Multistate Tax Issues for Financial Services
Author: Hodgson Russ LLP, Timothy Noonan, Kevin R. Harkins, Christopher L. Doyle
| 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 expenses that often create unexpected sales and use tax exposure (or refund opportunities), such as purchases of taxable 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, non-fungible tokens (NFTs), and other digital property.
During this two-hour CPE course, New York-based tax attorneys, Timothy P. Noonan, Esq.; K. Craig Reilly, Esq.; and Kevin R. Harkins, 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 critical for tax practitioners, business owners, executives, fund managers, and other professionals that assist financial service businesses with state and local tax compliance.
Publication Date: May 2026
Designed For
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
- Industry Overview
- Unique SALT Considerations
- Nexus
- Nexus Exemptions / Exceptions
- Income Allocation and Apportionment
- Choice of Entity — Wall Street Apportionment Examples
- Sales and Use Tax Considerations
- Pass Through Entity Taxes
- Voluntary Disclosure Programs
Learning Objectives
- Recognize how to describe economic and factor-based 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
- Identify state specific sourcing provisions for receipts from registered broker-dealer activities and other investment service companies
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
