Composite Returns and Nonresident Withholding for Pass-Through Entities: Navigating the Multistate Complexities
Determining Whether to File Composite Returns, Dealing With Withholding Requirements
Recording of a 110-minute CPE webinar with Q&A
This course will offer tax professionals a deep dive into composite tax provisions and the withholding requirements of pass-through entities with nonresident shareholders and partners. The panel will provide an advanced level look at the specific issues facing tax advisers to pass-through entities regarding composite return and withholding requirements.
- The landscape of withholding requirements, composite returns, and partnership audit rules
- Withholding requirements on nonresident shareholders/partners
- Measures to enforce nonresident filing and payment of taxes
- Mechanics of electing and filing composite returns
- Elections and strategies
- Taxation of the disposition of interest by nonresident shareholders/partners
- Tax reporting and planning issues specific to S corporations
- State pass-through entity taxation (avoiding the SALT cap)
The panel will discuss these and other essential questions:
- Which states offer elections other than defaulting to withholding on nonresident partners or shareholders?
- What are the built-in exceptions to withholding requirements for pass-through entities with nonresident partners or shareholders?
- Which states offer the option of electing to file composite returns? Which states require composites?
- When should a pass-through entity not elect to file a composite return?
- What are the specific risks to identify and avoid withholding for nonresident partners or shareholders?
Ms. Buresh has over 12 years of experience in state and local tax. She provides corporate and high net worth clients... | Read More
Ms. Buresh has over 12 years of experience in state and local tax. She provides corporate and high net worth clients with consulting services on a full range of state and local tax issues involving income/franchise taxes, sales/use taxes, gross receipts taxes, and unclaimed property. Ms. Buresh’s practice includes advising clients on state and local tax issues associated with tax refund and planning opportunities, tax controversies, corporate restructurings, mergers and acquisitions, voluntary disclosures, state residency, and credits and incentives. Prior to joining Andersen Tax, she was with Arthur Andersen and PwC.Close
Bradley R. Wilhelmson
Mr. Wilhelmson practices in the firm’s State and Local Tax (SALT) practice and serves as a dedicated resource for... | Read More
Mr. Wilhelmson practices in the firm’s State and Local Tax (SALT) practice and serves as a dedicated resource for the firm’s asset management and real estate clients assisting them on structuring, tax planning and compliance. Mr. Wilhelmson is KPMG’s primary tax technical resource for Illinois and Wisconsin taxes and advises clients on income, transactional, and franchise taxes. He also specializes in investor related state tax issues, including individuals and trusts. Mr. Wilhelmson works extensively on state nonresident withholding tax issues for large multiple-tier structures, and on SALT partnership tax issues, tax controversies and provisions for pass-through entities. He has authored articles and has been quoted in various tax publications, and additionally is a regular presenter on SALT issues at conference and training events.Close
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