
Looking for education relevant to you and a networking outlet to get to know professional peers who can help you tackle tough tax problems? Here it is.
Access income tax content taught by veteran professionals in the field, including TaxOps’ Judy Vorndran, all with deep industry expertise, at the Institute for Professionals in Taxation (IPT) State Income Tax School. The school, June 14-25, offers over a dozen in-depth classes on a wide range of topics important to tax professionals who regularly work with state and local taxes.
Judy Vorndran will be teaching the following slate of classes. See the full list of classes at State Income Tax School.
Tax Return Basics | Monday, June 21 | 11:00 am – 1:15 pm
This session will include a comparison of separate, consolidated and combined state income tax returns, including a discussion of the mechanics and implications of each. Building upon prior sessions, the income and apportionment factors used and the treatment of inter-company transactions and tax attributes for the different return types will also be discussed.
Learning Objectives
- Recognize the different methods of state income tax reporting
- Explain which entities are typically included in the different types of returns
- Differentiate between a full consolidated return and a nexus consolidated return
- Recognize the difference between the states authority to require combination versus a taxpayers ability to elect combination
- Grasp how taxable income is calculated in the different types of returns
- Recognize the difference in the treatment of intercompany transactions under different return types
- Apply net operating losses to different return types
Instructors
- Judith B. Vorndran, CPA, JD State and Local Tax Partner TaxOps, LLC Englewood, CO
- Duane W. Dobson, Jr., CMI, CPA Director, State Income/Franchise Tax Consulting Ryan, LLC Arlington, VA
Income Tax Filing and Compliance | Monday, June 21 | 1:45 – 3:15 pm
This will be a practical session for the preparation and filing of estimated payments, extensions and returns for state income/franchise taxes. We will explore the sources of information for the state income/franchise tax compliance process, including state tax modifications and apportionment factor components. We will address special issues for state franchise taxes (those not based on income).
Learning Objectives
- Grasp the basic resources for state return compliance
- Know the relationship between the federal and state tax return processes
- Recognize the importance of tax return work papers and files
- Appreciate the use of review notes as a learning tool
Instructors
- Judith B. Vorndran, CPA, JD State and Local Tax Partner TaxOps, LLC Englewood, CO
- Duane W. Dobson, Jr., CMI, CPA Director, State Income/Franchise Tax Consulting Ryan, LLC Arlington, VA
Tax Provisions 101 | Tuesday, June 22 | 11:00 am – 1:00 pm |(continued) 1:30 – 2:10 pm
This presentation will review the key financial accounting pronouncements that apply to tax provisions and discuss their scope and basic principles. This presentation will then examine the impact of those financial accounting pronouncements on an entity’s income statement and balance sheet. This presentation will also demonstrate the application of the financial accounting pronouncements to the determination of an entity’s income tax provision and contingency reserves for other taxes. Finally, this presentation will discuss the transition from generally accepted accounting principles to international financial reporting standards
Learning Objectives
- Identify the key financial accounting pronouncements that apply to tax provisions and understand the type(s) of taxes to which they apply
- Grasp the scope and basic principles of FAS 109
- Recognize the effect of FAS 109 on an entity’s income statement and/or balance sheet • Recognize the difference between the current and deferred components of an entity’s income tax provision
- Apply the principles of FAS 109 to basic fact patterns to determine an entity’s income tax expense and deferred tax assets/liabilities
- Recognize the relationship between FIN 48 and FAS 109 and apply FIN 48’s recognition and measurement principles to uncertain tax positions • Grasp the scope and basic principles of FAS 5
- Recognize the effect of FAS 5 on an entity’s income statement and/or balance sheet
- Apply the principles of FAS 5 to basic fact patterns to determine an entity’s tax contingency reserves
- Develop an awareness of the transition from generally accepted accounting principles to international financial reporting standards and identify the type(s) of entities that will be affected by the transition
Instructors
- Judith B. Vorndran, CPA, JD State and Local Tax Partner TaxOps, LLC Englewood, CO
- Duane W. Dobson, Jr., CMI, CPA Director, State Income/Franchise Tax Consulting Ryan, LLC Arlington, VA
Case Study Tax Provisions Tuesday, June 22 2:30 – 3:15 pm
Instructors
- Judith B. Vorndran, CPA, JD State and Local Tax Partner TaxOps, LLC Englewood, CO
- Duane W. Dobson, Jr., CMI, CPA Director, State Income/Franchise Tax Consulting Ryan, LLC Arlington, VA
DESCRIPTION
This webinar will provide SALT practitioners with the steps taken to analyze prior state income, sales & use, and franchise tax returns for potential refunds. Our panel of state and local tax experts will discuss identifying opportunities for tax savings generated by recent tax acts, reviewing sales sourcing methods, and incentives frequently offered by states.
Businesses that have paid state income, franchise, or sales & use taxes in multiple jurisdictions could find substantial tax savings by performing a reverse audit. A reverse audit is a review of SALT taxes paid to find opportunities for refunds of taxes previously paid. Potential changes unearthed for prior years are often applicable to future years, generating ongoing increased cash flow.
Numerous recent tax acts presented an onslaught of federal legislative changes that were adopted, adopted with modifications, or ignored by individual states. The complexity of these changes has led to missed and misinterpreted application of tax at the state level. Previous treatment of recent legislative changes and the states’ current position on these changes deserve a closer look. Practitioners relying on same as last year treatment for apportionment and allocation factors, business and nonbusiness income, and combined or consolidated reporting methods should give these a second look as well.
Sales tax exemptions, exclusions, and state and local credits are sometimes overlooked and can provide long-term tax savings to businesses. Tax advisers working with multi-jurisdictional businesses need to be aware of tax incentives commonly offered by states and localities.
Listen as our panel of SALT experts explain opportunities available when electing apportionment methods, the treatment of throwback sales, and SALT incentives available to mitigate the state and sales taxes paid by businesses.
OUTLINE
- Reverse audits
- Sales tax
- State income tax
- Other taxes
- State tax credits
- Best practices
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