Multistate Tax Issues for Financial Services (Completed)

Date: Thursday, November 16, 2023
Instructor: Elizabeth Pascal, Christopher L. Doyle, Hodgson Russ LLP
Begin Time:  10:00am Pacific Time
11:00am Mountain Time
12:00pm Central Time
1:00pm Eastern Time
CPE Credit:  2 hours for CPAs

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 platform-wide products and services 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 program, New York-based tax attorneys, Chris Doyle, Esq. and Elizabeth Pascal, Esq. from Hodgson Russ LLP, will outline some of the state and local tax considerations confronting multistate financial services businesses. A working knowledge of industry-specific nexus, income apportionment and allocation, self-trading exemptions, 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

  • Types of financial services businesses and how states classify them
  • Overview of nexus rules applicable to financial services companies
  • Financial services receipt sourcing 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

  • Identify the different types of taxpayers generally considered to fall within the financial services industry
  • Describe applicable nexus rules
  • Identify and advise on industry-specific receipt and income apportionment and allocation rules
  • Recognize how to assist financial services businesses in general sales and use tax compliance


Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites

Advance Preparation

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