If you are interested in hosting any of our seminars, please contact Maurice P. Gilbert, CPA at

Transcription

1 2015 TAX SEMINARS Devine Millimet s Tax Team invites you to attend the following seminars. For more information, please visit our website periodically to review a full list of seminars that our firm will be presenting with new seminars being added throughout the year. You can find full descriptions of each seminar by clicking the title below. Sign up for our Tax Team newsletter to receive announcements of upcoming seminars. If you are interested in hosting any of our seminars, please contact Maurice P. Gilbert, CPA at Seminars Economic Nexus & Market-Based Apportionment May 26, :30am - 12:15pm Manchester, NH 4 CPE Hosted by the NH CPA Society $180 Members, $220 Non-Members Economic Nexus & NH Combined Reporting for Unitary Businesses June 5, am - 5pm Peabody, MA 8 CPE June 12, am - 5pm Peabody, MA 8 CPE June 23, :30am - 4:15pm Keene, NH 8 CPE Hosted by the NH CPA Society $310 Members, $385 Non-Members New Hampshire Taxation of Businesses & Owners for Inexperienced Staff August 21, :30am - 5pm Bedford, NH 8 CPE Hosted by Devine Millimet & Branch Free August 26, am - 5pm Portland, ME 8 CPE Hosted by the Boston Tax Institute $189* *Boston Tax Institute offers discounts when signing up for multiple seminars (three 1-day seminars for only $480 & five 1-day seminars for only $750), please see the registration form for more details and/or to register. TO REGISTER PLEASE VISIT: DevineMillimet.com/2015-tax-seminars

2 Presenters JON B. SPARKMAN, ESQ., CPA Jon is a shareholder and president of the firm. He represents businesses of all sizes in tax planning as well as audits and administrative appeals of NH tax matters before the State of New Hampshire s DRA. Jon s business law practice also involves representing small to medium sized businesses, from start up to eventual sale, providing advice with respect to formation and financing, growth and expansion as well as mergers and acquisitions. MAURICE P. GILBERT, CPA, MST Maurice serves the firm s Tax Practice Group as its director of State Taxation. He has been actively involved in public accounting and tax administration for more than 40 years, including 25 years with the NH Department of Revenue Administration, where he served as the director of Audit. JASON E. COLE, ESQ., CPA Jason has prior experience in public and private accounting, as well as international banking. This multi-disciplinary background has enabled Jason to be an effective business and legal advisor for issues ranging from state and federal taxation, entity formation, financing, and transactions in the tax area. Seminar Descriptions ECONOMIC NEXUS & MARKET-BASED APPORTIONMENT May 26, :30am - 12:15pm Manchester, NH 4 CPE Hosted by the NH CPA Society $180 Members, $220 Non-Members This is a ½ day seminar (4 credits) led by Maurice P. Gilbert, CPA, MST and Jason E. Cole, Esq., CPA, MBA. Approximately 40 States have moved from the physical presence standard they previously applied to determine income tax nexus creating a need to re-examine a business filing requirements in any state where the business has some activity. These states have adopted some form of an economic presence standard in the income tax area while maintaining a physical presence standard for purposes of sales & use taxes. To add to the complexity for filing state income taxes, 16 states changed their apportionment sourcing rules in the area of sales, other than the sale of tangible personal property a trend that will likely continue. The requirements in both the nexus standard and the sourcing rules are not consistent among the states creating planning opportunities and pitfalls for taxpayers. Our seminar will address these trends and analyze where the requirements fall within the New England States. This seminar is designed for tax professionals in industry or in public practice who currently have or may have clients conducting some business activities in more than a single state but may not have a physical location or merchandise located in each state. Participants will explore which jurisdictions the business may now have a duty to file income tax returns in without actually having some physical presence in the state. Participants should have a general knowledge of federal and state income tax principles.

3 ECONOMIC NEXUS & NH COMBINED REPORTING FOR UNITARY BUSINESSES June 5, am - 5pm Peabody, MA 8 CPE This is a full day seminar (8 credits) led by Maurice P. Gilbert, CPA, MST and Jason E. Cole, Esq., CPA, MBA. The morning session addresses Nexus and Market-Based Sourcing for Sales Apportionment. Approximately 40 States have moved from the physical presence standard they previously applied to determine income tax nexus creating a need to re-examine a business filing requirements in any state where the business has some activity. These states have adopted some form of an economic presence standard in the income tax area while maintaining a physical presence standard for purposes of sales & use taxes. To add to the complexity for filing state income taxes, 16 states changed their apportionment sourcing rules in the area of sales, other than the sale of tangible personal property a trend that will likely continue. The requirements in both the nexus standard and the sourcing rules are not consistent among the states creating planning opportunities and pitfalls for taxpayers. Our seminar will address these trends and analyze where the requirements fall within the New England States. Combined reporting for unitary businesses is the topic during the afternoon session. New Hampshire s combined reporting for unitary businesses is mandatory for purposes of the Business Profits Tax and applies to proprietorships, partnerships, single-member and multi-member limited liability companies, trusts and corporations conducting business activity within New Hampshire. Issues to be addressed include New Hampshire s unique application of the concept to incorporated and unincorporated businesses; the multi-state nexus requirement; the composition of the water s edge group; the ownership, unity of use & unity of operation requirements; a review of the required tax form and potential planning opportunities. This seminar is designed for tax professionals whose clients have business activity within New Hampshire deduct compensation for the personal services of the shareholders, partners, members and proprietors of the businesses and have business activity within New Hampshire conducted in multiple entities or proprietorships. Participants should have a general knowledge of the Business Profits Tax and tax principals relating to compensation deductions under the United States Internal Revenue Code as well as the principles for the apportionment of income among multiple states. NEW HAMPSHIRE TAXATION OF BUSINESSES & THEIR OWNERS June 12, am - 5pm Peabody, MA 8 CPE June 23, :30am - 4:15pm Keene, NH 8 CPE Hosted by the NH CPA Society $310 Members, $385 Non-Members August 26, am - 5pm Portland, ME 8 CPE Hosted by the Boston Tax Institute $189* This is a 1-day seminar (8 credits) led by Jon B. Sparkman, Esq. CPA, Maurice P. Gilbert, CPA, MST and Jason E. Cole, Esq., CPA, MBA. Topics include the four major taxes affecting businesses and their owners in NH: the Business Enterprise Tax (BET), the Business Profits Tax (BPT), the Interest & Dividends Tax (I&D), and the Real Estate Transfer Tax (RETT). Topics involving the BET will include an overview of the components of the enterprise value tax base and the apportionment provisions for the BET. With respect to the BPT, topics include the nexus standard, definitions of business organization and business activity, the additions and deductions to federal taxable income including a brief overview of reasonable compensation and the combined reporting requirements for unitary businesses (Our instructors offer two separate ½ day seminars which examine in detail the NH Compensation Deduction and the combined reporting requirements). The I & D segment of the seminar will include a review of the provisions relating to distributions from partnerships and limited liability companies and the importance of the definition of transferrable interests in determining the taxability of distributions. Recent changes to the statute currently provide planning opportunities that result from the recent elimination of trust as taxpayers and trust

4 distributions from the definition of dividend. The RETT discussion includes an overview of the provisions focusing on NH real estate companies and recent NH Court decisions that may provide some planning opportunities. This seminar is designed for tax professionals whose clients are New Hampshire residents, have business activity within New Hampshire, deduct compensation for the personal services of the shareholders, partners, members and proprietors of the businesses, or who own New Hampshire real estate or an interest in New Hampshire real estate. Participants should have a general knowledge of the BPT, BET, I&D and the RETT as well as Federal Income Tax principals relating to corporations, partnership and proprietorships. We offer a separate introductory seminar covering the same topics for inexperienced professional staff annually in August. NEW HAMPSHIRE TAXATION OF BUSINESSES & THEIR OWNERS FOR INEXPERIENCED STAFF August 21, :30am - 5pm Bedford, NH 8 CPE Hosted by Devine Millimet & Branch Free This is a 1-day seminar (8 credits) led by Maurice P. Gilbert, CPA, MST and Jason E. Cole, Esq., CPA, MBA. Topics include an introduction to the three major taxes affecting businesses and their owners in NH: the Business Enterprise Tax (BET), the Business Profits Tax (BPT), and the Interest & Dividends Tax (I&D). Topics involving the BET will include an overview of the components of the enterprise value tax base and the apportionment provisions for the BET. With respect to the BPT, topics include the nexus standard, definitions of business organization and business activity, the additions and deductions to federal taxable income and a brief overview of reasonable compensation. The I & D segment of the seminar will include a review of the provisions relating to distributions from partnerships and limited liability companies and the importance of the definition of transferrable interests in determining the taxability of distributions. Recent changes to the I&D statute provide planning opportunities that result from the recent elimination of trust as taxpayers and trust distributions from the definition of dividend. This seminar is designed for professional staff of tax professionals with 0 to 1 year of state tax experience whose clients are New Hampshire residents, have business activity within New Hampshire, deduct compensation for the personal services of the shareholders, partners, members and proprietors of the businesses. Participants should have a general knowledge of the BPT, BET and I&D as well as some exposure to Federal Income Tax principals relating to corporations, partnership and proprietorships. This seminar is offered annually in August only. NEW HAMPSHIRE S UNITARY BUSINESS PRINCIPLES AND COMBINED REPORTING REQUIREMENTS To host this seminar please contact Maurice P. Gilbert, CPA at This is a ½ day seminar (4 credits) led by Jon B. Sparkman, Esq., CPA, Maurice P. Gilbert, CPA, MST and Jason E. Cole, Esq., CPA, MBA. New Hampshire s combined reporting for unitary businesses is mandatory for purposes of the Business Profits Tax ( BPT ) and applies to proprietorships, partnerships, single-member and multi-member limited liability companies, trusts and corporations conducting business activity within New Hampshire. Issues to be addressed include New Hampshire s unique application of the concept to incorporated and unincorporated businesses; the multi-state nexus requirement; the composition of the water s edge group; the ownership, unity of use & unity of operation requirements; a review of the required tax form and potential planning opportunities. This seminar is designed for tax professionals whose clients have business activity within New Hampshire conducted in multiple entities or proprietorships. Participants should have a good knowledge of the BPT and the principles for the apportionment of income among multiple states.

5 NEW HAMPSHIRE COMPENSATION DEDUCTION PRACTICAL ANALYSIS & IMPLEMENTATION AND COMBINED REPORTING FOR UNITARY BUSI- NESSES To host this seminar please contact Maurice P. Gilbert, CPA at This is a 1-day seminar (8 credits) led by Jon B. Sparkman, Esq. CPA, Maurice P. Gilbert, CPA, MST and Jason E. Cole, Esq., CPA, MBA. Topics include the four major taxes affecting businesses and their owners in NH: the Business Enterprise Tax (BET), the Business Profits Tax (BPT), the Interest & Dividends Tax (I&D), and the Real Estate Transfer Tax (RETT). Topics involving the BET will include an overview of the components of the enterprise value tax base and the apportionment provisions for the BET. With respect to the BPT, topics include the nexus standard, definitions of business organization and business activity, the additions and deductions to federal taxable income including a brief overview of reasonable compensation and the combined reporting requirements for unitary businesses (Our instructors offer two separate ½ day seminars which examine in detail the NH Compensation Deduction and the combined reporting requirements). The I & D segment of the seminar will include a review of the provisions relating to distributions from partnerships and limited liability companies and the importance of the definition of transferrable interests in determining the taxability of distributions. Recent changes to the statute currently provide planning opportunities that result from the recent elimination of trust as taxpayers and trust distributions from the definition of dividend. The RETT discussion includes an overview of the provisions focusing on NH real estate companies and recent NH Court decisions that may provide some planning opportunities. Combined reporting for unitary businesses is the topic during the afternoon session. New Hampshire s combined reporting for unitary businesses is mandatory for purposes of the Business Profits Tax and applies to proprietorships, partnerships, single-member and multi-member limited liability companies, trusts and corporations conducting business activity within New Hampshire. Issues to be addressed include New Hampshire s unique application of the concept to incorporated and unincorporated businesses; the multi-state nexus requirement; the composition of the water s edge group; the ownership, unity of use & unity of operation requirements; a review of the required tax form and potential planning opportunities. This seminar is designed for tax professionals whose clients have business activity within New Hampshire deduct compensation for the personal services of the shareholders, partners, members and proprietors of the businesses and have business activity within New Hampshire conducted in multiple entities or proprietorships. Participants should have a general knowledge of the Business Profits Tax and tax principals relating to compensation deductions under the United States Internal Revenue Code as well as the principles for the apportionment of income among multiple states. NEW HAMPSHIRE COMPENSATION DEDUCTION PRACTICAL ANALYSIS & IMPLEMENTATION To host this seminar please contact Maurice Gilbert, CPA at This is a ½ day seminar (4 credits) led by Jon B. Sparkman, Esq., CPA, Maurice P. Gilbert, CPA, MST and Jason E. Cole, Esq., CPA, MBA. New Hampshire s reasonable compensation deduction for owners of corporations, limited liability companies, partnerships, and proprietorships has remained relatively unchanged since 2011 therefore practitioners can now provide their clients with a practical analysis on reasonable compensation for the business owner-employee using the Federal income tax standards under Internal Revenue Code Section 162. We will examine the provisions of the 2011 laws, the Administrative Rule for reasonable compensation adopted by the Department of Revenue Administration in 2015, the appeal process, and the new burden of proof in detail. Other issues will include the use of Internal Revenue Code Section 162, Treasury Regulations, and Federal Court precedent to determine reasonable compensation and planning opportunities that are available. We will discuss the various kinds of documentation that may be used by taxpayers to support their compensation level. This seminar is designed for tax professionals whose clients have business activity within New Hampshire and deduct compensation for the personal services of the shareholders, partners, members and proprietors of the businesses. Participants should have a general knowledge of the Business Profits Tax and tax principals relating to compensation deductions under the United States Internal Revenue Code. *Boston Tax Institute offers discounts when signing up for multiple seminars (three 1-day seminars for only $480 & five 1-day seminars for only $750), please see the registration form for more details and/or to register.