Are you correctly assessing multistate tax obligations outside of your base/home state? This is important since there is no statute of limitations for assessments for the failure to file in a foreign state. Also, taxpayers need to make sure to avoid any double tax resulting from incorrectly addressing your tax situation and failing to claim all available credits for tax paid to other states. For example, if it was subsequently determined that you owed a foreign state’s tax, but the statute of limitations to obtain a refund in your home state expired, you could be stuck paying tax on the same income to both states.
It is critical to know and understand your business contacts outside your home state to determine where substantial nexus exists creating an out-of-state tax obligation. Contact us to assess your multistate tax obligations and ensure you are claiming all available state tax credits.