CFO Series: SALT for CFOs: What You Don't Know & Should Know

Overview

The changes to state and local taxation are numerous and profound. What are the major changes to state and local taxes (SALT) beyond Wayfair? Be aware of the new, creative methods used to raise taxes. Why does every state need more revenue? How have the rules changed? What information, accounting systems, and software could be helpful? Virtually every organization may not be SALT compliant; the risk is real. For leaders who are not tax focused, you at least need to understand the risks of noncompliance and to learn more about minimizing those risks. Avoid penalties!

Highlights

The major topics that will be covered in this course include:

• Why do local jurisdictions (e.g., states) need more tax revenue?
• The creative new methods to raise taxes:
  • Including new taxes, rates, limits, exceptions, boundaries, etc.
  • Exporting the tax burden.
  • Employee vs independent contractors.
  • Mobile workforce issues.
• The myriad, novel schemes to tax.
  • Fees and licensing matters.
• Leading SALT software providers.
  • Common implementation problems.
  • States' expectations that technology makes compliance simple for the taxpayer.
  • Do the costs of compliance outstrip the taxes due?
• Officer liability for taxes – it is a real thing!
• How variable is SALT taxation?
  • Examples of the differences.
  • Entity classification considerations in the SALT equation.
  • Variability by state and each county within each state.
• The benefit/necessity of an annual review.
• Risk reduction strategies.

Prerequisites

None, preferably at least six (6) months of professional financial statement analysis experience and/or at least six (6) months of professional experience in tax or risk management will be helpful.

Designed For

Financial leaders, financial managers, CEOs, CFOs, Controllers, Accountants, Board members, advisors, and Consultants. CPAs in public practice and CPAs in industry. Business owners, entrepreneurs and professionals who are interested in learning more about state and local tax issues. Reduce risk.

Objectives

After attending this presentation, you will be able to...

• Recognize some of the numerous new methods that individual tax jurisdictions are employing to raise tax revenue, and the impact on cross border (interstate) operations.
• Comprehend the changes in SALT taxation so your employer/clients can be in compliance.

Preparation

None

Notice

This course is offered by a 3rd party vendor and will not be accessible in the My CPE Tracker section of the ISCPA website. Course access information will be emailed directly to you by CPA Crossings.