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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 17, 2023

  • 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

This course is $0 with these passes:

CPE
ALL

This webinar will discuss the numerous taxes charged by states on home-sharing arrangements. Our panel of SALT experts will discuss the types of taxes imposed, registration requirements in certain states, reviewing the calculations of marketplace facilitators, specific requirements in certain states, including New York and California, and federal taxation of these short-term rentals.

Faculty

Tri Hoang
Director
Marcum LLP

Mr. Hoang is a principal in Marcum’s Tax & Business Services practice. He has more than 15 years of experiences focused on state and local tax matters, including income/franchise taxes, gross receipts taxes, sales & use taxes, excise taxes, and property taxes. Mr. Hoang has spent the last decade focused on state and local tax due diligence and advising clients on state tax issues in M&A transactions. He also has significant experience in tax controversy, managing large tax compliance engagements and helping clients secure significant credits and incentives.

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Jeffrey S. Reed
Partner
Kilpatrick Townsend & Stockton LLP

Mr. Reed chairs the firm's State and Local Tax Practice. He helps tax directors, business owners, and individuals manage state and local tax risks and exposure, including assessing the strength of corporate tax positions, evaluating whether charges are subject to sales tax, and representing taxpayers in disputes with revenue agencies throughout the U.S. He brings a practical, pragmatic approach to state and local taxation, one that takes into account reserve considerations, legal and administrative guidance, and anticipated revenue agency responses. He is particularly experienced with New York and Massachusetts tax controversies, corporate tax planning, assessing the anticipated state tax consequences of mergers and acquisitions, and analyzing the taxability of electronic commerce and emerging business models. He has resolved disputes with most tax agencies in the United States, and also has broad experience with IRS audits and appeals, and unclaimed property.

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Description

Many taxpayers have found renting a vacation property, their personal residence, or a room a reasonable way to supplement their income. This has led to an explosive growth of platforms like Airbnb, VRBO, Trip Advisor, and other marketplace vendors. Consequently, states have quickly moved to impose taxes on these rentals and require these facilitators to collect and remit said taxes.

The combination of taxes imposed and methods of applying these taxes is astounding. There are state accommodations, local accommodations, lodging, transient, and occupancy taxes, to name a few. Taxes vary based on the location of the property. Some jurisdictions within the same state may or may not charge an accommodation tax. Determining what items are included in a tax calculation is complicated.

Numerous states collect sales tax on cleaning fees, however Colorado, for example, considers this a reimbursable expense and does not. What is certain is that there are significant penalties for failing to comply, and ultimately the owner is responsible for the calculation and timely remittance of these various tax types.

Listen as our panel of rental veterans explains the most frequently assessed taxes on short-term rentals and the specific taxes imposed in certain states.

Outline

  1. Taxes on short-term rentals: an introduction
  2. Federal tax issues
    1. 14-day exception under IRC 280A
    2. Reporting, Schedule C or Schedule E?
    3. Self-employment tax
  3. Occupancy and other jurisdictional taxes
  4. Marketplace vendor laws
  5. Registration requirements
  6. Specific state rules
    1. New York
    2. California
    3. Other states
  7. Examples
  8. Best practices

Benefits

The panel will cover these and other critical issues:

  • Taxation of short-term rentals in New York and California
  • The impact of marketplace facilitator rules on Airbnbs, VRBOs, and other rentals
  • Registration requirements in specific states
  • Federal tax rules for short-term rentals

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Determine which rental properties are subject to federal self-employment tax
  • Determine how marketplace facilitator laws influence the collection of taxes
  • Decide how Airbnbs are taxed in New York
  • Ascertain registration requirements for short-term rentals in specific 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.