Do you know where your clients' businesses have nexus? The rapidly evolving area of multistate taxation should be on the radar of business tax professionals.
Learning Objectives
- Identify the history of the Multistate Tax Commission and Uniform Division of Income for Tax Purposes Act.
- Distinguish between income tax and sales tax nexus.
- Identify the limitations of Public Law 86-272.
- Identify the most common additions to federal taxable income.
- Identify the most common subtractions from federal taxable income.
- Apply the tests for determining business and nonbusiness income.
- Determine the components of the traditional Massachusetts formula.
Major Topics
Constitutional limits and Public Law 86-272
Interstate activity
Nexus, UDITPA and MTC
Calculation of state taxable income
Filing methods for multistate taxpayers
Apportionment and allocation
Multistate income tax planning
