Texas Franchise "Margin" Tax ( With 2008 Updates )

Training Provided by Lorman Education Services Prevent costly mistakes - learn how to navigate through Texas margin tax issues. Join CPAs throughout Texas in attending this seminar on Texas' new business tax. This tax - called the margin tax - applies to virtually all industries and forms of business, except sole proprietorships, passive entities and many general partnerships. This legislation, passed in 2006, drastically changes the landscape of Texas taxation: separate reporting for affiliated entities operating in a unitary manner is out; combined unitary reporting is in. Attend this seminar and you'll learn about important changes made in the 2008 legislative session. Come learn about the tax that's filled with exemptions, deductions and preferences spanning more than 100 pages of text - promising to keep CPAs busy for years to come. Benefits for You - Learn all about the Texas margin tax - it's not the same old franchise tax, but a fundamental change in the tax system - Easily determine who pays - and who doesn't - Explore industry preferences and examples - Find out about combined reporting - the new "in" thing - Get practical tips on contesting audits

Texas Franchise "Margin" Tax ( With 2008 Updates ) Agenda

8:30 am - 10:00 am Overview: Getting to Margin

- Franchise Tax Background

- A Tax on Privilege

- Doing Business

- Who Owes the Tax?

- Taxable Entities

- Nontaxable Entities

- Passive Entities

- Margin Tax Overview

- Jurisdiction and Venue

- Statute of Limitations

10:00 am - 10:10 am Break

10:10 am - 11:00 am Calculating and Reporting Margin

- Computation and Credits

- Payment Exemptions

- Combined and Tiered Reporting

- Reporting Periods and Deadlines

11:00 am - 12:00 pm Computing Revenue

- Federal Tax References

- General Exclusions

- Combined Revenues

12:00 pm - 1:00 pm Lunch (On Your Own)

1:00 pm - 1:30 pm Deducting Cost of Goods Sold

- What Are Goods?

- Who Is Eligible?

- What Costs Are Eligible?

1:30 pm - 2:00 pm Deducting Compensation

- What Is Compensation?

- Who Is Eligible?

- What Costs Are Eligible?

- Management Companies and Staff Leasing

2:00 pm - 2:20 pm Apportioning Margin

- Single Factor Apportionment

- Texas and Total Receipts

- Combined Apportionment

- Apportionment Examples

2:20 pm - 2:50 pm Combined Reporting

- Affiliated Groups

- Unitary Business

- Related Foreign Entities

- Combined Reporting Examples

2:50 pm - 3:00 pm Break

3:00 pm - 3:30 pm Industry Preferences and Examples

- Retailers and Wholesalers

- Manufacturers

- Service Providers

- Health Care Industry

- Oil and Gas Industry

- Construction Industry

3:30 pm - 4:30 pm Margin Tax Audits and Controversies

- Preparing for Audits

- Handling Audits

- Choices in Contesting Audits

About The Training Provider: Lorman Education Services

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