Income tax filing season will soon be well underway and this year’s state corporate income tax compliance process will likely be unprecedented. Not only will taxpayers have to address the Tax Cuts and Jobs Act changes and whether states conform, but also they will have to address conformity to the recent CARES Act. And, in between this year and last year, certain states have revised their positions on tax reform changes or issued new guidance. In addition, there are state law changes that became effective for the 2019 tax year that will radically affect how returns are filed (e.g., combined reporting in Kentucky and New Jersey and market-based sourcing in Colorado, Indiana, and New Jersey). Most importantly, much of this work will be done outside the familiar office environment, as tax departments and service providers continue to work remotely.
Please join professionals from KPMG’s State and Local Tax Practice as they discuss the conformity and compliance considerations businesses need to be thinking about sooner, rather than later.