
M&A due diligence consulting and tax structuring for buyers and sellers
Thinking of buying or selling a business? M&A due diligence consulting from a CPA who models the tax structure before you sign, not after the deal closes.
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Living outside New York is not synonymous with individuals being exempt from paying New York taxes. Tax obligations depend on specific circumstances like the sources of income and property ownership within the state.
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Section 01
New York-based income from employment, businesses or investments is taxable. Salaries or wages earned while working in the state constitute an example. In addition, rental income from properties as well as income earned from partnerships or businesses located in New York are subject to taxes.
Although you have moved to another state, selling real estate or other assets in New York might trigger capital gains taxes.
If an individual lived in New York for part of the year, they are required to file as a part-year resident and make tax payments for the income earned during this residency period.
Section 02
Ignoring the 183-day rule in New York in a calendar year may present you with a tax-resident classification which might result in additional burden.
A non-resident tax return (Form IT-203) should be filed and relevant taxes should be paid in case any income was generated from New York sources.
Establishing residency elsewhere—for instance, updating the driver’s license, voter registration or utility bill information—demonstrates the change.
Section 03
Keep records of all income sources alongside the time spent in the state. This might include work contracts, pay stubs and property-related paperwork.
Timing asset sales or income recognition can assist in minimizing New York state tax liabilities.
Tax professionals experienced in New York state laws can present assistance in terms of full compliance and locate hidden savings opportunities.
New York’s tax laws extend beyond state lines. Therefore, awareness and proactivity are critical. Recognizing the state tax obligations can prevent unexpected, costly surprises.
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“George has prepared and maintained the corporate accounting and provided consultant services for my company for a number of years. He has always done an outstanding, professional and courteous job. I feel that his rates are very fair and he provides a great value for the cost.”
“Excellent service and very professional. George and his team have been handling my business taxes for years and I couldn't be happier with the results. They are always available to answer questions and provide expert advice.”
“I've been working with Dimov CPA for both personal and business taxes. Their attention to detail and knowledge of tax law has saved me thousands. Highly recommend to anyone looking for a reliable CPA in NYC.”
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