NMMA to present nexus conference call
CHICAGO – The National Marine Manufacturers Association recently sent out an Alert to members inviting them to participate in a conference call that deals with the state income tax nexus.
Entitled “Entering the Nexus Zone,” the live 90-minute telephone conference will feature an interactive question and answer session and will take place Sept. 7.
The event is being presented by NMMA in conjunction with Strafford Publications.
“In recent years, state tax collection agencies have increasingly demanded substantial back income and franchise taxes, interest and penalties from marine manufacturers that failed to pay taxes in some states where they do business, NMMA wrote in its Alert. “In many cases, manufacturers were quite surprised to receive a tax bill and were unaware of the laws and regulations on which states based their claims — especially if they had hired an accountant or attorney to prepare their tax returns or provide tax advice.
“Commonly, the state’s case is based on the concept of “nexus” – the authority to tax an out-of-state company’s profits or gross receipts if a company’s business activities fit the standard of legal ‘presence.’ Although ‘nexus’ is well established in law and regulation, the concept can be tough for even a well-educated layman to grasp — and it’s even tougher to stay current with the ever changing and numerous state standards.
“Listen and participate from your office phone as our expert panelists help you unravel the complexities of nexus and offer strategies for avoiding surprise tax bills.”
For more information on State Tax Nexus, contact Matthew Long at mlong@nmma.org.
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