Multistate Income Allocation and Apportionment
Author: Hodgson Russ LLP, Open Weaver Banks
| CPE Credit: |
2 hours for CPAs |
According to the U.S. Supreme Court, apportioning income among the states resembles “slicing a shadow.” That is because states employ a patchwork of sourcing rules and formulas to determine how much of a business’s income is subject to tax. Within the same state different rules may apply to different types of entities (for example businesses operating as partnerships, C corporations or S corporations). And different rules apply to different types of receipts, such as receipts from the sales of services versus receipts from sales of tangible personal property. This course, taught by Open Weaver Banks from Hodgson Russ LLP, will review different state approaches to apportioning income and recent developments in this constantly evolving area of tax law, including legislative developments and court decisions.
Publication Date: December 2022
Designed For
All CPAs, enrolled agents, tax return preparers, tax attorneys, corporate attorneys, and other practitioners who review or are responsible for preparing multistate tax returns for clients or advise on multistate tax issues will benefit from this insightful webinar.
Topics Covered
- What is Apportionment?
- Principles of Apportionment
- History of Apportionment Formulas
- Current Trends in Apportionment
- Case Studies
- Invoking Alternative Apportionment
- Pass-through Entities
- Nonbusiness Income
Learning Objectives
- Identify the basic rules of apportionment employed by states
- Recognize the unique rules that apply to different entities and types of income
- Recognize how to gain awareness of apportionment issues that may arise in audits and appeals
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
