On Jan 26, 10:59 pm, petethet...[at]gmail.com wrote:
- quote -


NYC does not recognize S corp status.
If you move here, you would quite likely acquire residency status in
NYC.
You could be considered a resident of both states.

You must be a comedian if you think that a taxing jurisdiction would
avoid double taxation of the same income.

If you operate your business as an unincorporated entity, NYC has the
UBT (unincorporated business tax)

You should find a CPA/tax advisor with NYS/NYC experience (I qualify-
but you don't have to call me)




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On Jan 27, 1:06 pm, ed <edcos...[at]sbcglobal.net> wrote:
- quote -

And in a case of NY state the same is true. However, I think that NY
City does not recognize S Corporation status and corporations have to
pay city tax of 8.85% on net income. I am just wandering what is net
income defined as and if my salary would be excluded from it. I know I
would have to pay ~3.5% NYC income tax on my salary but that sure
beats 8.85%. Thanks

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On Jan 26, 9:59*pm, petethet...[at]gmail.com wrote:
- quote -

travel (and living) expenses are virtually all deductible as long as
you have retained your WA home (ujnless your "employer" reimburses you
for them).. "temporary" must be expected to be less than 1 year.

ed

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Hi,

I am a sole owner/shareholder of an S-corporation incorporated in
Washington State. I am thinking about taking a contract job in NYC and
would temporarily move there.

Let's assume that corporation income from NYC work is $200k/year. I
would like my corporation to rent me an apartment in NYC for this
temporary assignment and I can get reimbursed for its cost. If the
apartment is $40k/year that leaves net income of $160k which I can
issue myself as salary. I would have to pay FICA, FUTA, NYC state and
city, as well as federal income tax.

Since FICA stops at ~$90k I would think this would be a better way to
go. Since net income for corporation after expenses (apartment) and my
salary would be 0, I would think there would be no tax to pay on
corporate level. I do not think NYC could double tax me, or they could
but tax basis would be 0, correct?

Please let me know if I am close or completely off in my calculations/
assumptions. Thanks

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