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NYC S-Corporation Allocated Sales for a interstate Truck Driver

  • 1.  NYC S-Corporation Allocated Sales for a interstate Truck Driver

    Posted 03-05-2022 02:19 PM
    Edited by Stephen Hatzistefanidis 03-05-2022 03:07 PM
    Whats your take on this scenario:

    An NYC resident tax payer has a NY/NYC based S-Corp for his interstate truck driving business.

    Rents a truck, which is not even based out of NYC and takes contracts to drive from lets say Albany to Ohio.

    Profit is 30k and is subject to $25 NYS corp tax but $3000 NYC corp tax if 100% allocated to NYS/NYC, this would have been much less a few years ago and I wouldn't even be asking this question.

    Would you allocate the sales to this in NYC? There's no physical presence like an office in NYC nor a truck registered, just a taxpayer that legally lives there but probably spends 60 days total in NYC while not on the road.

    Your thoughts?

    Thanks!

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    Stephen Hatzistefanidis
    KONSTANTINOS HATZISTEFANIDIS, CPA
    Astoria NY
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