BB asking me for my WFH location; if I live in a different state and WFH, will I be taxed by that state's tax?
I moved back to my parents' house and am working from home there and my BB asked me to update them on which state I am working in. I have heard rumors in my group that I will be taxed according to the state I am in rather than my home office.
Is this happening to other people? Can someone explain this?
yes, so get a post office box address in florida or texas
IRS has entered the chat
the IRS doesn't care what state you live in....NY State might care if you leave....but not like California.
Its worth it to get an address in a no-tax state like Florida. Florida is cheap to get an address (and then have your mail forwarded to anywhere).
My bank also asked for mine but I haven't crossed state lines so not a big deal. With that said... If you're usually in NYC and now you're, well anywhere else, you're probably in pretty good shape
I wouldn't recommend lying... Doesn't seem like it's worthwhile. Most of my friends from NYC are back with their parents in suburbia.
If you're really worried about it, just give your CPA a call
Those rumors are false. You'll have to pay NYC Tax, unfortunately. My firm is making a big deal about WFH outside NYC, especially if you want to WFH internationally.
Don't lie because they can easily verify your location by checking where you're logged in from.
If I don't even get a benefit out of it, then why would I lie about where I'm located? I already told them I am outside NYC.
Wait, so there is no real benefit at all if we are working from outside the home office?
you will be taxed by the state where you work. ideally, that is a state with no income tax
In case you get the idea that you can get some sort of benefit about lying about your location.
There is no tax benefit. You're going to be paying NYC taxes regardless of where you are.
This is false, and a shame considering your username- each person pays tax according to their permanent place of residence (if someone lives in NJ but works in NYC- they pay NJ taxes ONLY)- likewise if someone lives on long island for example- they pay NY tax but not NYC tax.
that NJ/NYC tax is from tax sharing agreements between NJ and surrounding states
Currently an incoming analyst, staying at my parents house abroad, do you know if banks will force those abroad to come back to the NYC once training starts due to tax reasons?
They won't force you for tax reasons; you'll pay an NYC tax regardless of where you are in the world. Whether or not your country will charge you even more taxes on that income is up to your country's tax laws.
The only issue I see pertains to compliance. For example, will your presentations require additional disclosures because you're working from country X, which has some sort of compliance quirk? I can see this being a big deal in Equity Research, considering the different rules being rolled out like MFIDI 2. However, not sure if for banking it will be an issue.
Ok, so it looks unanimously that even though I am working outside of NYC, I have to still pay NYC taxes regardless of how long I will be outside of NYC outside of this pandemic.
What a bummer! Is there any way this will change if I am living outside of NYC for a certain period of time? I don't foresee myself leaving my non-NYC home for the next few months...
No that is certainly not the consensus. These are the facts:
You only pay nyc taxes if you spend >182 days in nyc while also having a permanent place of residence in nyc. You don’t need to worry about any of this. Just tell hr where you are - say your residence is now x state. If u meet the 182 threshold you’re not a resident
https://www.hodgsonruss.com/what-to-expect-in-a-new-york-residency-audi…
So I have my parents' house outside of NY and let's say this thing lasts >182 days (March until September) and I am working outside of NY until September. Can I then get taxed by the state I'm living in?
It seems like we'll all be WFH until Sep-Oct, which will mean >182 days spent in another state. Will I then get taxed per my state of residence accordingly?
wait wtf why are interns being taxed
Because you make money...
![https://media.giphy.com/media/12msOFU8oL1eww/giphy.gif][https://media.g…]
fucking unfair
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