Could the nexus net snare your firm for multistate taxes?

Description

Abstract: Many states have become more aggressive in recent years about their pursuit of income, franchise or gross receipts taxes from multistate businesses. While some law firms may think they need not worry about the revenue departments in states other than where they’re located, those states might disagree. This article reviews the broadening definition of nexus and how a law firm’s tax liability will depend on the apportionment rules of the states involved.