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SALT: What You Should Know About State and Local Tax Payments

 
  Arthur F. Rothberg, Managing Director, CFO Edge, LLC  
   
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  Article Summary  
Companies that conduct business in multiple states may be required to pay state and local taxes (SALT), but many often aren’t aware of this obligation.

Whether or not a company must pay SALT is determined by a concept called “nexus” which refers to any potential connection between the company and a state that would dictate that the company has a presence in the state and is therefore subject to taxation.

This article discusses state and local taxes in the context of nexus around income tax and the business activities that could trigger it. Also reviewed is nexus around sales taxes and payroll taxes and, again, the business activities that bring it into play in a given state.

Given the current economic environment, Los Angeles and Southern California executives should make sure they are aware of their SALT obligations. Many states are sharpening their focus on collecting SALT in order to help shore up their budgets, and they have tools at their disposal to help them identify out-of-state SALT obligations and enforce collections. An outsourced CFO services provider can help you determine whether or not you have nexus in any other states and ensure that you meet all of your SALT payment obligations.

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