Seminar

New Hampshire’s Reasonable Compensation Deduction And Combined Reporting For Unitary Businesses

Wednesday, June 26, 2013 09:00 AM

Complimentary

Seminar Description:

This is a full day seminar (8 credits) led by Jon Sparkman, Esq., CPA, and Maurice Gilbert, CPA, MST. The morning session addresses the New Hampshire Compensation Deduction for purposes of the Business Profits Tax. The New Hampshire General Court has changed New Hampshire’s reasonable compensation deduction for owners of corporations, limited liability companies, partnerships, and proprietorships in 2010 and again for taxable years beginning on or after January 1, 2011. We will examine the provisions of the 2010 & 2011 laws, the Administrative Rule for reasonable compensation adopted by the Department of Revenue Administration, the appeal process, and the new burden of proof in detail. Other issues will include a comparison of the new and old compensation provisions under the Business Profits Tax for 2009, 2010, and subsequent years; and the use of Internal Revenue Code Section 162, Treasury Regulations, and Federal Court precedent to determine reasonable compensation and planning opportunities that are available.

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.

Program Designed For:

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.

Seminar Schedule:

When: June 26, 2013, 8:15 a.m. registration. Seminar 9:00 a.m. to 5:00 p.m.

Location: Holiday Inn 1 Newbury Street, Peabody MA. (directions)

Sponsor: Boston Tax Institute

Registration: Additional information and registration will be available on the Boston Tax Institute website.

Speakers: Jon. B. Sparkman, Esq., CPA and Maurice P. Gilbert, CPA, MST

This program will qualify for 8.0 hours of CPE based on 50 minute hour.