Arlington, Va. (November 27, 2023) — Bloomberg Tax & Accounting today announced the release of a new Tax Management Portfolio, Corporate Income Tax: General Principles. Authored by Art Rosen of McDermott Will & Emery, Mark Nachbar and Duane Dobson of Ryan, LLC, and Jaye Calhoun of Kean Miller, the Portfolio addresses the complex world of state corporate income taxes and the broad principles underpinning state corporate income taxation.
The new Portfolio offers practical guidance from seasoned practitioners for early career tax professionals or other tax professionals who are less familiar with state corporate income taxation given the complexity of state corporate income taxes that multinational companies are increasingly required to pay. The Portfolio provides a comprehensive guide to understanding how state corporate income taxes are imposed, calculated, and filed.
This Portfolio will assist tax professionals in navigating the intricacies of state corporate income taxes. It provides guidance on jurisdictional issues particular to corporate income taxation, the computation of the corporate income tax base, along with apportionment, credits, and filing methodologies. It also provides an understanding of foundational state corporate income tax concepts such as the difference between combined reporting and consolidated returns. The Portfolio presents a plain language discussion on unitary business principles, along with apportionable income versus allocable income. In addition, it offers a comparison between Water’s Edge and Worldwide Combined Reporting that will be helpful to state tax practitioners seeking to understand these difficult concepts.
“This Tax Management Portfolio, Corporate Income Tax: General Principles, will provide junior tax professionals with a full understanding of the principles and nuances of state corporate income taxation,” said author Art Rosen, partner emeritus at McDermott Will & Emery. “My co-authors and I are proud to provide actionable guidance on key jurisdictional and apportionment issues particular to corporate income taxation.”
“As more corporations face tax and filing obligations in more states, it is critical for tax professionals to have a comprehensive understanding of the broad principles underpinning state corporate income taxation,” said Heather Rothman, vice president of analysis & content, Bloomberg Tax & Accounting. “This Portfolio provides valuable guidance to tax professionals, enabling them to better serve their clients and navigate the ever-evolving state tax landscape.”
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