NY Tax & Accounting Services
Kurt Simmons CPA provides comprehensive tax and financial services to individuals and businesses throughout New York (NY). With its global financial capital with complex state and city taxes, we understand the unique financial landscape that comes with doing business in New York.
Under the CPA Mobility Act, our CPA — licensed in Maryland, Delaware, and Florida — is authorized to provide the full range of attestation, tax, and advisory services to New York clients without the need for an additional state license. This means New York individuals and businesses receive the same comprehensive service as our home-state clients: financial statement audits, tax strategy, IRS representation, virtual CFO services, and every other service we offer — delivered through our technology-forward, virtual-first practice model.
CPA Services Available in New York (NY)
NY Individual Tax Preparation
Comprehensive federal and New York state tax return preparation, including complex returns with investments, rental properties, and self-employment income.
Learn More →NY Business Tax Services
Tax preparation and planning for New York-based businesses including S-Corps, C-Corps, partnerships, LLCs, and sole proprietorships.
Learn More →NY Cryptocurrency Tax
Specialized crypto tax services for New York investors and traders. DeFi, NFTs, staking rewards, and exchange reporting handled with expertise.
Learn More →NY Trader Tax Services
Mark-to-market elections, wash sale tracking, and tax optimization strategies for active traders in New York.
Learn More →NY IRS Resolution
Professional representation before the IRS for New York taxpayers facing audits, collections, liens, levies, or offers in compromise.
Learn More →NY 83(b) Elections
Equity compensation planning and 83(b) election filing for New York startup employees and founders receiving restricted stock.
Learn More →NY Financial Statement Audits
Full-scope GAAS-compliant financial statement audits for businesses, nonprofits, and organizations requiring independent assurance.
Learn More →NY Review Engagements
Limited assurance engagements providing meaningful confidence in financial statements for lender requirements and stakeholder reporting.
Learn More →NY Compilations
Professionally prepared financial statements from management-provided data for internal reporting, small business needs, and bank presentations.
Learn More →NY Agreed-Upon Procedures
Targeted, customized engagements designed to address specific areas of concern with flexible scope tailored to stakeholder needs.
Learn More →NY Employee Benefit Plan Audits
DOL-compliant audits for 401(k), pension, and employee benefit plans meeting ERISA filing requirements and fiduciary obligations.
Learn More →NY Tax Strategy & Advisory
Proactive, year-round tax planning that identifies savings opportunities. Entity structure optimization, multi-state planning, and strategic initiatives.
Learn More →NY Cost Segregation Studies
Engineering-based analysis to accelerate depreciation deductions on commercial and residential rental properties, maximizing cash flow.
Learn More →NY Virtual CFO Services
Fractional CFO capabilities including financial modeling, cash flow management, KPI dashboards, and strategic financial leadership.
Learn More →NY Business Consulting
Operational assessments, process improvement, internal control design, and strategic planning to drive efficiency and profitability.
Learn More →NY Estate & Succession Planning
Comprehensive estate planning, business succession strategies, and wealth transfer optimization for business owners and high-net-worth individuals.
Learn More →NY Capital Markets Advisory
Securities compliance, FINRA regulatory guidance, and capital markets advisory for businesses navigating public offerings, private placements, and broker-dealer requirements.
Learn More →New York Audit Services in Detail
New York businesses, nonprofits, and benefit plan sponsors typically need an independent audit when state law, federal rules, lenders, grantmakers, or boards require external assurance. We perform GAAS-compliant attest engagements scoped to the specific assurance need — most commonly:
New York Nonprofit Audits (CHAR500 Filings)
Charities registered with the New York Attorney General's Charities Bureau are required to submit audited financial statements with the annual CHAR500 filing when gross revenue exceeds $750,000, and reviewed financial statements when gross revenue is between $250,000 and $750,000. Audited statements are also routinely expected by the Robin Hood Foundation, the Carnegie Corporation, the Ford Foundation, the Rockefeller Foundation, the New York Community Trust, and major NYS and NYC grantmakers, and are required by many city and state contracts.
New York 401(k) & Employee Benefit Plan Audits
New York plan sponsors filing Form 5500 generally require an ERISA-compliant audit when the plan has 100 or more participants with account balances at the start of the plan year — the participant-counting rule effective post-SECURE 2.0. We perform full-scope and §103(a)(3)(C) limited-scope benefit plan audits for 401(k), 403(b), and defined-benefit plans across New York, including plans sponsored by Wall Street financial firms, NYC media and law firms, healthcare systems (NYU Langone, Mount Sinai, NewYork-Presbyterian), and Upstate New York manufacturers.
New York Single Audits (Uniform Guidance)
New York nonprofits, municipalities, school districts, and pass-through subrecipients that expend $1,000,000 or more in federal awards in a fiscal year (the OMB threshold for fiscal years beginning on or after October 1, 2024) are subject to the Single Audit requirements of 2 CFR Part 200. We perform Uniform Guidance Single Audits, including major-program testing, internal control work, and preparation of the Schedule of Expenditures of Federal Awards (SEFA).
New York Lender, Bonding & Investor Audits
New York banks, surety companies, and Wall Street venture, private equity, and growth equity investors frequently require audited financial statements as a condition of credit facilities, surety capacity, or capital raises. We deliver audited financials on the timeline lenders, bonding agents, and institutional investors need.
New York Reviews & Compilations
Where a full audit is not required, we deliver review engagements (limited assurance) and compilations (no assurance) — both routinely accepted by New York lenders for smaller credit facilities, by acquirers in NY M&A diligence, and by stakeholders requiring CPA-prepared financial statements.
New York (NY) Tax & Business Landscape
Key New York Tax Numbers. NYS personal income tax: graduated, with brackets reaching 8.82% above ~$1.07 million, 9.65% above $5 million, 10.30% above $5–25 million, and 10.90% above $25 million. NYC personal income tax: additional 3.078%–3.876% for NYC residents (top rate on income above ~$50K single / $90K MFJ — NYC brackets are compressed). Yonkers: 16.75% surcharge on NYS tax for residents. Corporate franchise tax: 7.25% general (6.5% qualified manufacturers); NYC corporate tax: additional 8.85%. Sales tax: 4% state + local; NYC combined ~8.875%. Estate tax: applies above approximately $7.16 million (indexed) with a "cliff" — exceed 105% of exemption and the entire estate is taxed. NYS PTET: elective rate up to 10.9% available since 2021; NYC PTET: separate election adding NYC PIT rates.
Filing Mechanics. Individuals file Form IT-201 (residents) or IT-203 (nonresidents and part-year residents). C-corporations file Form CT-3; S-corps file CT-3-S. Partnerships file IT-204; LLCs file IT-204-LL (with the LLC fee). NYC Unincorporated Business Tax (UBT) — a 4% tax on net income of NYC sole props, single-member LLCs, partnerships, and multi-member LLCs — is filed on Form NYC-204. PTET elections are made on Form IT-204-IP/CT-225 with Form CT-203 for S-corps. Returns are due April 15 and administered by the NYS Department of Taxation and Finance.
Residency & the 183-Day Rule. New York's statutory residency test is among the strictest in the nation: anyone with a "permanent place of abode" in NYS who spends more than 183 days in the state is taxed as a full-year resident — regardless of domicile. NYS auditors aggressively count days (any part of a day in NY generally counts) and challenge the genuineness of out-of-state moves. We provide pre-departure planning, day-counting documentation systems, and residency audit defense — particularly for clients moving to FL, TX, or NV.
New York Economy & Who We Serve. New York's economy is globally dominated by financial services (Wall Street: investment banking, hedge funds, private equity, asset management), media and publishing, advertising and marketing, fashion, biotechnology and life sciences, real estate, healthcare (NYU Langone, Mount Sinai, NewYork-Presbyterian), higher education, and a rapidly growing tech sector. Our typical NY clients include hedge fund and private equity partners, investment bankers and traders, active traders, crypto investors, creatives, real estate professionals, and business owners managing multi-state and international income.
CPA Mobility in New York. New York has adopted CPA mobility provisions under the Uniform Accountancy Act, allowing CPAs in active good standing in another U.S. jurisdiction to provide tax, advisory, and (subject to applicable firm-level requirements) attest services to New York clients without obtaining a separate New York individual license. Kurt Simmons holds active CPA licenses in Maryland, Delaware, and Florida, and we confirm all applicable New York State Education Department mobility and firm registration requirements before commencing any engagement.
Cities and Communities We Serve. Our virtual-first practice serves clients across all of New York, including New York City and the five boroughs (Manhattan, Brooklyn, Queens, the Bronx, Staten Island), Buffalo, Rochester, Yonkers, Syracuse, Albany (state capital), New Rochelle, White Plains, Mount Vernon, Schenectady, the Hamptons and East End, the Hudson Valley, the Capital Region, the Finger Lakes, the Adirondacks, and every New York county.
Why New York Clients Choose Us
- GAAS-compliant audit, review, and compilation experience for nonprofits (CHAR500), benefit plans, and privately held businesses
- Deep expertise in NY-specific issues: NYS and NYC PTET elections, NYC UBT for unincorporated businesses, residency and 183-day rule audit defense, NY estate tax cliff mitigation, and Convenience of the Employer issues for remote workers
- Capital markets background — Kurt Simmons has passed the Series 65 examination (Passed; not currently held as an active license) in addition to holding the CPA
- Specialized practices in cryptocurrency taxation, active trader tax (mark-to-market, wash sales), and 83(b) elections for NYC startup employees
- Technology-forward, virtual-first delivery — secure client portal, e-signature, and video consultations
- Transparent, fixed-fee engagements where possible — no surprise hourly invoices
New York CPA — Frequently Asked Questions
Do I need a New York-licensed CPA, or can an out-of-state CPA handle my NY tax and audit work?
New York has adopted CPA mobility provisions under the Uniform Accountancy Act. A CPA in active good standing in another U.S. jurisdiction is generally authorized to provide tax, advisory, and attest services to New York clients without holding a separate New York individual license. Kurt Simmons holds active CPA licenses in Maryland, Delaware, and Florida, and we confirm any applicable firm-level New York State Education Department registration before commencing attest engagements.
What are New York's income tax rates, and how does the NYC tax stack on top?
New York State has a graduated personal income tax with brackets reaching 8.82% above approximately $1.07 million, 9.65% above $5 million, 10.30% above $5–25 million, and 10.90% above $25 million (top rate). New York City residents pay an additional NYC personal income tax topping out at 3.876%, and Yonkers residents pay an additional surcharge of 16.75% of their NYS tax. Combined NYC top marginal rate exceeds 14.8%. Form IT-201 (residents) or IT-203 (nonresidents and part-year residents) is due April 15.
What is New York's 183-day rule and "permanent place of abode" test?
New York's statutory residency test treats anyone with a "permanent place of abode" in New York State (typically an apartment or house available for use, not a hotel room) who spends more than 183 days in NYS during the tax year as a full-year resident — even if their domicile is elsewhere. NY auditors are notoriously aggressive in counting days (any part of a day in NY usually counts) and in challenging whether an out-of-state move is genuine. We provide pre-departure planning, day-counting documentation, and audit defense.
Does New York have a SALT-cap workaround for partnerships and S-corps?
Yes — actually two. New York State's Pass-Through Entity Tax (NYS PTET) has been available for partnerships and S-corps since 2021, with rates following the NYS personal income tax brackets up to 10.9%. New York City has a separate NYC PTET for NYC partnerships and NYC-resident S-corp shareholders, adding the NYC PIT rates. Owners receive corresponding credits on Form IT-201. The combined NYS+NYC PTET can effectively shift more than 14% of pass-through income above the SALT cap.
What is New York's estate tax "cliff," and how does it affect my planning?
New York's estate tax exemption is approximately $7.16 million (indexed annually), but NY uses a "cliff" system: if your taxable estate exceeds 105% of the exemption (approximately $7.52 million), the exemption is lost entirely and the tax is computed on the full estate. Estates near the threshold need careful planning — including charitable bequests sized to keep the estate below the cliff — to avoid effectively losing the entire exemption.
I run an unincorporated business in NYC. Do I owe the NYC Unincorporated Business Tax (UBT)?
Probably yes. The NYC UBT is a 4% tax on net income from any unincorporated business (sole proprietorship, single-member LLC, partnership, multi-member LLC) carried on in New York City — separate from NYC personal income tax and separate from NYS tax. Many sole proprietors and partnerships are unaware of the UBT until their first NYC audit notice. There is a $95,000 exemption credit for individual filers but the tax can be material for higher earners.
When does my New York nonprofit need an audit?
New York charities registered with the Attorney General's Charities Bureau are required to submit audited financial statements with their annual CHAR500 filing when gross revenue exceeds $750,000, and reviewed financial statements when gross revenue is between $250,000 and $750,000. Federal Single Audit requirements under 2 CFR Part 200 apply separately when federal award expenditures exceed $1,000,000 in a fiscal year.