Monaeo, a company that helps taxpayers track and store their location data to show to tax authorities, said its business has more than doubled in May and June over last year.
Monaeo said it's seeing especially strong demand from partners of hedge funds, private equity firms and other financial firms.
A growing number of hedge-fund and private-equity partners are using a new app that helps them avoid a special New York City tax if they've been working outside the city. New York City has estimated that it will see a 17% decline — or about $300 million — in UBT collections this year. But Monaeo said its clients alone could end up saving more than $15 million this year on the UBT. Accountants to the wealthy say they expect the revenue decline could be far larger than the city expects.
Still, Singhal said that in addition to the UBT, many hedge fund and finance executives in New York City have started the process of changing their tax residency to the suburbs or even Florida. While the process of changing tax residency from New York City can take over a year, many have started using the Monaeo app to begin making their case that they have moved out of New York City for good.
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