Advanced Multistate Taxation of Partnerships, Individual Partners, and SALT PTE Elections
Business vs. Nonbusiness Income Characterization, Reconciling Conflicting State Tax Treatments
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will give partnership tax advisers a comprehensive exploration into advanced multistate tax issues facing partnerships with income or operations in multiple states. The program will provide tax advisers and professionals with a detailed and practical guide to critical state tax issues and trends impacting individual partners owning shares of multistate partnerships. The panel will discuss critical questions such as the evolving state pass-through entity (PTE) elections and considerations for the owners.
Outline
- Nexus overview
- Allocation vs. apportionment of partnership income
- Business vs. nonbusiness income: differing state approaches
- States requiring withholding on nonresident partners
- State PTE elections
Benefits
The panel will discuss the following critical issues:
- State sourcing and taxation of income
- State PTE elections and related considerations
- States that require business/nonbusiness income determination at partner vs. partnership level
- State withholding considerations
Faculty
Ozair S. Minty, JD, CPA
Managing Director
BDO USA
Mr. Minty is a managing director and the Financial Services Practice Leader for State and Local Tax Services for BDO... | Read More
Mr. Minty is a managing director and the Financial Services Practice Leader for State and Local Tax Services for BDO USA LLP. He advises clients in the banking, capital markets, real estate, insurance, and the investment management industry including private equity and credit funds. Mr. Minty enjoys solving issues and consulting with his clients on a broad range of state tax issues, including income and franchise taxes, sales and use taxes, real property transfer taxes, gross receipt taxes and business credits and incentives. He also advises clients in tax planning, tax operations, tax compliance, and controversy matters. Further, Mr. Minty is heavily involved in thought leadership development and enjoys presenting on new legislation and rules that are relevant to his clients.
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Nicholas Montorio
Managing Director
BDO USA
Mr. Montorio advises the firm’s clients on a variety of multistate tax matters involving business activity taxes... | Read More
Mr. Montorio advises the firm’s clients on a variety of multistate tax matters involving business activity taxes and transaction taxes. Prior to joining BDO, he spent three years in the SALT group at a Big 4, where he provided multistate tax planning and consulting services to clients regarding their state and local tax obligations. He also spent over three years working at a mid-sized law firm in New York City, where he worked on a variety of transactions on behalf of the firm’s corporate and real estate clients. He regularly represented corporations and pass-through entities regarding federal, state and local tax matters, with a specialty in real estate matters. He regularly advised on planning and structuring opportunities to minimize state and local taxation, and also represented clients in SALT controversies regarding the NYC Unincorporated Business Tax, real property transfer taxes, sales and use taxes, and tax residency for individuals.
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Scott Smith, JD
Managing Director, National Tax Office, Technical Leader State & Local Tax
BDO USA
Mr. Smith sets BDO's policies and positions on technical SALT issues, as well as thought leadership, brand... | Read More
Mr. Smith sets BDO's policies and positions on technical SALT issues, as well as thought leadership, brand visibility, training and risk management. His SALT practice is the result of over 25 years of experience and is national in scope and focused on multistate tax consulting, representing clients in multistate SALT controversies, and advising clients with respect to their multistate tax planning. The main concentration of Mr. Smith's SALT practice is on corporate income and franchise taxes, but he has also advised and represented clients with respect to their sales and transactions tax needs as well. A significant amount of his representation focuses on helping clients on the state tax consequences of mergers and acquisitions, intra-group reorganizations, special purpose entities, and business planning.
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CPE credit is not available on downloads.
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