Supreme Court Decision Exposes Financial Institutions to Additional Tax Risks
As your company prepares its financial statements for upcoming third-party audits, you may be unaware or unprepared for the economic nexus principles that can apply to financial institutions like yours. This means business loans, credit cards, car loans, and mortgages can all be a source of income for states, even if the bank has no physical location in the state’s jurisdiction.
The reality of hefty assessments or costly court battles is a likely surprise if financial institutions don’t take the proper steps to plan ahead.
Ryan’s State Income and Franchise Tax team specializes in assessing whether your company faces any risk and implementing tax-efficient compliance solutions and advanced planning to lower your exposure to any future tax liability.
Mark Nachbar, state income and franchise tax expert, explains the challenges financial institutions may face.
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