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Reverse SALT Audits: Examining Tax Reform Positions, Sales Sourcing, Combined Reporting Methods for Potential Refunds

Note: CLE credit is not offered on this program

Recording of a 110-minute CPE webinar with Q&A

This program is included with the Strafford CPE Pass. Click for more information.
This program is included with the Strafford CPE+ Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Conducted on Tuesday, June 29, 2021

Recorded event now available

This course will provide SALT practitioners with the steps to analyze prior state income, sales and use, and franchise tax returns for potential refunds. Our panel of state and local tax experts will discuss identifying opportunities for tax savings generated by recent tax acts, reviewing sales sourcing methods and incentives frequently offered by states.

Description

Businesses that have paid state income, franchise, or sales and use taxes in multiple jurisdictions can find substantial tax savings by performing a reverse audit. A reverse audit reviews SALT taxes paid to find opportunities for refunds of taxes previously paid. Potential changes unearthed for prior years are often applicable to future years, generating ongoing increased cash flow.

Recent federal legislative changes have been adopted, adopted with modifications, or ignored by individual states. The complexity of these changes has led to the missed and misinterpreted application of tax at the state level. Previous treatment of recent legislative changes and the states' current position on these changes deserve a closer look. Practitioners relying on same as last year's treatment for apportionment and allocation factors, business and nonbusiness income, and combined or consolidated reporting methods should give these a second look as well.

Businesses often overlook sales tax exemptions, exclusions, and state and local credits that can provide long-term tax savings to businesses. Tax advisers working with multi-jurisdictional businesses need to be aware of tax incentives commonly offered by states and localities.

Listen as our panel of SALT experts explains opportunities available when electing apportionment methods, the treatment of throwback sales, and SALT incentives available to mitigate the state and sales taxes paid by businesses.

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Outline

  1. Reverse audits
  2. Sales tax
  3. State income tax
  4. Other taxes
  5. State tax credits
  6. Best practices

Benefits

The panel will review these and other critical issues:

  • Identifying businesses that may benefit from a reverse audit
  • Reviewing tax reform positions for potential savings
  • Examining returns treatment of throwback sales and nowhere income for tax savings
  • Recognizing common state credits and incentives

Faculty

Roberts, Stacey
Stacey L. Roberts, CPA
State and Local Tax Director
TaxOps

Ms. Roberts has been making state and local tax (SALT) less taxing for thousands of businesses over the last 25 years....  |  Read More

Smith, Meredith
Meredith Smith, CPA
Senior Tax Manager
TaxOps

Ms. Smith expertly weaves real-life examples into why business taxpayers, tax professionals, and tax providers should...  |  Read More