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According to the IRS audits were up significantly last year among corporations with assets of $250 million or more. All told, last fiscal year the IRS audited nearly 30% of such corporations. What does this mean for you, and what should you watch out for? Quite simply...
Nexus is a legal term of art that describes the connection you have with a specific state, such that you are subject to those state tax requirements. Determining nexus is far from simple and is highly fact and circumstance dependent. As such the analytical framework that you develop will be a key component of your state level compliance and reporting efforts. What follows are twenty key elements/questions that you should consider in determining whether or not you have nexus with a particular state.