Philadelphia and New York Real Estate Transfer Tax Developments

Philadelphia The City of Philadelphia recently passed Bill No. 160810 resulting in significant changes to the Philadelphia Realty Transfer Tax (RTT). Rate Increase – Effective Date: 1/1/2017 Effective January 1, 2017, the Philadelphia Realty Transfer Tax will increase from 3.0% to 3.1%.  The Philadelphia RTT is in addition to the applicable Pennsylvania RTT rate of […]

FATCA Reporting Reminder

Foreign Financial Institutions (“FFI”) in Model 2 Intergovernmental Agreement (“IGA”) jurisdictions and non-IGA jurisdictions need to be aware that March 31, 2017 is the deadline for filing Form 8966, FATCA Report, the filing used to report an account held by a U.S. person to the Internal Revenue Service. Most non-U.S. banks, broker-dealers, asset managers, funds, […]

Airbnb settles lawsuit with New York City

On December 2nd New York City and Airbnb resolved a lawsuit that was filed by Airbnb in October in Manhattan federal court. The lawsuit – as previously reported in the October 24 Mazars USA Real Estate Alert – challenged legislation signed by Governor Cuomo in October. Under the new law it is illegal to advertise […]

New Jersey Sets Transition Guidelines for Sales Tax Reduction

As reported in our previous alert, effective January 1, 2017, New Jersey reduced its sales tax rate from 7% to 6.875% statewide. The state has set guidelines to aid in the transition which may apply to your organization. Sales, Charges, & Fees If tangible personal property (TPP) or specified digital products were sold and delivered […]

NY Requires Driver’s License Numbers on E-Filed Tax Forms

On January 10, 2017, the New York State Department of Taxation and Finance, in an effort to combat tax-related identity theft, has reported that taxpayers will be required to provide driver’s license numbers along with their electronically filed tax returns. Beginning with 2016 e-filed returns, individual taxpayers that have a driver’s license will be required […]