and to Mitigate Your Tax Impact
CD of Teleconference with Q&A
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and Sales & Use Tax Monitor
Tax Teleconference Advisory Board
Companies doing business in Texas must pay the state's new margin tax instead of the current franchise tax starting next May for tax year 2007. It's simply not enough to understand how to calculate the new tax -- companies must act now to take full advantage of new tax planning opportunities.
Though the margin tax calculation may appear simple at first glance, it includes three alternative tax bases and also different rates for industries such as manufacturing and wholesaling. Calculating your company's new Texas cost of goods sold deduction can be quite complicated.
The Texas tax environment will be highly uncertain for the next couple of years, as challenges to the new tax arise in both the legislature and courts. Companies must make changes now to their tax compliance and planning to navigate through that uncertainty.
Listen as our panel of veteran tax advisors and corporate tax pros, all highly experienced with the Texas tax system, helps you prepare your company for the demands of the state's new margin tax.
The panel included:
Sue Baadsgaard, Director, State and Local Tax Practice, PricewaterhouseCoopers, Dallas. She's the firm's liaison with the Texas Comptroller's Office, tracking legislative and policy issues, and also serves as the Texas representative for the firm's controversies practice. Sue has 18 years in the public accounting profession.
Matthew Larsen, Tax Partner, Baker Botts, Dallas. His specialty is Texas and multi-state income taxes. Matthew works with large clients on a variety of tax controversy and planning engagements.
Ira Lipstet, Partner, DuBois Bryant and Campbell, Austin. He specializes in federal, state and local tax planning, particularly in Texas taxes. He was on the Texas Society of CPAs task force that recommended changes in the margin tax law. Previously, Ira was a director at Ryan and Co. and a shareholder with Jenkins and Gilchrist.
Donna Rutter, Tax Partner, Hartman Leito & Bolt, Fort Worth, Texas. She has more than 18 years of experience in the accounting and tax professions and co-authored several articles on the new tax for CPA Today. She sits on the Texas CPA Society margin tax task force.
The panel gave guidance to deal with these and other key issues:
- Dealing with new complexities - How Texas' calculation of the cost-of-goods-sold deduction and other definitions will test corporations.
- Choosing a tax base alternative - Which method will result in the lowest tax bill for your company?
- Mining tax planning opportunities - In the apportionment formula, organizing a passive income entity, avoiding tax on land sales, and other areas.
- Anticipating tough audits - Where the state is likely to challenge your company on the tax calculation, a unitary filing declaration, etc.
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TELECONFERENCE CD
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