Mastering Multistate Taxation of S Corporations: State Variances in Recognition of S Elections and QSSS

A live 110-minute CPE webinar with interactive Q&A


Wednesday, September 6, 2017
1:00pm-2:50pm EDT, 10:00am-11:50am PDT


This webinar will provide tax preparers and advisers with detailed guidance on the most pervasive issues facing multistate taxation of S corporations. The panel will detail those states that vary from automatic acceptance of the federal S election, review the composite return requirements, and discuss calculations, adjustments and filing requirements for those states where the S election fails and a composite return is not available. The panel will also outline state variances in tax treatments of qualified sub-chapter S subsidiaries (QSSS).

Description

Multistate taxation of S corporations presents significant challenges to tax preparers and advisers. Not all states follow the federal S election tax guidelines, and some states do not recognize S corporations as pass-through entities in all circumstances.

In addition to the lack of conformity in filing requirements and status, various states have different treatments of nonresident shareholders, and differing rules regarding composite returns and withholding.

Different states have different approaches to filing and withholding requirements when a resident S corporation has nonresident shareholders. While many states require composite returns, some states, such as Georgia, require all shareholders to consent to an S corporation tax filing and require the corporation to file as a C corp absent that consent.

Tax advisers must be fully aware of the filing and withholding issues that arise when an S corp has a nonresident shareholder.

In addition to the overall lack of conformity between federal and states treatment of S corporations, there is divergence among various states on the recognition of QSSS. There are a number of states that do not recognize the QSSS, and tax advisers must understand the impact of nonrecognition.

Listen as our experienced panel provides a detailed exploration into the issues and opportunities related to the multistate taxation of S corporations.

Outline

  1. Current landscape of state treatment of S corporations
    1. States with full conformity with federal S election
    2. States with partial conformity with federal S election
    3. States with intentional nonconformity with federal S election
  2. S corporations with nonresident shareholders
  3. Apportionment and allocation questions
  4. Taxation of nonresident shareholders
  5. Composite return requirements

Benefits

The panel will review these and other key issues:

  • What are the current state-by-state mechanics for nonresident S corporations?
  • What are the composite return and consent rules in the case of S corporations with nonresident shareholders?
  • What are the major state trends for QSSS recognition?
  • What calculations, adjustments and schedules need to be maintained in the case of multistate filings where one state does not recognize S corporation status?

Learning Objectives

After completing this course, you will be able to:

  • Recognize the various state and local tax challenges faced by S corporations operating in multiple states
  • Identify which states fully recognize the federal S election, which states recognize S corporations as pass-through entities, and which states significantly vary from federal recognition policy
  • Discern the major state practices on composite returns
  • Determine the current state trends on treatment of QSSS elections
  • Ascertain reporting adjustments in those states where the S election is not honored or where the taxpayer is unable to meet the composite filing requirements.

Faculty

Jeffrey Glickman, JD, LL.M, Partner, State and Local Tax
Aprio, Atlanta

Mr. Glickman is the partner-in-charge of his firm's State & Local Tax (SALT) practice. He has over 15 years of SALT consulting experience, assisting domestic and international clients in all industries with multistate tax issues, including income/franchise, sales/use, real estate transfer and recording, withholding, and other state and local taxes. His practice focuses on transactional matters for corporations and pass-through entities, and he has extensive experience structuring business transactions and operations to minimize multistate tax liabilities, performing SALT due diligence and nexus reviews, and advising companies on the SALT implications of mergers, acquisitions, joint ventures, internal restructurings, technology outsourcing arrangements, and general business operations. He authored articles and is a frequent lecturer on SALT topics.

David Seiden, CPA, Partner
Citrin Cooperman, New York

Mr. Seiden is the partner-in-charge of the firm’s State and Local Tax Practice, and brings more than 25 years of expertise in all areas of SALT. Prior to joining his firm, he was the founding partner in a NY-based SALT consulting firm, SALT Link, LLC, and before that, he spent 17 years as a SALT partner at a Big Four accounting firm. He has expansive expertise helping businesses navigate the complexities of multi-state income and franchise taxes, sales tax, payroll tax, and property tax. He regularly writes articles and serves as a media resource on a multitude of tax-related topics.


Registration per Person for Live Event

Additional lines for this conference can be purchased at 25% off. For orders of five or more lines, further discounts will apply and will be automatically reflected in the cart.

Live Webinar $147.00

Live Webinar & CPE Processing $182.00


CPE per Person on Live Event

Continuing Professional Education credit processing is available for an additional fee. CPE processing must be ordered prior to the event. To qualify for CPE you may not listen via the telephone.

This program is eligible for 2.0 CPE credits.

  • Field of Study: Taxes.
  • Level of Knowledge: Intermediate.
  • Advance Preparation: None.
  • Teaching Method: Seminar/Lecture.
  • Delivery Method: Group-Internet (via computer).
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of verification codes announced throughout the presentation.
  • Prerequisite: Three years+ business or public firm experience at mid-level within the organization, preparing complex tax forms and schedules for S-Corps and other pass-through entities; supervisory authority over other preparers/accountants. Knowledge and understanding of federal S Corporation election rules; familiarity with various state rules on nonresident shareholder reporting and withholding requirements, familiarity with composite return filings.

NOTE: CPE credit processing for all attendees must be ordered by 2pm Eastern the day of the program to receive a Certificate of Attendance within 24 hours.


Recordings

Recorded Event

Includes full event recording plus handouts (available after live webinar).

Note: Self-study CPE and EA credits are not offered on recorded events.

Recorded Webinar Download $147.00
Available 48 hours after the live event

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Recorded Audio Download (MP3) $147.00
Available 24 hours after the live event

How does this work?

DVD (Slide Presentation with Audio) $147.00 plus $9.45 S&H
Available ten business days after the live event

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Registration Plus Recorded Event

Best value!

Live Webinar & Webinar Download $194.00

Recorded Webinar Download Only $47.00 with Registration/Webinar Combo

Live Webinar & Audio Download $194.00

Recorded Audio Download (MP3) Only $47.00 with Registration/MP3 Combo

Live Webinar & DVD $194.00 plus $9.45 S&H

DVD (Slide Presentation with Audio) Only $47.00 with Registration/DVD Combo


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Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

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EA Credit

Strafford is an IRS approved continuing education provider and this course is approved for 2 enrolled agent (EA) credit hours.

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Customer Reviews

Excellent seminar! It was efficient and the important topics were covered at just the right pace; no time was wasted covering information that the participants already knew.

Rhonda G. Williams, CPA

Barraclough & Associates

The conference was technical, informative and presented at a good pace.

Krystal Ching

KMH

I appreciated the flow of the information offered and the ease at which I could follow the handouts.

Larry Bruck

WISS & Company

I liked the concentration on specific issues and examples.

Edita Rimalovsky

Komisar Brady & Co.

I liked the fact that there was more than one person presenting the material. It's nice to hear multiple perspectives.

Matt Bristow

Cover & Rossiter

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