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The use of mandatory unitary combined reporting has become increasingly popular among states in recent years, driven by state budgetary shortfalls and the perceived distortion of taxable income by multistate corporations filing separate company reports.
Some states are separate entity filing states, so that each entity in your group will file their own return for that state. So, you could have multiple returns. Another way that you could be filing is a “water’s-edge filing.”
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State Corporate Income Tax Filing Methods. Policy Position. Generally, states apportion the unitary business income of each separate taxable entity (separate reporting) or apportion the business income of the unitary group that includes one or more such taxable entities (combined reporting).
Dec 8, 2010 · Although you may find this revelation shocking, the simple fact is that all states are unitary states. In other words, all states must abide by the unitary business principle in administering their corporate income tax regimes.
Nov 11, 2010 · Two tax concepts that states may employ to increase their tax revenue and that trap unwary foreign entities are (1) unitary combined reporting and (2) economic nexus. Unitary combined reporting is a methodology for apportioning the business income of a corporation that is a member of a unitary business group.
In order to evaluate the taxpayer’s determination of a unitary relationship, state auditors must look beyond accounting and tax return information. Auditors must annually
Jun 1, 2021 · On April 7, 2021, Virginia’s budget bill, H.B. 1800, introduced a new one-time, informational filing requirement for corporations who are also members of a unitary group. Learn the five "Ws" of of this new reporting requirement, so you can act ahead of the July 1 filing deadline.
