NYC Tax Commissioner Preston Niblack visits LMC office

The NYSSCPA Multistate & Local Taxation Committee recently held their monthly meeting at LMC’s offices, which included attendance and remarks from the NYC Tax Commissioner, Preston Niblack. Niblack was appointed commissioner of the Department of Finance by Mayor Eric Adams in December 2021.

LMC Tax Manager, Jeffrey S. Gold, CPA, a member of the committee group, and Partner, Michael Young, CPA, attended the meeting and had the opportunity to meet Commissioner Niblack.

The NYSSCPA meeting included discussions on several topics including the latest news affecting NY commerce and the general New York City business landscape.

• Niblack explained how advances in technology, particularly in Artificial Intelligence (AI), are growing for the finance sector. There are several specific areas where NYC is implementing AI, including data analysis that allows for improved customer service on the New York City government website, and the ability to reduce errors.
• The Commissioner addressed the new reality of remote work, and how it’s effecting hiring and staff retention. Like many industries, NYC is addressing a myriad of staffing issues.
• Niblack talked about the importance of evaluating city vs state income tax, and how the Department of Finance is examining the differences in income tax between New York City residents and non-residents of New York City.
• Also on the table was a discussion about NYC’s approach to short term bookings such as Airbnb. It was noted that NYC is focused on larger misuses of the platform, such as owners of multiple homes that operate as de facto hotels, and not small homeowners that occasionally will rent out an extra room.

It was a pleasure for the firm to host the NYSSCPA Multistate & Local Taxation committee and Commissioner Niblack in our offices.