Multistate Taxation: Do You Have Multistate Liabilities and Not Know It?
May 2, 2008
Interviewed by Elizabeth Grace Saunders
Do you own or lease property outside of your home state? Do you have a stock of goods in another jurisdiction? Do your sales people travel to other parts of the country or otherwise have a home office in another part of the country? If so, you could owe taxes in more than one jurisdiction.
A lot of times companies don't realize they're subject to multistate taxation until they're audited," says David C. Blum, partner at Levenfeld Pearlstein, LLC. "Companies should be proactive in understanding whether they are taxable in another jurisdiction and take steps to minimize or eliminate such liabilities."
Smart Business spoke with Blum about often overlooked multistate taxation issues and why you should immediately start working with a tax expert to determine if you have liabilities in other jurisdictions, especially since you may be able to minimize such liabilities or, even better, pass that tax on to someone else.
Click here to read the published article.