Navigating State Voluntary Disclosure Programs: Multistate and Single State Programs to Resolve Unseen Liabilities
Minimizing or Avoiding Penalties and Interest, Identifying Nexus Problems, and Quantifying Unseen Liabilities
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax advisers with a detailed and practical guide to navigating the multistate voluntary disclosure programs (VDPs) for noncompliant taxpayers with potential but unassessed state tax liabilities through a central point of contact. The panel will also discuss the nuances of individual states’ VDPs and outline strategies for determining whether and when to utilize a VDP to achieve favorable tax results, with a practical focus on what a company needs to do to come into full tax compliance while avoiding criminal exposure, and minimizing taxes as well as penalties and interest.
Outline
- “Creeping nexus” and reserves for uncertain tax positions as triggers
- What is the voluntary disclosure program
- Taxpayer goals and strategies in VDPs
- Mechanics of multistate VDPs
- Mechanics of individual state VDPs
- Voluntary disclosure agreements
Benefits
The panel will review these and other important issues:
- When should a taxpayer elect to apply for VDP participation
- Nexus issues that can arise from a VDP participation, and how can taxpayers avoid risk of additional tax from expanded nexus
- Means to achieve penalty abatement both inside and outside of VDP
- How multistate VDPs work in comparison, and conjunction, with individual states’ VDPs?
- Illustration using Massachusetts and surrounding states’ VDPs
Faculty
Morris N. Robinson, Esq., CPA, LL.M.
Managing Director
M. Robinson & Co.
Mr. Robinson is an experienced tax lawyer and CPA with over 30 years of tax-law experience. Mr. Robinson and his team... | Read More
Mr. Robinson is an experienced tax lawyer and CPA with over 30 years of tax-law experience. Mr. Robinson and his team solve complex financial and tax planning problems that lie at the intersection of taxes, law, finance and business. He focuses his practice on International Taxation and Multistate Taxation of businesses and individuals, including tax planning for the sale of businesses. He has handled highly complex tax issues under the IRS Offshore Voluntary Disclosure Program. Mr. Robinson is currently President of the New England Chapter of the American Academy of Attorney-CPAs (AAA-CPA).
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Michael L. Colavito, Jr., JD
Senior Manager, Tax Services Group
Aronson
Mr. Colavito counsels clients on a broad range of state and local tax issues. His expertise extends to many areas of... | Read More
Mr. Colavito counsels clients on a broad range of state and local tax issues. His expertise extends to many areas of multi-state taxation, including income, franchise, sales and use, and property taxes. His experience also includes representing clients at all stages of tax controversy—from audit through appellate litigation as well as advising clients on restructurings and state tax refund and planning opportunities. Prior to joining his current firm, he served in the state and local tax group of a large, national firm.
CloseSanford I. Millar
MillarLaw
Mr. Millar focuse his practice on tax law. He represents clients in diverse businesses in domestic and complex... | Read More
Mr. Millar focuse his practice on tax law. He represents clients in diverse businesses in domestic and complex cross-border transactions. He is skilled at international tax planning and international tax controversy and compliance matters for entrepreneurial companies, high net worth and dual national individuals. He has a sub-specialty in taxation of eCommerce including Internet taxation and online gaming taxation. He is frequently consulted as an expert on business and taxation law matters.
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