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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

    Monday, July 15, 2024

  • 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 review the latest developments in combined reporting for state corporate income tax purposes for tax professionals and advisers. The panel will offer approaches to streamline compliance and address the challenges of sometimes contradictory and competing regulations requiring mandatory unitary combined reporting (MUCR) or discretionary combined reporting.

Faculty

Scott Smith
Managing Director
Forvis Mazars, LLP

Mr. Smith is national technical leader of BDO’s State & Local Tax (SALT) practice. He sets BDO's policies and positions on technical SALT issues, as well as thought leadership, brand visibility, training and risk management. Mr. Smith's SALT practice is the result of over 25 years of experience and is national in scope and focused on multistate tax consulting, representing clients in multistate SALT controversies, and advising clients with respect to their multistate tax planning. The main concentration of Mr. Smith's SALT practice is on corporate income and franchise taxes, but he has also advised and represented clients with respect to their sales and transactions tax needs as well. A significant amount of his representation focuses on helping clients on the state tax consequences of mergers and acquisitions, intra-group reorganizations, special purpose entities, and business planning.

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Rick Najjar
Director
Forvis Mazars, LLP

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Katie Girmscheid
Managing Director, State and Local Tax
BDO USA

Ms. Girmscheid is a Senior Manager in BDO Chicago’s State and Local Tax Practice with over 9 years in public accounting. Katie specializes in on multi-state organizations, including complex multi-tiered partnerships, ensuring our clients meet all compliance requirements and deadlines. Most of her clientele are corporate entities with heavy state and international presence.

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Description

Multistate companies often strategize to reduce or avoid paying state tax using intercompany transactions. The District of Columbia and over half of U.S. states require unitary combined reporting. Florida, Maryland, Pennsylvania, and Virginia have proposed legislation on MUCR.

Multistate businesses face tough challenges in identifying entities to combine and in which states. Tax specialists must understand the intricacies of the various states' group formation rules and "unitary group" definitions and the amount of leeway that auditors may possess to add companies to a combined return.

Listen as our distinguished panel of expert state tax advisers briefs practitioners on important new developments, clarifies the often confusing state approaches, and outlines the key differences and commonalities among combined reporting systems.

Outline

  1. Background issues, mandatory vs. elective combined reporting
  2. Recent state actions with combined reporting
    1. State laws
    2. Regulatory actions
    3. Court rulings
  3. Actions on forced, combined returns
  4. Enforcement policies on combinations and de-combinations in certain states
  5. Next states likely to act

Benefits

The panel will review the most challenging areas of combined reporting mandates, such as:

  • Keeping up with the latest state actions in legislatures, revenue agencies, and courts, as well as the outlook for future moves on combined reporting
  • Differentiating between states' definitions of the "unitary group" concept
  • Navigating ownership thresholds and the inclusion of special entities such as insurance subsidiaries and REITs
  • Addressing numerous states' regulations and compliance demands as a multistate company
  • Understanding "non-mandatory" or "discretionary" combination

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Recognize which entities and activities to include in a unitary group for combined reporting purposes
  • Distinguish various states' approaches to forced combinations and de-combinations
  • Identify special rules particular states impose on group formation

  • 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 corporate state income tax returns and apportionment schedules at mid-level within the organization, supervising other preparers/accountants. Working knowledge and understanding of the states' mandatory unitary combined reporting of income tax . Familiarity with variations between the different states that using the unitary combined reporting state income tax regime.

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.