Upcoming BNA Webinar to Discuss Income Tax Issues
Following an observation that most businesses have lost opportunities and sustained penalties due to their failure to take into account state tax treatment of cancellation of indebtedness (COD), BNA Tax and Accounting, known to provide the best research, news, practice tools, and guidance in tax and accounting, will hold State Tax Treatment of Cancellation of Indebtedness Income on November 18, 2010, from 12:30 pm – 2:00 pm, ET.
BNA Tax & Accounting Assistant Managing Editor and senior tax analyst Steven Roll said the webinar “will address key state income tax issues that may arise in this context.”
The panelists of the said event, who are coming from a group of Ernst & Young tax experts, observed that of all the states adopting the federal income tax treatment of cancellation of indebtedness income, which obeys Section 108(a) of the I.R.C., only a handful could turn in a clear guidance that aides in deciding whether to follow federal attribute reduction rules under Section 108(b).
The panel consists of Steve Wlodychak, a principal with Ernst & Young LLP’s Transaction Advisory Services/State and Local Tax group; Traci Reed Mitchell, an Ernst & Young LLP’s Transaction Advisory Services co-author and senior manager; and Chris Barras, an executive director of Ernst & Young LLP’s State and Local Tax Practice.
For 60 to 90 minutes, they will talk about the conformity of the state to Sections 108(a) and (b) and determine which state has adopted the practical approach in doing so and which has not. The panelists will also raise arguments contending the reduction of attributes that have become prevalent in the state and review some state laws related to it. Finally, they will give illustrations to the issues that may face multi-state taxpayers.