New York corporate tax reform and considerations

The attorneys at the law offices of Cox, Padmore,Skolnik & Shakarchy, L.L.P., are well-versed in New York state and federal business tax guidelines, and understand the financial stakes involved in smart tax planning. No matter if you are a startup business or major corporation, your current earnings as well as earning potential can be affected by a number of tax considerations. That is why it is so important to always recognize and implement up-to-date taxation policies and procedures.

Despite the fact that it may seem as though changes to IRS tax guidelines move at a glacial pace, the truth of the matter is that the state of New York recently experienced major corporate tax reform. According to the state’s Department of Taxation and Finance, changes to the New York corporate tax system went into effect at the beginning of this year and represent the most significant reforms in more than 60 years. In addition to implementing a number of corporate tax cuts, the recent reforms also modify the tax code and clarify some areas of confusion and dispute for taxpayers.

In addition to understanding whether and how recent changes to the state tax system impact large and small businesses alike, it is also important to consider how tax issues can affect everyday dealings. For instance, achieving nonprofit organization status could make you eligible for federal tax exemptions and other benefits. Similarly, the structuring of business transactions like mergers and acquisitions should always account for factors like corporate sales tax. In cases involving startups and small businesses, it is also generally recommended that you consider how your business investments and operations will be addressed in your estate planning arrangements.

Of course, there are a large number of other business-related topics that can come up when dealing with state taxes and tax guidelines. Learn more about business tax structuring and other related subjects by visiting our web page today.

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