Multistate Income Tax Issues - Connecticut Society of CPAs

Overview

With the largest overhaul of the federal income tax code in 30 years and the repeal of the physical presence nexus standards for sales tax in the Wayfair case, the states are working fast and furious to overhaul their tax laws. As some states scramble to fund their budgets, they continue to look for additional forms of revenue. Plan to attend this fast-paced class that covers developing topics in the area of nexus. Learn how nexus requirements have changed and where the state laws may be heading in the future.

Objectives

Identify changes in state statutes, regulations and case law

Determine how the states will treat changes under the Tax Cuts and Jobs Act

Recognize areas that may require additional attention for state tax planning purposes

Recall areas that may be costly for employers or clients

Recognize the "who, what, when, and where" of nexus for income and sales tax

Highlights

Emerging sales tax topics: Elimination of the physical presence standard in determining nexus (Wayfair case); economic nexus for remote sellers; assisting remote sellers in determining a plan of action in states that enforce economic nexus

Emerging compliance issues in the new sales tax economy

Income Tax (and other forms of tax): Economic nexus (taxation without physical presence)

Will states shift away from income tax and increase reliance on sales tax after Wayfair?

Treatment of Tax Cuts and Jobs Act by the states: presence of intangible property; is P.L. 86-272 still valid?

When to consider voluntary compliance even though the laws do not dictate a sales tax responsibility

Designed For

Accountants who want an update on current multistate tax issues to minimize clients’ potential state and local tax liability

Prerequisites

Experience in corporate taxation

Preparation

None

Notice

By registering for this program and, accordingly, receiving the eMaterials, you’re acknowledging that you understand both the copyright restrictions on your eMaterials and the CTCPA cancellation policy.

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Joseph Nicola Jr., Surgent McCoy CPE, LLC

Leader Bios

Joseph Nicola Jr., Surgent McCoy CPE, LLC

Joe Nicola is a Tax Partner with more than thirty-five years of experience in public accounting. Joe has experience in many diverse areas of taxation, including the taxation of and planning for individuals, family offices, and various forms of business entities, such as corporations, partnerships, and limited liability companies. Joe is particularly experienced in federal and multi-state tax matters that affect numerous industries and niches, including private equity, investments, natural resources, manufacturing, distribution, high technology, securities, and start-up businesses. He has consulted on technically complex matters, such as retirement planning, succession planning in the context of a family office, securities, partnership and corporate reorganizations and liquidations, and international tax matters. While in public practice, Joe also served for many years as an adjunct member of the faculty with Duquesne University’s MBA and Master of Science in Taxation/Accountancy programs, as well as with Robert Morris University’s Master of Taxation program. His course load included Corporate Taxation, Advanced Corporate Taxation, Reorganizations (Mergers and Acquisitions), Taxes as a Basis of Managerial Decisions, and Taxation of Derivatives. He is also a published author of CPE/CLE texts and industry articles, and a frequent professional speaker. Mr. Nicola received his BS degree in Business Administration from Robert Morris University and his JD degree from the University of Pittsburgh School of Law.

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