Remediation of SALT Exposure: Voluntary Disclosure Agreements, Settlement Options, Assessing Noncompliance

As the complexities surrounding state and local taxes continue to evolve, and considering the continual passage of new legislation, it can be challenging for businesses to stay fully compliant with their state and local tax reporting obligations. Nexus standards vary across the states, and an entity's nexus footprint can change on an annual basis. An organization's tax department may not be equipped to take the necessary actions needed to comply in a timely manner. 

There are various paths that a noncompliant business can take to remedy exposure, including utilizing voluntary disclosure agreements, settlements, and/or other opportunities. SALT professionals must consider the latest and most effective options available to facilitate resolutions and minimize the ultimate tax liability for businesses operating in multiple states.

Listen as our panel of SALT veterans explains how to identify and resolve state tax issues for companies that have known and unknown tax nexus in various states.

I. Remediation of SALT exposure: introduction

II. Nexus update

III. Recent legislation

IV. Evaluating state and local tax exposure

V. Options to remedy noncompliance

A. Voluntary disclosure agreements

B. Settlements

C. Other options

VI. Tax reporting after resolution

Our panel will review these and other essential topics:

• Detecting and evaluating state and local tax exposures
• Navigating options for remedying noncompliance 
• Considering related tax types and their impact on the remediation process
• Assessing factors that can influence VDAs and settlements
• Safeguarding prospective tax reporting process after VDAs and settlements

Learning Objectives

After completing this course, you will be able to:

• Identify steps to assess state and local tax noncompliance for businesses
• Determine how continuing SALT legislation impacts multistate businesses and SALT practitioners
• Decide when a voluntary disclosure agreement might be a viable option for a business
• Ascertain differences in settlement programs offered by states

• 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.