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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, August 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 address how to manage the increasingly popular gross receipts taxes (GRTs) charged by states. The panel will cover Oregon's corporate activity tax (CAT), Texas' franchise tax, and Ohio's CAT, along with other states and a few local gross receipts taxing regimes. The speakers will discuss which businesses are subject to these taxes, what constitutes nexus in these states, and how to lessen the tax burden of GRTs on businesses.

Faculty

Meredith Smith
Partner
TaxOps

Ms. Smith expertly weaves real-life examples into why business taxpayers, tax professionals, and tax providers should care about complex state and local tax (SALT) issues. This knowledge comes from expertly navigating the web of tax laws governing SALT issues for nearly 20 years. From working with clients inside their business, she knows the questions, issues and strategies for resolution that keep businesses on the tax compliance track. Ms. Smith combines technical knowledge and in-depth industry understanding in performing nexus studies, identifying areas of risk, and designing sustainable planning opportunities for achieving tax-specific business goals. Her practice covers state income tax, property tax, sales and use tax, and business incentives and credits. Prior to TaxOps, Ms. Smith was a member of the SALT practice at KPMG, serving large, multi-jurisdictional corporations and multi-tier partnerships across industries. She is a frequent speaker and the host of the SALTovation podcast, a podcast series featuring leading voices in states and local tax. Listen in on your favorite channel: https://saltovation.captivate.fm/listen. 

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Tram Le
Senior Tax Manager
TaxOps

Ms. Le is a CPA and licensed attorney specializing in tax strategies for growing businesses. She works closely with clients on a variety of state and local tax (SALT) issues and assists businesses in responding to notices issued by taxing jurisdictions. Ms. Le has represented taxpayers before the IRS and the U.S. tax court and assisted clients with complex tax issues including offers-in-compromise and audit reconsiderations.

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Description

Called by many different names--CAT, franchise tax, margins tax, commerce tax, etc.--a GRT is still a tax on receipts. It's a tax that can be charged multiple times on the same product and businesses operating at a loss. As a result, this is an ideal tax for states needing to raise revenue and is being embraced by more and more states and localities. Minimizing the impact of GRTs is an increasingly important concern for businesses and SALT professionals.

With more states charging GRTs, additional planning opportunities exist to minimize the impact of GRTs in these states. Categorizing a business correctly is the first and most important item to consider in ensuring it meets nexus criteria. Some states require business registration and minimum fees, even when the business is below the GRT threshold for taxation. Noncompliance can be costly.

Listen as our panel of SALT experts explains the Oregon CAT and who is required to file, recent Texas franchise tax changes, Nevada's commerce tax, and strategies to minimize taxation in other states that raise revenue by taxing gross receipts.

Outline

  1. Taxation of gross receipts
    1. Overview
    2. Trends
    3. Nexus
  2. Oregon CAT
  3. Texas' franchise tax rules
  4. Nevada
  5. Ohio
  6. Other states
  7. Best practices to minimize taxes

Benefits

The panel will review these and other important issues:

  • Who is subject to Oregon's CAT?
  • What businesses are subject to Texas franchise tax after the recent amendments?
  • How should companies subject to Texas franchise tax under the updated rules handle its retroactive application?
  • What constitutes nexus in states that tax gross receipts?
  • What steps can be taken to minimize tax liability in GRT states?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Decide whether a business is subject to Oregon's new CAT
  • Determine what constitutes nexus in Oregon
  • Ascertain whether applicable gross thresholds are met
  • Identify trends in state taxation of gross receipts

  • 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 pass-through taxation, including taxation of partnerships, S corporations and sole proprietorships, qualified business income, net operating losses and loss limitations; familiarity with net operating loss carry-backs, carry-forwards and carried interests.

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.