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Bennett Thrasher Presents: Beyond The Ledger
Explore “Beyond the Ledger,” Bennett Thrasher’s podcast where advisors and industry leaders look past the numbers to uncover the strategies, risks, and opportunities shaping today’s businesses. Each episode delivers timely insights across tax, advisory, and technology to help provide clarity through confident advisement.
Bennett Thrasher Presents: Beyond The Ledger
The Multistate Tax Wake-Up Call: Are You Filing Where You Should Be?
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In this episode of Beyond the Ledger, host, Shardae Layfield, alongside the expertise of, Matthew Laney discusses the complexities of multi-state income tax, focusing on California's recent regulatory changes, the implications of federal legislation, and the nuances for professional service providers. He emphasizes the importance of understanding nexus, tax obligations, and the potential pitfalls for partnerships and corporations. The conversation also covers common mistakes in multi-state taxation, options for addressing missed filings, and strategies for compliance as the tax season approaches.
Takeaways
- California's tax regulations are complex and evolving.
- Professional service providers face unique sourcing challenges.
- Recent federal legislation may impact state income taxes.
- Understanding nexus is crucial for tax compliance.
- Partnerships and corporations have different tax considerations.
- Common mistakes can lead to significant tax exposure.
- Voluntary disclosure can mitigate penalties for non-filers.
- Monitoring tax obligations is essential for compliance.
- Timely communication with tax advisors can prevent issues.
- Planning ahead is key to navigating tax season effectively.
Chapters
00:00 California's Complex Tax Rules and Recent Amendments
12:56 Nuances for Professional Service Providers
16:51 Impact of Recent Federal Legislation on State Taxes
24:58 Understanding Nexus and Tax Obligations for Remote Sellers
26:07 Entity Structures and Tax Implications
35:26 Navigating Multi-State Tax Complexity
40:38 Common Missed Tax Filings
45:00 Remediation Options for Missed Filings
48:41 Final Thoughts for Tax Season Preparation
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