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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, January 18, 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 webinar will review recent legislative changes in key midwestern states. Our panel of knowledgeable state and local tax authorities will explain recent changes made in Ohio to the Commercial Activity Tax (CAT), the state of pass-through entity tax workarounds in specific states, and recent notable cases.

Faculty

Elisa Kim Reyes
Principal
Holthouse Carlin & Van Trigt LLP

Ms. Reyes is a Principal at HCVT. She specializes in State and Local Tax, and has almost 15 years of experience in servicing pass-through entity, corporation, and high-net-worth individual clients across various industries.  Ms. Reyes mainly focuses on income/franchise and gross receipts tax compliance and consulting, but has experience in sales and use tax, credits and incentives, and payroll tax.  She assists medium to large companies with complex state and local tax issues. Ms. Reyes began her career in the State and Local Tax practice of KPMG and joined HCVT in February 2018. 

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Brian Gielish
Tax Manager - State and Local Tax, Mergers and Acquisitions
Holthouse Carlin & Van Trigt LLP

Mr. Gielish’s main areas of expertise are State & Local Tax and Mergers & Acquisitions. He serves as an advisor to clients in areas such as Income/Franchise Tax, Sales & Use Tax, and Gross Receipts Taxes. Additionally, he leads tax due diligence efforts to help guide clients on the Buy Side and Sell Side through complex M&A transactions. His client base covers a wide range of industries, including manufacturing, software/SaaS, entertainment, asset management, food and beverage, and maritime. He takes a holistic approach to client service with the goal of identifying and resolving SALT and M&A issues, as well as capitalizing on tax planning opportunities in the ever changing landscapes of the SALT and M&A fields.

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Description

Significant state tax changes are taking place in the midwestern states. Effective in 2024, Ohio announced substantial changes to its CAT. These include eliminating the minimum annual tax for taxpayers with $3 million or less in receipts for 2024. Taxpayers no longer subject to a reporting requirement are subject to a final return reporting requirement. The changes require new considerations for estimated tax payments in some cases and may warrant the cancellation of CAT accounts in others.

Most midwestern states, like most U.S. states, have enacted a pass-through entity tax workaround. Michigan and Illinois have pass-through entity tax elections in place, allowing certain entities to pay state tax at the entity level. Michigan refers to its election as a flow-through entity election, and it is binding for three years. South Dakota, however, has no owner-level personal income tax, while North Dakota has yet to enact any legislation offering state taxation relief for pass-through entity taxes. Knowledge of recent developments in the midwest states is critical for tax practitioners working with multistate taxpayers to ensure these taxpayers meet current requirements and pay the least amount of state income tax.

Listen as our panel of SALT professionals provides an overview of significant state and local tax issues in specific midwestern states.

Outline

  1. Tax Issues in midwestern states: introduction
  2. Ohio CAT changes
  3. Pass-through entity workarounds
  4. Recent developments
    1. Illinois
    2. Michigan
    3. Ohio
    4. Other state developments

Benefits

The panel will cover these and other critical issues:

  • Actions that need to be taken now due to changes in Ohio CAT
  • Handling pass-through entity workarounds in specific midwestern states
  • Recent notable cases in certain midwestern states

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify recent legislative changes made in key midwestern states
  • Determine how recent tax rulings in midwestern states impact taxpayers
  • Decide what actions need to be taken for businesses below the Ohio threshold for CAT
  • Ascertain differences in how states handle pass-through entity tax workarounds

  • 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.