New Form for NYS Decoupling from Federal Laws
As discussed in our earlier post on September 17, 2020, New York State has decoupled from certain amendments made to the federal Internal Revenue Code. For taxable years beginning before January 1, 2022, any amendments made to the federal Internal Revenue Code after March 1, 2020 do not apply to the New York personal income tax.
New York State recently introduced a new form, Form IT-558, New York State Adjustments due to Decoupling from the IRC, which taxpayers will be required to use to make adjustments to their federal adjusted gross income for New York reporting purposes. For some taxpayers, these adjustments could be numerous.
We will be discussing the new form along with the rules and strategies related to these adjustments as part of our upcoming Individual Tax Year-End Workshops.