EY Tax Webcast

2014 New York corporate tax reform

Special domestic tax webcast

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On 31 March 2014, New York Governor Cuomo signed the FY2014-15 budget bill, which enacts the most sweeping corporate tax reform in well over 50 years.

These legislative changes will dramatically change New York’s business tax system and affect a variety of New York taxpayers. The changes will be generally effective in 2015; however, some provisions take effect in 2014 or are delayed until 2016 and later years.

The following topics will be discussed on the upcoming webcast:

  • An overview of the significant New York corporate tax law changes contained in the budget bill
  • A discussion of the corporate tax reform, including the repeal of the existing bank franchise tax and its merger into a substantially modified New York general corporation franchise tax
  • A discussion of the modified general corporation franchise tax, including changes to New York’s combined reporting rules, its NOL carryover rules, the adoption of an economic nexus standard applicable to all corporations and clarification of the application of its single gross receipts factor apportionment provision
  • An overview of the significant changes impacting qualified New York manufacturers, including application of a new 0% rate exclusively for manufacturers and the enactment of special property tax credits designed to relieve some of the burden of local property taxes

This is an interactive webcast and we encourage you to ask questions.

 

Panelists:

Bill Korman

Ernst & Young LLP, State and Local Tax, New York, NY

Bill Korman is part of Ernst & Young LLP’s Northeast Region Indirect and State & Local Tax practice. He has more than 36 years of tax experience, including 25 years as a multi-state tax specialist with other Big 4 accounting firms.

Previously, he had nine years of experience working for several New York based investment banks. Bill has extensive experience establishing multi-state tax plans for high-growth companies throughout the region.

Bill received his BBA degree from Baruch College, his JD from Brooklyn Law School and received an LLM in Taxation from New York University School of Law.

Karen Ryan

Ernst & Young LLP, State and Local Tax, New York, NY

Karen Ryan is a New York-based Executive Director and the Indirect Tax Financial Services Office Banking and Capital Markets leader for Ernst & Young LLP. She has more than 20 years of tax experience and has been with the firm since 2008. Karen has experience in corporate and business tax planning at the state and local level for multinational corporations in the financial services industry.

Karen joined Ernst & Young LLP from Merrill Lynch, where she spent the prior ten years. At this broker-dealer/investment bank she served as Senior Tax Counsel responsible for state and local tax matters.

Karen has served on and been a member of several state tax committees including the Securities Industry Financial Markets Association (2006 Chairperson), the Partnership for New York City, New Jersey Business & Industry Association, Wall Street Tax Association (State Tax Committee) and The Business Council. In addition, Karen has been an active member of the New York State Department of Taxation and Finance Commissioner’s Taxpayer Advisory Council.

David Schmutter

Ernst & Young LLP, State and Local Tax, New York, NY

David Schmutter is a member of Ernst & Young LLP’s Northeast Tax practice and serves as an Executive Director in the firm’s State and Local Tax (SALT) practice. He is based in the New York office. David has served clients in both New York City and Long Island for more than 20 years.

Prior to joining Ernst & Young LLP, he was the Partner-in-charge of SALT for a well-known regional accounting firm, Weiser LLP. He has provided tax research, due diligence, and planning, to help reduce the tax impact on various transactions such as acquisitions and dispositions for a variant of industries.

In addition to his client-serving responsibilities, Dave is an Adjunct Professor at Fordham University's Graduate School of Business Administration and has published Internet Tax Advisor, Bottom Line Business, Tax Hotline, Bottom Line Personal, Banker’s Monthly & Corporate Taxation Monthly, and is a regular speaker at industry events.

Moderator:

Steve Wlodychak

Ernst & Young LLP, State and Local Tax Leader, Center for Tax Policy, Washington, D.C.

Steve Wlodychak is a principal with Ernst & Young LLP’s Indirect (State and Local) Tax Practice. Based in Washington, DC, he is also the state and local tax leader of its Center for Tax Policy coordinating the firm’s point of view on emerging state and local tax legislative, judicial, and administrative issues.

He also leads the state and local transactions practice of Ernst & Young LLP. He serves both private equity and strategic investors in a variety of industries to address state and local transactional tax issues involving business combinations, reorganizations, restructurings and divestitures. He has addressed state and local tax considerations in all 50 states and on well over 800 different transactions.

Steve received a B.S.F.S. degree from Georgetown University’s School of Foreign Service, a J.D. from Seton Hall University’s School of Law and an LL.M. (Taxation) from New York University’s School of Law. He is a member of the ABA, the New York Bar Association, the District of Columbia Bar, and the New Jersey Bar.