New York Properly Taxed All of Investment Banker’s 2020 Income

New York was right to tax all of an investment banker’s income for 2020, even though he worked out of his New Jersey home rather than his employer’s Manhattan office for most of the year, an administrative law judge ruled.

Scott Bryant wasn’t obligated to work remotely for NN Investment Partners North America LLC’s necessity because banks and related financial institutions were exempt from New York’s pandemic shutdown orders, the New York Division of Tax Appeals ruled in an opinion posted Thursday.

“The mandatory workforce reductions did not apply to NN Investment because it constituted an essential business” under a ...