Many of
you have asked if the Austin CPA Chapter would sponsor a course
on the new franchise tax law. Ask and you shall receive!
Mark your
calendars for this informative two-hour seminar for June
14, 2006, at 12:00 pm. Please click here
to register securely online. The cost of this course is
$35 for members, $60 for non-members and includes lunch and
materials. Please see below for more information regarding this
course and its instructor, Michael
Seay, from James
F. Martens & Associates. The course will be held in
the Austin CPA Chapter
Training Facility.
On Thursday,
May 18, Governor Perry signed into law an expanded business
tax—a tax its opponents have labeled as the largest tax
increase in Texas history. The bill completely replaces the
Texas franchise tax. Many businesses that paid no franchise
tax should now expect to pay when the first returns are due,
in May of 2008. The first taxable period generally begins on
January 1, 2007, and businesses and their advisors should know
what to expect before 2007 rolls around. The new legislation
drastically changes the landscape of Texas taxation: separate
reporting is out; combined unitary reporting is in. Cost of
Goods Sold and Compensation are deductible, but not both at
once. It’s filled with exemptions, deductions and preferences
spanning over 100 pages of text, and promises to keep Texas
CPAs busy for years to come.
This seminar
will provide a general overview of the tax, including:
•
Basic Concepts
• Computations & Reporting
• Determining Revenue
• Cost of Goods Sold Deduction
• Compensation Deduction
• Industry Preferences & Exemptions
• Apportionment
• Unitary Tax Principles
Michael B. Seay is an attorney and CPA with
Martens & Associates. He handles matters solely related
to state and federal tax disputes. He and other members of his
law firm limit their law practices to Texas tax and federal
tax controversies and litigation. He represents clients in connection
with audits, administrative appeals and in court. He is licensed
by the Texas Supreme Court to practice in all of the state courts
of Texas. He is also licensed to practice in U.S. Tax Court.
He writes and speaks frequently on a variety of tax subjects.
He received both a B.B.A. in Accounting, with honors and an
MBA from Baylor University in 1996, and his J.D., with honors,
from the University of Texas in 2005. Mr. Seay became licensed
to practice as a Certified Public Accountant in 1999. He is
a member of the Texas Bar Association and the Texas Society
of CPAs. He may be reached by telephone at (512) 542-9898 and
via email. |
