previous alert, effective January 1, 2017, New Jersey reduced its sales tax rate from 7% to 6.875% statewide. The state has set guidelines to aid in the transition which may apply to your organization. Sales, Charges, & Fees If tangible personal property (TPP) or specified digital products were sold and delivered […]

NY Requires Driver’s License Numbers on E-Filed Tax Forms

On January 10, 2017, the New York State Department of Taxation and Finance, in an effort to combat tax-related identity theft, has reported that taxpayers will be required to provide driver’s license numbers along with their electronically filed tax returns. Beginning with 2016 e-filed returns, individual taxpayers that have a driver’s license will be required […]

New York Mandatory First Installment & Metropolitan Transportation Business Tax Surcharge

New York State and New York City have implemented changes to the mandatory first installments of estimated corporate business tax, including an increase in the Metropolitan Transportation Business Tax Surcharge. Mandatory First Installments This modification is to the mandatory first installment (MFI) of estimated business tax for corporate tax purposes. For all mandatory first installments […]

Updates on FINCEN and IRS International Reporting Requirements

There have been recent updates regarding the filing requirements for the following forms: FinCEN Form 114 (Report of Foreign Bank and Financial Accounts) – automatic extension granted Form 8938 (Statement of Specified Foreign Financial Assets) – specified domestic entities now required to file Form 8938 Form 5472 (Information Return of a 25% Foreign-Owned U.S. Corporation […]