The NYS Society of CPAs’ Tax Stringer published an article by Partner Barry Halpern and Manager Katherine Krafchuk, about how to source receipts from asset management services in New York.
NYS Society of CPAs’ Tax Stringer
Overall, the sourcing rules for asset management services in New York are complex. Entity structure and type of customer can significantly impact the method of sourcing such receipts. A strong understanding of the different rules is key to helping an asset management service provider be best prepared for the New York tax consequences.