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From a revised regulation in California to draft regulations in New York, there have been a number of recent state tax changes affecting the asset management industry. Recently revised California Regulation 25136-2, which addresses sales of other than tangible personal property, provides guidance on how to source certain types of receipts that were not covered in the original iteration of the regulation. However, as revised, the regulation appears to create more uncertainties for asset management taxpayers as to how certain types of receipts should be sourced. In addition, draft regulations in New York and state efforts to address the federal partnership audit changes are also creating waves across the industry. Please join professionals from KPMG’s State and Local Tax Practice as they discuss the recently revised California regulation, as well as other developments affecting asset management taxpayers.