We love being in New York City, but running a business here can get complicated. We know because we run a business here, too. One area that deserves more attention is New York SALT tax workarounds. These programs can help eligible business owners reduce the federal tax impact of the limit on deducting state andContinue reading “New York SALT Tax Workarounds: PTET vs. ECEP and NYC Options”
Category Archives: NYC-Specific Rules
S-Corp Payroll Checklist: 8 Things Owners Should Review
If you own an S-Corp, our S-Corp payroll checklist covers eight things worth reviewing before your final payroll of the year. We see this regularly with small business owners. Everything looks fine in QuickBooks, the payroll runs are happening, and the owner has been taking money out of the business throughout the year. Then weContinue reading “S-Corp Payroll Checklist: 8 Things Owners Should Review”
You Wrote It Off Federally—So Why Is New York Still Taxing It?
One of the more confusing parts of New York bonus depreciation is that your federal tax return and your New York tax return can tell two very different stories about the exact same business purchase. We just finished a tax return for a new client who owns an S corporation, and this issue had aContinue reading “You Wrote It Off Federally—So Why Is New York Still Taxing It?”
New York City Domicile: The 183-Day Rule Is Only Half the Story
We are expecting to see New York City Domicile come up much more frequently because New York City now has a non-primary residence property surcharge, commonly referred to as the pied-à-terre tax, on certain higher-value homes, condominiums and cooperative apartments that are not used as a primary residence. That creates an interesting tax situation. AContinue reading “New York City Domicile: The 183-Day Rule Is Only Half the Story”
New York ECEP: What S-Corp Owners should do by December 1
We love being in New York, but running a business here can be complicated. The New York ECEP is a good example: the election is made by the employer, the tax is paid through the business, and the related credit appears on an employee’s personal New York return. You have to look at all threeContinue reading “New York ECEP: What S-Corp Owners should do by December 1”
NYC Home Office Deduction for Condo and Co-op Owners
We love being in New York City, but running a business here can get expensive. That means we want to take advantage of legitimate tax deductions wherever they are available. For business owners who work from home, the NYC home office deduction can be one of them. When you rent your apartment, the basic calculationContinue reading “NYC Home Office Deduction for Condo and Co-op Owners”
The NYC Freelance Isn’t Free Act Explained for Business Owners
The NYC Freelance Isn’t Free Act affects many New York City businesses that hire freelancers, consultants, designers, writers, photographers, developers, marketers, and other independent contractors. At its core, the law is fairly straightforward: put qualifying freelance agreements in writing, clearly state when the freelancer will be paid, and then pay them on time. That mayContinue reading “The NYC Freelance Isn’t Free Act Explained for Business Owners”
How NYS Voluntary Disclosure Saved Our Client $13,000
The NYS Voluntary Disclosure Program can give an eligible business owner a way to correct past tax problems before the Tax Department contacts them. In one recent case, we used the program to help a New York City business address 21 unfiled sales tax returns, avoid nearly $13,000 in penalties, and create a manageable planContinue reading “How NYS Voluntary Disclosure Saved Our Client $13,000”
NYC Employee Hiring Checklist for Business Owners
Hiring your first employee is a big step. It also comes with more paperwork than most business owners expect. This NYC employee hiring checklist will help you organize the federal, New York State, and New York City requirements that generally apply when you hire a W-2 employee. The goal is not merely to get someoneContinue reading “NYC Employee Hiring Checklist for Business Owners”
NYC Paid Sick Leave Laws: What Small Business Employers Need to Know
If you have employees working in New York City, NYC paid sick leave laws are not something to leave on autopilot. The rules have changed over time, and the 2026 updates added new responsibilities that many small business owners may not have fully built into their payroll systems, handbooks, or employee notices yet. Sick leaveContinue reading “NYC Paid Sick Leave Laws: What Small Business Employers Need to Know”