Managing a Multistate Voluntary Disclosure Process in an Economic Nexus World
Economic nexus now impacts both sales and use and income tax filing obligations around the country. As a result, many businesses have surpassed economic nexus thresholds in unfamiliar jurisdictions and found themselves with unexpected past due liabilities. 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 program, K. Craig Reilly and Brandon Bourg, two highly-regarded tax attorneys from Hodgson Russ’s voluntary disclosure practice, will outline the issues to consider before taking advantage of the benefits of a voluntary disclosure program. The program 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?
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 webinar.
Topics Covered
- Overview of economic nexus rules
- Voluntary disclosure eligibility requirements
- Benefits of voluntary disclosure programs
- Multistate Tax Commission (MTC) Disclosure Program
- Practical considerations of where and when to apply
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 multistate voluntary disclosure programs
- Recognize states that enforce de minimis nexus standards
- Identify federal laws that have the potential to minimize the tax burdens of operating in numerous states
- Manage the timeline for efficiently completing a voluntary disclosure process
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
