The Changing Face of Nexus: Are You Prepared?
Overview:The State Sales Tax Issue: As internet commerce grows, so too does the issue of state sales tax. In 2011, the House and the Senate introduced the Main Street Fairness Act and the Marketplace Equity Act. Both bills would certify the Streamlined Sales & Use Tax Project (SSTP) across the country. Sellers would be required to collect and file sales tax returns on all interstate sales, triggering a sales tax registration, collection and remittance obligation.
The State Corporate Tax Issue:
Public Law 86-272 (P.L. 86-272) determines when a multi-state business is subject to state income taxes. When the law doesn’t apply, other states have taken various actions to fill the void such as:
- Adopt a “doing business” standard for determining whether in-state activities create nexus for income tax purposes (regardless of a physical presence).
- Adopt “economic nexus” standards based on the amount of income or sales derived from sources within the state?
- Adopt “factor presence” standards, under which income tax nexus exists if in-state sales exceed a specified threshold?
MFA - Moody, Famiglietti & Andronico, LLP
The Marketplace Fairness Act (MFA) represents the most comprehensive attempt at broad-based reform of the sales tax system since taxes were first enacted.
At this webcast you will have the opportunity to ask multi-state tax questions such as:
- What are the components of the Marketplace Fairness Act
- Does the Marketplace Fairness Act Impact My Business?
- Does the Marketplace Fairness Act Have an Impact on Income or Franchise Taxes?
- Nexus Requirements for Sales and Use Tax vs. Nexus Requirements for Income and Franchise Tax?
- What are the differences between the three main types of nexus inquiries (statutory “doing business” standard, Commerce Clause test, Due Process Clause test)
- What are the most recent trends in economic nexus for income and franchise tax purposes?
- What are attributional nexus and affiliate nexus?
- What should I do if I get a nexus questionnaire from a state department of revenue?
- What are the consequences of having nexus with a state?
Who Should Attend:
- Corporate Tax Professionals
- Finance Executives
- Other Professionals related to this area
A seasoned tax professional, Ms. Mello´s 25 years of experience include all facets of multi-state and local tax planning and compliance strategies. Her wide breadth of state and local tax knowledge is reflected in the numerous seminars and education symposiums that she leads for associations including Lorman Education Services and the Massachusetts Society of CPA´s. Inez is also a frequent contributor to various business publications. An active member of the Accounting & Financial Women´s Alliance and current Rhode Island Chapter President of the Institute of Managerial Accountants, Inez is extremely well-known throughout the business community and was recognized by the U.S. Small Business Administration as a Rhode Island Women in Business Champion of the Year in 2007. She also provides tax guidance as a Multi-State Tax Professor at Bryant University in their MST Graduate Program.
A seasoned tax professional, Ms. Mello´s 25 years of experience include all facets of multi-state and local tax planning and …
Robert Shaw is a member of the State and Local Tax Practice Group at Williams Mullen’s Raleigh, North Carolina office. Mr. Shaw has represented clients in a broad range of tax matters, including corporate income tax, sales and use tax, property tax, and constitutional litigation involving tax matters. Before joining Williams Mullen, he served as a law clerk to the Honorable Malcolm J. Howard, U.S. District Court for the Eastern District of North Carolina.
Mr. Shaw is a member of the Section of Taxation for the American Bar Association, including the State and Local Tax Subcommittee. He is a founding steering committee member of the Raleigh-Durham chapter of the Institute for Professionals in Taxation.
Robert Shaw is a member of the State and Local Tax Practice Group at Williams Mullen’s Raleigh, North Carolina office. …
Print and review course materials
Method of Presentation:
On-demand Webcast (CLE)
NASBA Field of Study:
NY Category of CLE Credit:
Areas of Professional Practice
2.0 CPE (Not eligible for QAS (On-demand) CPE credits)
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About MFA - Moody, Famiglietti & Andronico, LLP
MFA-Moody, Famiglietti & Andronico, LLP (www.mfa-cpa.com) is a proactive CPA and consulting firm located north of Boston with national and global reach. Founded in 1982, the firm is comprised of over 100 professionals including 18 partners whose speed, precision and commitment to client success consistently results in proven best value solutions that offer the ideal combination of expertise, service and price.
Please visit MFA's Business Insights Blog at www.mfa-cpa.com/Blog for commentary from their CPA and consulting experts.
About Williams Mullen
Williams Mullen’s North Carolina state and local tax practice group is staffed by attorneys Nancy S. Rendleman, Charles B. Neely, Jr., and Robert W. Shaw. The practice group practices extensively in the state and local tax area and handles matters involving all types of state and local taxes, including corporate income and franchise tax, defense of forced combination cases, sales and use tax, property tax litigation involving real and personal property and the tax exempt status of real and personal property, excise and license taxes, and individual income tax. The practice group also counsels clients on county and state tax incentives, assists them in negotiations to obtain tax incentives, and defends against efforts by the Department of Revenue to attack tax credits.