Multistate Income Tax: Simplifying the Complexities (111192A-12)
Description
Multistate taxation has become one of the hottest areas in the tax
arena. The recent decline in state revenues and the increased audit
activity by the states means both increased problems and opportunities.
Mastering both the theoretical disputes and the nuts and bolts of
compliance is essential to success. Gain the skills necessary to
navigate through this maze of multistate corporate taxation. Rapidly
develop a working knowledge of both multistate tax compliance and
related planning opportunities. Focus on the essentials of multistate
corporate income taxation as well as the apportionment and allocation of
partnership, LLC and corporate income taxes. Not only solidify the basic
principles but also receive the latest update on nexus concerns, impact
of e-commerce and Internet and other laws, regulations and court cases.
Develop basic approaches to state income tax planning and gain crucial
insight about industry-specific state laws.
Learning Objectives
Understand the key principles of multistate taxation
Assess the impact
of the latest nexus issues, laws, regulations and court cases
Identify
the effects of multistate activity
Gain insight into state tax laws
affecting specific industries
Develop basic approaches to state income
tax planning
Major Topics
Income tax nexus, including the constitutional issues; Public Law
86-272; and nexus through attribution, affiliation and agency
Calculation of the state income tax base and conformity to federal
taxable income, with special attention paid to state modifications
Discussion of business and non-business income
Uniform Division of
Income for Tax Purposes Act (UDITPA) and the Multistate Tax Compact
(MTC) with particular attention to its differences with UDITPA
Apportionment issues including the composition of the sales, property
and payroll factors
Application of unitary concept and a discussion of
the various tests of unity
Filing options including separate,
consolidated and combined returns
Other topics, including state
taxation of limited liability companies, foreign corporations and
intangible holding companies