2008 STATE TAX FORUM October 21, 2008 The Aqua Turf Club, - PDF document

Connecticut Society of CPAs 2008 STATE TAX FORUM October 21, 2008 The Aqua Turf Club, Plantsville, CT This event sponsored by: celebrating 100 years 1908-2008 a d v o c a c y • c o m m u n i t y • e d u c a t i o n

CSCPA State Tax Forum• • • 7:30 Registration 9:45 Break 12:45 Post-Luncheon Keynote Connecticut’s Film Production Tax 8:00 Opening Remarks 10:00 General Session 4 Incentives Duncan W. May, CPA The Expansion of Nexus and George Norfleet Conference Chair Practical Responses Connecticut Council on Culture and Tourism Miller, Moriarty & Company Charles H. Lenore, Esq. Hartford, CT New Britain, CT Day Pitney, LLP, Hartford, CT Almost everyone in Connecticut is aware that Brenden Healy, CPA Many traditional limitations on the creation of nexus Hollywood has discovered our state and taken a liking Haggett Longobardi - a division of J.H. Cohn LLP have fallen in recent years. This topic provides to filming here of late. Some stars have even staked Glastonbury, CT examples of the conduct (direct and indirect) that can out their favorite restaurants. create nexus and suggests practical responses when This influx of celebrity has not come without a nexus is found to exist. 8:15 General Session 1 simultaneous impact to the state’s economy: an Legislative Update – UDITPA-SSTP estimated half a billion dollars in film production 11:00 Concurrent Sessions Alan E. Lieberman, Esq. company spending over the past two years. This ••• concurrent session A: Shipman & Goodwin, LLP, Hartford, CT surge in production and spending is a direct result of New York and Massachusetts the tax incentive legislation that went in to effect in Stephen J. LaRosa, CPA Business Taxation July of 2006. PricewaterhouseCoopers, Hartford, CT Russell D. Levitt, JD, LLM We will take a closer look at the specifics of each of KPMG, New York, NY A discussion of the recent court cases, tax legislation, the three film tax credit programs: film production, rulings, and other administrative pronouncements infrastructure, and digital animation production. David M. Sheehan, JD affecting Connecticut state taxation today as well as KPMG, Boston, MA an update on national initiatives with multi-state We will also provide a snapshot of the performance to implications such as the Uniform Division of Income date of the legislation and describe the application Mr. Sheehan will address the new Massachusetts tax for Tax Purposes Act (UDITPA) and the Streamlined process for those production companies wishing to legislation, including unitary combined reporting, Sales and Use Tax Project (SSTP). take advantage of the program. corporate tax rate reductions, and full conformity with the federal entity classification rules, as well as 8:55 General Session 2 1:15 Transition relevant judicial and administrative developments. Changes in Workers’ Mr. Levitt will address New York developments Compensation in Connecticut 1:25 Concurrent Sessions including 2007 and 2008 state and city legislation, Michael Dunn, Esq. combined reporting, cases, and letter rulings. ••• concurrent session C: Smith Brothers Insurance, Glastonbury, CT Pass-Through Entities and ••• concurrent session B: Multi-State Issues Attorney Dunn discusses administrative and judicial Challenges and Unresolved Issues John L. Evanich, Jr., CPA changes to workers’ compensation in Connecticut. Facing Individual Taxpayers Haggett Longobardi - a division of J.H. Cohn LLP Glastonbury, CT Richard W. Tomeo, Esq. 9:10 General Session 3 Robinson & Cole, LLP, Hartford, CT Developments in Financial A major tax advantage to pass-through entities is that This presentation addresses a variety of challenges Reporting for State Taxes – The they are not normally subject to federal tax at the and issues under the Connecticut income tax, entity level. This tax advantage is also offered by Latest on FIN 48, FAS 5, and IFRS including difficulty of changing residence from Virginia A. Gates, CPA those states, which do not impose an entity-level tax. Connecticut, when will physical presence be PricewaterhouseCoopers, LLP, Stamford, CT However, this general rule cannot be relied upon; disregarded for residency purposes, risks of multiple- each state treats these entities and their owners state taxation of income, working with the FIN 48 implementations for uncertain state income differently, resulting in many various modifications to Connecticut accrual rule for part-year residents, and tax positions are still fresh in our minds. Now the this concept of taxation. sourcing of income for nonresidents, including FASB is considering changes to accounting for income from stock options, deferred compensation, contingencies under FAS 5, which could impact Recent activity points to increased scrutiny of pass- restricted property, and covenants not to compete. indirect taxes, including sales and property taxes. In through entities, and state revenue examiners are addition, the move from GAAP to IFRS is just around becoming increasingly more aggressive. Hot issues the corner. This session discusses the state tax 12:00 Luncheon include allocation versus apportionment, information issues that have arisen under FIN 48, the implications reporting versus composite filing, and state tax nexus. of changes to FAS 5, and what IFRS means for state We will examine these variations in rules, and discuss taxes. some practical examples faced by tax practitioners. Register online at www.cscpa.org. advocacy ● community ● education

May 2007, Connecticut issued interpretive ••• concurrent session D: 2:25 General Session 5 regulations that turned out to be a very unpleasant Connecticut Employment Fraud/Identity Theft surprise. Challenges have arisen to Connecticut’s Tax Audits Robert Diaz regulations. Several administrative Fair Hearing Alan E. Lieberman, Esq. United States Postal Service, New Haven, CT decisions now provide an idea of what works, what Shipman & Goodwin LLP, Hartford, CT doesn’t, and what might work. Joseph Bunaskavich Raymond J. Casella, Esq. United States Postal Service, New Haven, CT “Money Follows the Person” – will this new program Shipman & Goodwin LLP, Hartford, CT help? What about special programs for disabled Postal Inspectors Robert Diaz and Joseph individuals, cancer victims, and other groups – how John Biello Bunaskavich will talk about a case study of theirs do they work and where can you learn about them? State of Connecticut Department of Revenue titled “Account Selling,” which was classified as the Who is most affected by these changes? Hartford, CT largest identity theft ring in San Diego County history at the time. They will also touch upon some lottery Let’s take the confusion out of the process; take a The Connecticut Department of Revenue Services is scams and how they affect both the old and the peek behind the curtain and get your questions devoting considerable audit resources to determine young. answered by experienced attorneys. whether businesses are properly withholding and remitting employment-related taxes, including those 3:25 Cookie Break 4:40 Adjournment related to misclassified independent contractors and nonresident workers. 3:40 General Session 6 Protecting Assets for the Disabled This session reviews the potential liabilities that can or Elderly: What Still Works, and arise from an employment tax audit, the typical What New Tools and New procedures that will be followed as part of the audit, Programs Are Out There? and how you can effectively manage and resolve an Paul T. Czepiga, CPA, JD audit. Czepiga Law Group LLC, Newington, CT Brendan F. Daly, JD, CELA Czepiga Law Group LLC, Newington, CT Helping clients facing Medicaid issues is not easy. Congress passed rule changes in February 2006. In ✃ 2008 State Tax Forum Education and Research Foundation of the Express Code: STF Connecticut Society of Certified Public Accountants Aqua Turf Club 845 Brook Street, Rocky Hill, CT 06067 Plantsville, CT 860-258-4800 Toll Free: 1-800-232-2232 CPE Fax: 860-571-6830 October 21, 2008 Registration Form Registration Fees Check ❑ CSCPA Member #________ (Member Fee) Standard Fees Early Bird Fees* ❑ Member of _______ State CPA Society (Member Fee) One: $260 Member $225 Member ❑ CPE Subscriber (Member Fee) $335 Non-Member $300 Non-Member ❑ Non-Member (Non-Member Fee) *Early Bird fee good through 10/6/2008. Name (Register online at www.cscpa.org! ) Phone Fax Firm Email* Address Dietary Requirements/Special Needs City/State/Zip *Have your course confirmations emailed to you! Please a include valid email address. Choose 2 Breakout Sessions (one each session) Concurrent Session 1: A or B Concurrent Session 2: C or D Enclosed $ (Registrations received with full payment on or before October 6, 2008 qualify for the Early Bird discount.) Payment: ❑ Check to CSCPA Foundation ❑ Visa, MasterCard, or AmEx Card Number Exp. Date CVV Code Cardholder’s Name Cardholder’s Signature Register online! It’s quick. It’s easy. www.cscpa.org.