Help Clients Navigate Multistate Voluntary Disclosures in Todays Economic Nexus World - 6/14/23 (2PM ET) (Currently Unavailable)

Economic nexus now impacts both sales and use and income tax filing obligations around the country. As a result, many businesses have found themselves with unexpected past due liabilities as a result of surpassing economic nexus thresholds in unfamiliar jurisdictions. Thankfully, almost every state offers eligible taxpayers the option to address their liabilities through voluntary disclosure programs, which offer valuable benefits, such as limited lookbacks and automatic penalty abatement. Navigating a multistate voluntary disclosure process, however, requires significant planning and understanding of the rules in various jurisdictions.

During this one-hour CPE course, K. Craig Reilly, Esq., a highly regarded tax attorney who leads Hodgson Russ LLP’s voluntary disclosure practice, will outline the issues to consider before taking advantage of the benefits of a voluntary disclosure program. Mr. Reilly will offer practical solutions and help answer important voluntary disclosure-related questions. Are registered taxpayers eligible for voluntary disclosure? Should all applications be submitted anonymously? Which states participate in the Multistate Tax Commission (MTC) voluntary disclosure program? What is the standard lookback period? Is penalty abatement available when sales and use taxes have been collected but not remitted?

A working knowledge of how voluntary disclosure programs operate and how to manage the process is absolutely critical for tax practitioners, business owners, executives, and other professionals that deal with either general tax compliance or who are involved in transactional due diligence.

Who Should Attend
All CPAs, enrolled agents, tax return preparers, tax attorneys, corporate attorneys, and other practitioners who review or are responsible for preparing multistate tax returns for clients or advise on multistate tax issues will benefit from this insightful course.

Topics Covered

• Overview of economic nexus rules
• Voluntary disclosure eligibility requirements
  • What is a Voluntary Disclosure Benefits of voluntary disclosure programs
  • Benefits of voluntary disclosure programs
  • Eligibility
  • Multistate Tax Commission (MTC) Disclosure Program
• Practical Considerations
  • Where to apply?
  • When to apply?
  • Timelines

Learning Objectives

• Describe economic nexus rules
• Identify how to manage a multistate voluntary disclosure process
• Identify how to effectively weigh the costs and benefits of voluntary disclosure programs
• Recognize states that enforce de minimis physical presence nexus standards like the one affirmed in Telebright Corp., Inc. v. Director, Div. of Taxation, which held that one employee working from home in a state on a full-time basis is sufficient to subject an out-of-state corporation to New Jersey's Corporate Business Tax
• Identify federal laws with the potential to minimize the income tax burdens of operating in numerous states
• Manage the timeline for efficiently completing a voluntary disclosure process, including when to disclose your identity

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (1 hour)

Program Prerequisites
None

Advance Preparation
None