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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Corporate Tax

Date & Time
  • event Date

    Thursday, April 28, 2022

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

$247.00
CPE
ALL

This course will highlight opportunities for companies to increase their bottom line by taking advantage of state tax credits and incentives that are often overlooked. Specific credits and eligibility requirements for these credits in California, New York, and other states will be discussed.

Faculty

Mark B. Leaheey
Director
Marcum LLP

Mr. Leaheey, CPA, CGMA, MSA, is a Director in the R&D tax credit practice at Marcum LLP in Chicago. He has more than 15 years of professional experience providing tax and consulting services to various industries in the United States and abroad. Mr. Leaheey has spent extensive time in China where he assisted in strategy and process implementation. Prior to joining Marcum, he worked in RSM’s credits incentives and methods practice – with a focus on portfolio companies of private equity groups; and at the Big Four in the captive insurance industry with a focus on self-procurement tax, as well as state and local income franchise tax compliance and consulting. Mr. Leaheey has professional experience in project management and developing cash flow improvement strategies among diverse industries.

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Barry Halpern
Partner
Marcum LLP

Mr. Halpern is a tax & business services partner at Marcum LLP’s New York City office. He helps clients navigate the complexities of all areas of state taxation including general consulting, obtaining and negotiating business credits and incentives, audit defense, strategic planning, apportionment sourcing studies, nexus considerations and resolutions. Mr. Halpern also has extensive experience advising clients on New York State and New York City tax matters, having successfully represented corporations and partnerships before state taxing authorities and negotiated settlements and penalty abatements. His focus is on understanding the needs of his clients and delivering high value quality professional services to companies across all industries including manufacturing, technology, media and entertainment, healthcare, and financial services.

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Description

Many state tax credits and incentives mirror federal equivalents. More than 30 states offer a research and development tax credit. Generally, the state rules for the credit mirror the federal guidelines, however, some states differ. California, for example, defines gross receipts differently and does not include revenue from software, SAAS activity, service and certain other income. Many businesses are not taking advantage of this readily available, lucrative credit. Furthermore, many companies who would be considering amended R&D credit return claims are struggling to meet the rigorous federal guidelines recently released in Field Attorney Advice (FAA) memo 20214101F.

One commonly offered state credit is the investment tax credit. In New York, the list of eligible property includes R&D property and property used by the taxpayer to produce goods. Taxpayers can often take the credit for purchases they were willingly making anyway. State tax advisers need to be aware of the most common state credits and incentives to help increase cash flow for businesses.

Listen as our panel of SALT experts describes the business activities that most often generate state tax credits, general eligibility requirements, and the steps to claim these credits in specific states.

Outline

  1. State credits and incentives
  2. Research and credit
    1. Federal credit and recent changes
    2. R&D credit in specific states
      1. California
      2. Other States
  3. Investment tax credits
  4. Manufacturer property tax credits
  5. Job tax credits
  6. COVID programs for targeted industries
  7. Training credits
  8. Many other common credits and incentives

Benefits

The panel will review these and other critical issues:

  • Qualifying for the R&D tax credit in CA and other states
  • Utilizing NY tax incentives including Excelsior Program, QETC, ITC, and others
  • Training and job tax credits
  • Manufacturer tax credits available in NY and other states
  • Which business activities generally produce state tax credits

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify specific NY state income tax credits
  • Determine eligibility requirements for California Competes
  • Decide which business activities are more likely to be eligible for state incentives
  • Ascertain differences in federal and state R&D credit requirements

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of SALT taxation, nexus and apportionment as it applies to multi-state businesses.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.