Are you aware of your SALT liabilities?
Abstract: Companies that operate in multiple states likely owe some state and local taxes (SALT) outside their home state. But many small businesses are unaware of their SALT liabilities. This article explores the concept of nexus — the degree of business activity that must be present in a state before a business is considered to have a presence there and becomes subject to that state’s taxing jurisdiction. A sidebar discusses the voluntary disclosure programs available in many states to businesses that owe SALT for prior years.