Texas Franchise Tax: New Sourcing Rule, COGS Calculations, Entity Issues, and Combined Reporting
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will provide a guide to various compliance requirements and planning opportunities related to the Texas Franchise Tax. The program will discuss options for calculating and reporting the most challenging aspects of the tax, including new sourcing regulations, identifying Texas cost of goods sold, apportioning margin to Texas, issues particular to partnerships and LLCs, combined reporting questions, and new considerations after the recent Sirius XM Radio decision.
Outline
- Introduction
- January 2021 amendments to 34 Tex. Admin. Code Section 3.591
- Margin tax calculation options
- Issues in computing revenues
- 2021 changes to tax rates and structure
- Electing deductions
- Combined reporting and affiliated entities
- Other recent developments
Benefits
The panel will give guidance to deal with these and other key issues:
- Industry-specific issues, particularly concerning the cost of goods sold calculation
- Identifying affiliates and addressing combined reporting issues
- How the Sirius XM Radio decision affects the taxation of companies doing business in Texas
- Tax base alternatives: identifying the method that will result in the lowest tax bill for your company
- Mining tax planning opportunities: the apportionment formula, passive entities, maximizing deductions, and other areas
- Anticipating tough audits: where the state is likely to challenge your business on the tax calculation, a unitary filing declaration, etc.
Faculty
Jamie Bowden, JD, CPA
Senior Manager, Indirect Tax Services
Ernst & Young
Ms. Bowden is a senior manager in EY’s West Region Indirect (State and Local) Tax Practice where she serves... | Read More
Ms. Bowden is a senior manager in EY’s West Region Indirect (State and Local) Tax Practice where she serves as the firm’s Texas state tax desk, with a focus on Texas franchise tax issues and controversy matters. Prior to joining EY, she worked for the Texas Comptroller of Public Accounts in the Hearings Section as an Assistant General Counsel. At the Comptroller’s office Ms. Bowden was responsible for handling numerous Texas tax hearings on a wide variety of issues, with a particular focus on Texas franchise tax issues such as cost of goods sold and revenue exclusions.
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Christina A. Mondrik, Esq., CPA
Attorney
Mondrik & Associates
Ms. Mondrik, focuses her practice on state and federal tax controversies and litigation. She is board certified in... | Read More
Ms. Mondrik, focuses her practice on state and federal tax controversies and litigation. She is board certified in tax law by the Texas Board of Legal Specialization. She handles IRS cases involving substantial corporate, individual and estate taxes. Her state tax experience includes disputes arising under Texas franchise tax, sales and use tax, fuel taxes, severance taxes, motor vehicle sales tax, and other state taxes. She was the 2009-13 chair of the TSCPA state taxation committee and the chair of the 2009-10 state tax conference committee. As chair of the state tax committee of the TSCPA, she was a principal drafter of comments submitted by the TSCPA in response to legislation implementing the Texas margin tax and to administrative rules promulgated under the various state taxes.
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Bill Crow, JD
Managing Partner
Energy Tax Advisors
Mr. Crow is Co-Managing Partner, General Counsel, and Tax Practice Leader for both income/franchise and property taxes... | Read More
Mr. Crow is Co-Managing Partner, General Counsel, and Tax Practice Leader for both income/franchise and property taxes for ETA. He brings over 20 years of Multistate tax, experience including tenure as in-house tax counsel for a major oil company and as manager or partner for major tax consulting firms (including Big 4). Bill has income/franchise, sales/use, and property tax experience with clients in 50 states. Prior to joining ETA, Bill was a senior leader in the national energy practice for a Big 4 firm.
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