It’s key to determine the precise nature of software, either as a buyer or a seller, and that includes IT services.
Consult with IT personnel and examine software/service contracts carefully. Can you unbundle them and consider separately stating the various software/service components to minimize tax modifications to prewritten programs. For vendors, nexus determinations are critical for sales and income tax purposes. State statutes of limitation do not run unless a return is filed. This creates the potential for material exposure for the prior year tax, penalties and delinquent interest. This video covers vendor strategies and buyer considerations, as well as income and franchise tax issues.
Agenda
Faculty
Myles Metzger, CPA
Bakertilly
- Senior accountant with Baker Tilly Virchow Krause, LLP; joined the firm in January of 2016
- Specializes in tax consulting, planning, and compliance within Baker Tilly’s state and local tax practice
- Experienced in multistate corporation and franchise tax, gross receipts and business entity taxes, sales and use tax, property tax, etc.
- Works with a diverse client base, including companies in manufacturing, construction, agriculture, software, retail and service industries
- B.S. degree in accounting and finance, University of Wisconsin - La Crosse
Jon P. Skavlem, CPA, M.S., M.P.P.A.
Bakertilly
- Firm director of State & Local Taxes in the Milwaukee office of Baker Tilly Virchow Krause, LLP
- Leader in Baker Tilly’s SALT practice and consults across a wide range of industries, software and IT, manufacturing, construction/real estate, financial institutions and services
- More than 35 years in the field of state and local taxation including national accounting firm SALT practices and state revenue agency experience
- Frequent speaker on state and local tax topics including software, cloud-computing, nexus, and multistate tax planning; presentations and webinars include: Avalara, Chicago Tax Club, Chicago Bar, Financial Executives Institute, Lorman Education Institute, Wisconsin Bar, WICPA, Construction Financial Managers’ Association, Tax Executives Institute, WEDC and Baker Tilly International
- Wrote articles on state and local tax considerations in due diligence investigations, state tax issues and planning opportunities in the debt buying and debt collection industry, cost of performance vs. market sourcing for state income tax purposes and SALT planning and compliance issues for real estate management businesses
- Member of AICPA, WICPA (chairman – Wisconsin Taxation Committee), WMC Taxation Committee, Wisconsin SALT Club (Board of Directors), and Baker Tilly International SALT Committee (former chairman)
- M.S. degree in accounting; master’s of public policy and administration degree; B.A. degree in political science and philosophy, University of Wisconsin – Madison
- Can be contacted at 414-777-5333, [email protected] or see LinkedIn® profile for additional information
Andrew Vinz, CPA
Bakertilly
- Senior accountant with Baker Tilly Virchow Krause, LLP, joined the firm in September 2013
- Specializes in tax consulting, planning, and compliance within Baker Tilly’s state and local tax practice
- Experienced in multistate corporation and franchise tax, gross receipts and business entity taxes, sales and use tax, property tax, and other areas of SALT planning
- Works with a diverse client base, including companies in manufacturing, construction, agriculture, software, retail and service industries
- B.B.A. degree in accounting and entrepreneurship, University of Wisconsin, Whitewater
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