CPE Course New Hampshire Taxation of Businesses and Their Owners
November 7, 2018
8:30am — 4:15pm
Field of Interest Taxation (General)
This seminar is designed for tax professionals whose clients are New Hampshire residents, have business activity within New Hampshire, deduct compensation for the personal services of the shareholders, partners, members and proprietors of the businesses, and who make distributions from their unincorporated businesses that are not compensation for their personal services. Participants should have a general knowledge of the BPT, BET and the I&D as well as Federal Income Tax principals relating to corporations, partnership and proprietorships.
This is a 1-day seminar (8 credits) led by Maurice Gilbert, CPA, MST. Topics include the three major taxes affecting businesses and their owners in NH: the Business Enterprise Tax (BET), the Business Profits Tax (BPT) and the Interest & Dividends Tax (I&D). Topics involving the BET will include an overview of the components of the enterprise value tax base and the apportionment provisions for the BET including the Department’s Administrative Rules. With respect to the BPT, topics include the nexus standard, definitions of business organization and business activity, the additions and deductions to federal taxable income including a brief overview of reasonable compensation and the combined reporting requirements for unitary businesses (our instructors offer two separate ½ day seminars which examine in detail the NH Compensation Deduction and the combined reporting requirements). The I & D segment of the seminar will include a review of the provisions relating to distributions from partnerships and limited liability companies and the importance of the definition of “transferrable interests” in determining the taxability of distributions. Statutory conversions of corporations to limited liability companies and changes to the statute regarding the elimination of trust as taxpayers and trust distributions from the definition of dividend provide planning opportunities. The seminar will also review the status of proposed statutory changes including any State changes related to the Tax Cuts & Jobs Act, any pending Administrative Rule proposals as well as administrative items of interest.
Devine, Millimet & Branch, PA