Posted in Featured Article, Nexus, Sales and Use Tax, SALT Strategies

Anatomy of a Sales Tax VDA: Organizing and strategizing a multi-state Sales Tax Voluntary compliance project – Part 1

(Part 1 of 3) Navigating the ever-evolving state Nexus and sales tax nuances is never a simple process. Adding to the complexities presented by the significant variance in states’ tax codes, the sheer logistics of maintaining the necessary due diligence can seem overwhelming. For those reasons, businesses are understandably reticent to execute an exhaustive multi-state…

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Posted in Sales and Use Tax, SALT Strategies

The Heat Is On – How Prepared Is Your Company for Sales and Use Tax Exams?

The late, great Glenn Frey’s song, “The HEAT IS ON”, accurately describes what many companies are experiencing when it comes to sales tax exams this summer. As I noted during a recent Webinar (and confirmed by attendees themselves), sales tax compliance and exams are hot topics for many companies. Equally important, the extensive information document requests…

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Posted in Nexus, Sales and Use Tax, SALT Strategies

Income Tax & Sales and Use Tax Compliance Big Concerns For Next 12 Months

Based on a poll of attendees at a recent Margolin, Winer & Evens LLP webinar on sales and use tax, it’s clear that income tax compliance, sales/use tax compliance and financial reporting are the biggest concerns facing accounting departments over the next 12 months. More than 500 professionals attended the webinar (2016 SalesTaxPerspective 8.1.16). These…

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Posted in Nexus, Personal Income Tax, Sales and Use Tax, SALT Strategies

Living in one state – earning income in another: Avoiding double taxation

Once upon a time living in one state and earning revenue in another would have been very complicated. With the advent of modern technology and the ease of travel, however, such scenarios are commonplace. What remains complicated are the draconian tax implications that individual taxpayers and employers must face when earning income in one or…

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Posted in Nexus, Sales and Use Tax, SALT Strategies

Unclaimed Property and Escheat Responsibilities Should Prompt Multistate Tax Spring Clean Up

What is a business’ responsibility regarding unclaimed property reporting? With tax busy season over, now is an excellent time to prepare and prioritize your multistate tax 2016 Spring Clean Up. If you let this slide, you may be opening yourself up to harsh penalties from the states where you do business. While not technically a…

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Posted in Corporate Income Tax, Nexus, Property and Other State/Local Tax Issues, SALT Strategies

Market Based Sourcing – No Time To Hibernate

It is always fascinating to watch trends develop and revisit whether the prognosticators were correct – we even enlist Punxsutawney Phil at this time of year – more on him later. One trend we’ve been watching has been the state tax authorities’ modifications in the sourcing of revenue in order to increase the receipts from…

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Posted in Corporate Income Tax, Property and Other State/Local Tax Issues, SALT Strategies

Got Unpaid State and Local Tax Liabilities? Voluntary Disclosure May Be Your “Get out of Jail Free” Card

Voluntary disclosure is not exactly a “get out of jail free” card when it comes to unpaid taxes, but it may be the next best thing. Voluntary disclosure programs allow taxpayers with unreported tax liabilities to come forward and settle their tax liabilities, usually under very favorable terms and frequently avoiding any type of penalty.…

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