Description

This course provides essential knowledge for Client Advisory Services (CAS) professionals navigating multistate taxation and managing tax deadlines. We'll start by exploring the implications of the Wayfair decision, focusing on general rules for sales and income tax nexus across states. You'll learn what to look for in state statutes and gain a solid foundation for filing requirements. Additionally, we'll cover key tax due dates, how to handle missed deadlines, and potential relief options. Whether you're new to the field or running your own practice, this course will equip you with the tools to succeed.

Instructor: Dave Peters, CPA, CFP, CLU, CPCU, MST, MBA

Target Audience

Accounting and finance professionals who work with business owners on multistate tax issues, small business owners working in multiple states, and other accountants looking to serve their companies or clients in the areas of payroll services or operations

Course Objectives

Identify key tax due dates by entity type

Recognize how late filing, late payment, and other common penalties are calculated

Recall common information return due dates and applicable penalties

State first time abatement relief qualifications and other common remedies

State what the term nexus means and how it differs for sales tax and income tax reporting obligations

Recognize economic nexus and when it applies

Identify when a company has to file an income tax return or sales tax return

Subjects

Estimated taxes and deadlines

Tax due dates for common returns and filings

Potential penalties and interest

Information return penalties

Penalties applicable to pass-through entities

Accuracy-related penalties

First-time abatement (FTA)

FTA eligible returns

Reasonable cause

Nexus: sales tax vs. income tax

Sales tax nexus with state specific examples

Remote work and sales tax nexus

Income tax nexus with state-specific examples

Remote work and income tax nexus

Sales factor: throwback rules