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I am preparing a corporate tax return. The company is a

payroll company based in NJ...
I am preparing a corporate tax return. The company is a payroll company based in NJ but almost all of the clients are in NYC. Is the income generated from NY clients require a NY S corporate tax return? How about NYC?
(hours are submitted electronically, checks are generated in NJ and sent via mail or courier to NYC clients)
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Answered in 6 minutes by:
9/14/2017
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,677
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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HI, MY NAME’S LANE - I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice 1986.

...

No, unless you have nexus, a business presence (business assets, a payroll, branch office, etc) IN NY there's no NY Source income and no need to do a NY or NYC return.

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Source income, by the way, doesn't mean that the income has it's source in NY clients. Source income happens when the service is provided IN New York. (put the emphasis in Doing business in NY on IN) Doing business IN New York... maybe better said, "doing business WHILE IN New York."

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Lane

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice 1986.

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,677
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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