State Tax Provision Time - Who Cares?

Posted by accountingweb on Jan 22 2012 1625 printer friendly

It's that time of year again - Tax Provision Time. Yeah!!!

Is your company currently calculating it's 2011 tax provision? If so, how is your state income tax provision going? Did you calculate your effective state tax rate? Did you take into account your company's significant state tax addback and deductions? How about changes in apportionment? Law changes? Rate changes?

How about everyone's favorite - state uncertain tax positions or UTPs. Is your company taking those into consideration correctly? Is your reserve growing year after year? Did your company conduct the appropriate level of analysis (a thorough one) to determine what, if any reserve needs to be recorded for FIN 48 purposes?

What items could you possibly need to set-up a reserve for?

Nexus
Intercompany transactions
Combined reporting vs. Separate company return filing
Apportionment factor issues (measurement and sourcing)
Restructuring challenges (forced combination, etc.)
Business vs. Nonbusiness income characterization

Questions??

This blog

State and Local Tax 360˚

My name is Brian Strahle and I hope you find this blog informative and useful. My personal mission is to fix and prevent state tax problems. I provide companies with leverage (knowledge, judgment and advocacy) so they can operate across state lines with peace of mind.

I am a multistate tax consultant and I serve clients across the U.S. from my office in Washington D.C. For more info, visit my website: www.leveragestateandlocaltax.com

Connect with me on LinkedIn. Follow me on Twitter. Join the Leverage | SALT LinkedIn Group, connect and contribute with your colleagues!

Because state and local taxes are deceptively simple and endlessly complicated.

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