New York, California Lose Firms Managing an Estimated $2T in Assets

Re:New York, California Lose Firms Managing an Estimated $2T... by trelane on Friday August 25, 2023 @12:46PM (#37263908)

I think this is a deeper point that really gets to the heart of what's happening. If you or a corporation have some money, where does it reside? Unless the money is in something tangible (briefcase of cash, gold bullion, or real estate), it doesn't really reside anywhere. On the other hand, you do, which is what determines your tax liability.

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Re:New York, California Lose Firms Managing an Estimated $2T... by lotsofpulp on Friday August 25, 2023 @12:55PM (#37264048)

An individual’s tax liabilities are different than a business’ tax liabilities, which are mostly dependent on where the services are received. Even independent contractors are subject to market based sourcing rules for determining tax liabilities, similar to how a store without a presence in your state still has to collect and remit sales tax to the jurisdiction that the item was shipped to.

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Re:New York, California Lose Firms Managing an Estimated $2T... by trelane on Friday August 25, 2023 @01:03PM (#37264164)

Do you have links to read up on this? I know only if personal finance; makes sense that it's not correct for corporate.

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Re:New York, California Lose Firms Managing an Estimated $2T... by lotsofpulp on Friday August 25, 2023 @01:05PM (#37264196)

I am not an expert either, and it seems each state has different rules. Searching some variation of “market based sourcing rules for income” should bring up relevant results.

For reference, the method used before was typically called “cost of performance”.

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