Gary Wallace Featured in CFO.com on how Remote Workers Alter State Taxes

Gary Wallace Featured in CFO.com on how Remote Workers Alter State Taxes

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Managing Partner, Gary Wallace, shared insights on the the impact of remote workers on state and local taxes and what employers should know about that impact in the article, “Remote Workers Alter State Taxes,” featured on CFO.com.

excerpt:

“Many states across the country are enacting new legislation aiming at businesses that have employees working remotely in states where they do not have a physical location. CFOs need to be mindful of these legislative maneuvers because they could present significant tax liabilities.”

Gary also outlines and elaborates on five important steps for employers to consider when it comes to remote workers and state taxes:

  1. Find Out Where Remote Employees Are
  2. Monitor Guidance from State Departments of Taxation
  3. Understand Reciprocity Agreements and Income Tax Rules
  4. Research Business Tax Nexus Thresholds
  5. Audit Insurance Coverage

“Now that COVID-19 vaccines are here and becoming increasingly available to the adult population in the United States, it is unclear whether companies will return to normal, pre-pandemic office working arrangements. Until business leaders make those decisions, CFOs must remain diligent in protecting their companies from state and local tax liabilities that could impact their bottom lines. That is especially true for those businesses that decide that remote working is no longer a “temporary” thing.”

Read the full article here.


Additional State and Local Tax & Remote Work Resources:

 


About the Author

Keiter CPAs is a certified public accounting firm serving the audittax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial servicesconstructionreal estatemanufacturingretail & distribution industries and nonprofits. We also provide business valuations and forensic accounting servicesfamily office services, and inbound international services.

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The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.

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