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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, December 19, 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 provide SALT professionals and pass-through owners who have multistate filing obligations with an in-depth review of preparing composite returns. Filing composite returns is a significant and necessary piece of SALT. However, the burden of withholding and remitting nonresident taxes in many states makes this area even more complicated. Listen as the panel explains composite filing requirements, withholding and payment obligations, individual nonresident filing considerations, and how states' PTE tax regimes affect composite return decisions.

Faculty

Bradley R. Wilhelmson
Managing Director
KPMG Law, LLP

Mr. Wilhelmson practices in the firm’s State and Local Tax (SALT) practice and serves as a dedicated resource for the firm’s asset management and real estate clients assisting them on structuring, tax planning and compliance. Mr. Wilhelmson is KPMG’s primary tax technical resource for Illinois and Wisconsin taxes and advises clients on income, transactional, and franchise taxes. He also specializes in investor related state tax issues, including individuals and trusts. Mr. Wilhelmson works extensively on state nonresident withholding tax issues for large multiple-tier structures, and on SALT partnership tax issues, tax controversies and provisions for pass-through entities. He has authored articles and has been quoted in various tax publications, and additionally is a regular presenter on SALT issues at conference and training events.

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Kimberly Capizzi
Managing Director, State & Local Tax
BDO USA

Ms. Capizzi works in the firm’s State and Local Tax Practice with more than 12 years of experience in public accounting, serving a wide array of clients, ranging from individuals to publicly traded corporations. She focuses much of her time on multistate organizations, including complex multi-tiered partnerships, ensuring clients meet all compliance requirements and deadlines. Most of Ms. Capizzi’s clientele are flow-through entities and she is well versed in the state tax issues specific to such entities. Additionally, Ms. Capizzi assists corporations and flow-through entities in designing and implementing structural enhancements to generate long-term state tax reductions and reduce state tax compliance requirements.

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Description

At least 36 states require or allow composite return filing. Practitioners must decide whether filing a composite return is required and, when not required, whether to offer this convenient filing option to owners of flow-through entities. Many states charge per partner penalties for failure to meet reporting and payment obligations, making noncompliance costly. In addition to filing, withholding, and remitting taxes, practitioners must contend with tracking the payments made by nonresidents and the possibility of individual tax notices as well as potential liability for nonresident individuals who are not clients.

Nonresidents who participate in out-of-state entities must decide whether and when it is beneficial to participate in a composite return filing. Participating in a composite return filing doesn't necessarily preclude a taxpayer from filing a nonresident return in a state. Often, a taxpayer can take advantage of lower tax brackets and state credits or may want the statute of limitations to run in a particular state. All are valid reasons for filing an individual income tax return in a nonresident state.

Listen as the panel explains state composite filing, withholding, and remittance for entities and nonresident shareholders and how to remedy past noncompliance.

Outline

  1. State composite return requirements
  2. Pass-through entity composite filing considerations
  3. Elective pass-through entity taxation regimes
  4. Mandatory filing and withholding requirements
  5. Individual taxpayer filing considerations
    1. Participating in a composite return
    2. Filing a nonresident return
  6. Current developments
  7. Past noncompliance and voluntary disclosure programs

Benefits

The panel will discuss these and other essential questions:

  • How do states' PTE tax regimes affect the decision to file a composite return?
  • What are the state requirements for withholding and remitting nonresident withholding?
  • When should a pass-through entity elect to file a composite return?
  • When should an individual elect to participate in a composite filing?
  • What remedies are available for past noncompliance?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify general composite filing requirements
  • Evaluate both the pass-through entity's and partner's filing considerations
  • Distinguish nonresident withholding from filing composite returns
  • Understand pass-through entity tax regimes as a workaround to the SALT deduction limitation
  • Establish the impact of a federal partnership audit on previously filed state composite or information returns
  • Determine what remedies are available for past noncompliance

  • 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 at mid-level within the organization, preparing complex state income tax forms and schedules for individuals and pass-through entities; supervisory authority over other preparers/accountants. Knowledge and understanding of withholding requirements, composite returns, nonresident filing, and payment of taxes by pass-through entities.

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.