MoFo New York Tax Insights - Volume 5, Issue 7 - July 2014

In This Issue:

- Department of Finance Announces Updated Commercial Rent Tax Audit Policy on Billboards

- ALJ Finds No Hearing Right To Challenge Notice and Demand, and Corporate “President” Is Personally Liable

- ALJ Denies Equitable Relief from Statute of Limitations

- Company That Provides Office Space and Services Is Subject to the UBT

- Gain from Sale of Membership Interests Carried Out as a Merger Transaction Is Not Subject to UBT

- Insights in Brief

- Excerpt from Department of Finance Announces Updated Commercial Rent Tax Audit Policy on Billboards:

The New York City Department of Finance has issued an “Update on Audit Issues” regarding the commercial rent tax treatment of amounts paid for the placement of advertising on billboards and digital signs in Manhattan. Update on Audit Issues, Commercial Rent Tax, Billboards, May 28, 2014. According to the Audit Update, the tenant of a billboard lease in Manhattan (for premises south of the center line of 96th Street, and for an annual gross rent of at least $250,000) must file commercial rent tax (“CRT”) returns. For businesses that are not in compliance and that are not under audit by the Department, the Audit Update recommends participation in the Department’s Voluntary Disclosure and Compliance Program.

Please see full issue below for more information.

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