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Understanding Income Tax Nexus in the Wake of Wayfair

4.6 (94)

Ariele Doolittle, Esq

Hodgson Russ LLP

Friday, January 10, 2020 | 01:00 PM EDT

  • CPA
  • EA

1 Credit

$6

Subject Area

Taxes

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Course Description

In the wake of the US Supreme Court's decision in South Dakota v. Wayfair, states may now require remote sellers with no physical presence in a state to collect sales tax on sales of taxable products and services delivered to customers in that state.  Perhaps the most troubling development in state taxation post Wayfair is keeping up with each state's response to the Supreme Court decision.  In addition to its landmark sales tax implications, the Wayfair decision also changed income tax nexus considerations. Over 40 states have adopted economic nexus, and at least 45 now have a sales tax with most of these taxing out-of-state sales. Taxpayer nexus in a state now requires no more than a sufficient “economic or virtual presence” in a state.

Economic thresholds and factor presence tests are increasingly common for sales tax, gross receipts taxes, and income taxes. The standards limit planning options and increase the complexity and likelihood of tax payment and filing requirements across multiple states. A significant number of states use the economic or factor presence tests, with other states imposing a market-based standard as a means of increasing tax revenues.

When taxing the income of companies that operate in multiple states, a state can either impose tax on the company directly OR on the income passed through to the owners of the company. This webinar is intended to inform tax professionals of this changing landscape, and provide them with the means to address these emerging potential obligations to remote sellers.

Learning Objectives

  • Understand and apply nexus for income tax purposes
  • Discuss basic apportionment concepts
  • Identify statutory vs. constitutional nexus, and factor threshold nexus

Who Should Attend?

  • CPA - Large Firm
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Enrolled Agent
  • Entrepreneurial CPA
  • Tax Firm
  • Tax Practitioners
  • Tax Pros
  • Young CPA

Testimonial

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(
    [no_of_record] => 94
    [average] => 4.5745
)
 

4.6

(94)
67%
26%
6%
0%
1%

KC

I would love to have Arielle do more of our webinars. The presentation was concise yet comprehensive.

VS

It was very informative and thorough. Lots of little things to keep in mind even though this isn't an area I do a lot of work in.

DS

Excellent webinar. Very clear explanations on the differences in statutory vs. constitutional nexus. The first webinar I've seen that cover all these interrelated topics in a single session.

HY

Arielle does a great job of explaining the nuances of the state tax court and appeals process. Thanks

MG

Exceptional presentation well explained with detailed understanding slides hoping Ms. Doolittle returns and teaches us more of her other expertise of her field within the tax courts. Thank you

SA

Ariele did a great job of presenting. She is extremely knowledgeable. The handouts were also very good. Any presentation put on by her firm is always first class.