COVID-19 Telecommuting and NYC’s UBT: Tax Savings Opportunities for Hedge Funds and Other Professional Services Firms
Covid-19 has changed the working landscape for employees and employers everywhere. Now more than ever, individuals who used to travel into New York City for work are logging in remotely from home, delivering their services miles away from their Manhattan offices. This “new normal” presents many new tax issues in the personal income tax and corporate tax spaces. But also, as reported by the Wall Street Journal in a recent article, these new circumstances present a potential unique tax-savings opportunity for professional service companies subject to the NYC Unincorporated Business Tax (UBT).
Join Tim Noonan and Nishant Mittal in a discussion that covers the legal and practical aspects of how to minimize UBT while being prepared for a potential audit.