Financial services businesses and professionals face unique state and local tax issues. From industry-specific income and receipt apportionment and allocation rules; to mobile workforces and nationally dispersed customers who can create nexus in numerous jurisdictions; to significant spends on expenses that often create unexpected sales and use tax exposure (or refund opportunities), such as software and information services. Financial services businesses are also often early investors in asset categories that remain poorly defined in state tax statutes, such as cryptocurrency and non-fungible tokens (NFTs).
During this two-hour CPE webinar, New York-based tax attorney, K. Craig Reilly, Esq., from Hodgson Russ LLP, will outline the potential state and local tax pitfalls and opportunities to consider when engaging in a multistate financial services business. A working knowledge of industry-specific nexus, income apportionment and allocation, self-trading exemption, and tax computation rules is absolutely critical for tax practitioners, business owners, executives, fund managers, and other professionals that assist financial service businesses with state and local tax compliance.
Who Should Attend
All CPAs, enrolled agents, tax return preparers, tax attorneys, corporate attorneys, and other practitioners who advise on multistate tax issues will benefit from this insightful webinar.
Topics Covered
- Overview of economic nexus rules
- Financial services receipt and income apportionment and allocation rules
- Review of the impact of choice of entity on apportionment
- Self-trading exemptions
- Sales and use tax considerations
Learning Objectives
- Describe economic nexus rules
- Identify and advice on industry-specific receipt and income apportionment and allocation rules
- Recognize how to assist financial services businesses in general sales and use tax compliance
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructors
K. Craig Reilly
Craig is a partner in the firm’s State & Local Tax Practice. Craig counsels businesses and individuals in a range of state and local tax issues, with a focus on New York State, New York City, New Jersey, and multistate tax issues.
Prior to joining Hodgson Russ, Craig was a judicial intern for the Honorable Jane A. Resanti of the U.S. Court of International Trade and an investigative analyst at the New York County District Attorney's Office.
Craig advises clients on all aspects of state and local tax from planning and compliance to controversy and litigation. He represents clients in disputes with the New York State Department of Taxation and Finance, New York City Department of Finance, and New Jersey Division of Taxation and is experienced in handling sales tax, corporate franchise tax, personal income tax, and residency audits.
Craig works closely with remote retailers and cloud-based software vendors on a variety of multistate tax compliance issues, including filing requirements, sales and use tax collection obligations, income allocation and apportionment, tax registrations, and applications for voluntary disclosure and other amnesty programs.
Hodgson Russ LLP
Hodgson Russ has approximately 200 attorneys in offices in Albany, Buffalo, New York City, Rochester and Saratoga Springs, New York; Hackensack, New Jersey; Palm Beach, Florida, and Toronto, Canada.
We serve a wide range of clients, from multinational and privately held corporations to nonprofit organizations, governmental entities, and individuals. Our attorneys practice in every major area of law and use multidisciplinary work teams to serve the specific, often complex, needs of our clients.