AudioDigest*

New York: Insight into the Empire State's combined reporting regime

In 2007, New York State has shifted from a pure discretionary combined reporting system to one that mandates combined reporting among related corporations upon the presence of substantial intercorporate transactions.

Although the legislation that instituted the mandatory combined provisions provided guidance as to what the Commissioner of Finance must consider in determining whether substantial intercorporate transactions exist, and the Department of Taxation provided steps to determine which related corporations must file a combined report, these provisions have apparent complexities that may have caused unnecessary confusion. In addition, the provisions have created many questions, including whether these changes do, in fact, mark a radical departure from current practice.

In this podcast, presenters Jack Kramer, Jonathan Robin and John Verde provide insight, analysis, and explain the implications of the mandatory combined reporting provisions--including the implications of New York City's lack of conformity to these new rules.

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