- Hedge funds that shutdown there NYC offices (coronavirus) are angling to lower their tax liability.
- NYC charges businesses (that aren’t corporations) an annual 4% unincorporated business tax (UBT) for operations taking place within the city.
- Since many hedge fund employees have fled the city, firms may not be liable to pay the tax.
- However, NYC tax authorities could counter that employees are still (remotely) utilizing technology located in NYC offices.
- NYC UBT revenue is forecast to decline 17% to $1.7 billion this year.
NYC Hedge Funds Angle for Work-From-Home Windfall on Their Taxes
(07/13/2020)
