New York Issues Guidance on State Treatment of Repatriated Income

Alysse McLoughlin commented on New York State’s new repatriated income guidance under the Tax Cuts and Jobs Act. “It is good policy for New York State to provide relief from estimated tax penalties for underpayments made last year,” Ms. McLoughlin said. “Because federal tax reform passed at the end of the year, with deemed repatriated foreign earnings included in last year’s tax base, such relief is appropriate.”