This Finance Memorandum generally explains the impact of these federal changes, as well as related changes enacted in the 2018-19 New York State budget, on taxpayers that are subject to the Business Corporation Tax.
FISCAL HISTORY: We’ve updated our tables on New York City revenue, spending, and full-time staffing to include fiscal year 2020. The charts cover four decades of the city’s fiscal history.
Pursuant to the Citywide Administrative Procedures Act (“CAPA”) Section 1042, the Business Integrity Commission (“BIC”) has published its annual regulatory agenda for the coming Fiscal Year 2025 in the May 1, 2024 edition of The City Record, which can be accessed here.
An investigation into Rita Copeland, former treasurer of the Tenant Association for 51-55 East 129th St., NYC, a building participating in NYC Department of Housing Preservation and Development (HPD) Tenant Interim Lease Program (TIL), stole over $50,000 from this building.
This Finance Memorandum contains instructions for reporting GILTI, FDII, and IRC § 965 amounts on New York City General Corporation Tax (“GCT”), Unincorporated Business Tax (“UBT”), and Banking Corporation Tax (“BTX”) 1 returns and attachments.
Findings from a DOI Investigation into the City Department of Environmental Control Board (ECB) summons enforcement and collection, which identified serious holes in the process that results in City losing out on much needed revenue.
On March 17, 2021, the IRS extended the April 15, 2021 filing deadline for 2020 Personal Income tax returns to May 17, 2021. Those taxpayers are encouraged to request an extension and pay any tax due by the April 15, 2021deadline