Even tax-savvy businesses, and their advisers, often neglect to consider the consequences of state and local taxes. However, with their budgets shaken by the current fiscal crunch, many states are becoming more aggressive in enforcing current nexus and tax laws, imposing new taxes and reconsidering their commitment to a streamlined sales tax project. With this drastic increase in the importance of state and local taxation, it becomes more important that ever to attend this fast-paced update on recent multistate tax developments, focusing on issues confronting small and middle market companies and offering practical guidance for minimizing tax liability.

Major topics include:

• Determining where an entity has nexus
• Recent court rulings relative to determining nexus
• Nexus issues relative to telecommuting employees
• Attributional nexus -- do you have nexus from activities of a related entity or another entity with whom you are doing business?
• The new “gross income” taxes -- how do these impact your business?
• Sourcing receipts from services for income tax: is it a cost of benefit or cost of performance state?
• Sourcing income from partnership entities
• Changes in rules relative to pass through entities, including withholding and nexus based on ownership of an interest
• State tax issues regarding FASB Interpretation No. 48: Accounting for Uncertainty in Income Tax
• The ‘magic bullet’ for avoiding state income tax issues
• “Business income” vs. “nonbusiness income:” the impact on your company
• The spread of the unitary business doctrine beyond income tax
• Nexus questionnaires: when and how to answer them and when to use them to help build your practice
• Update on the streamlined sales tax project
• How to recognize opportunities to reduce state and local tax liabilities by locating or relocating manufacturing, storage, distribution, sales and administrative offices and facilities

Designed for: Accountants who want an update on current multistate tax issues to minimize clients' potential state and local tax liability

Level of knowledge: Update

Field of study: Taxes