Kathryn Michaelis, Bill Ardinger and Stan Arnold Publish Their Second State Tax Notes Article Addressing Vermont's Combined Filing Regime

State Tax Notes, August 18, 2008

Kathryn Michaelis, Bill Ardinger and Stan Arnold Publish Their Second State Tax Notes Article Addressing Vermont's Combined Filing Regime

Kathryn Michaelis, Bill Ardinger and Stan Arnold, members of the Tax Practice Group at Rath, Young & Pignatelli, P.C., have authored another Vermont tax article published in State Tax Notes on August 18, 2008, entitled "An Update on Vermont's Shift to Combined Reporting."

The August 2008 article provides an update to their July 2007 article reporting on Vermont's shift from a separate company reporting system to a mandatory combined filing regime. In the July 2007 article, they raised several questions that were unanswered at the time the report was issued. Now that the first combined filing season is coming to an end, they have provided an update to the earlier report.

Addressed in this article include discussions addressing:

Vermont's adoption of a California-type combined return calculation;
the impact of the combined filing regime on exempt entities such as insurance companies and financial institutions;
the confusion surrounding the retention of the consolidated return election; and
the shift to a new Vermont net operating loss in 2007.

The six-person Tax Practice Group of Rath, Young & Pignatelli, P.C. represents clients on a wide range of state and local tax matters. Since Vermont's enactment of its new unitary regime, we have been assisting clients in understanding the practical details of these important changes and the Department's interpretation of the new rules.

For more information on the article and Vermont's combined filing regime, please contact Kathryn Michaelis, Bill Ardinger or Stan Arnold

To read the full article published in State Tax Notes, click on the link below.

An Update on VT. Shift to Combined Filing 8-08.pdf