Missouri taxpayers with business activity in multiple states now have guidance for the new optional Single Sales Factor Apportionment Method. This method is a result of the passage of HB 128 by the general assembly that was signed by the Governor on July 12, 2013. The law took effect on August 28, 2013. The Department of Revenue is taking the position that the law is effective prospectively and applies to any return filed on or after the effective date. The new method is not available for any return filed prior to August 28, 2013 and is also not available for amended returns since once an apportionment election is made on an originally filed return it cannot be changed.
The Department of Revenue has issued revised forms and instructions which are available on its website at http://dor.mo.gov/forms/index.php?category=4. The new optional apportionment method may result in significant tax savings for Missouri taxpayers that have sales outside Missouri. The new method results in Missouri taxpayers paying income tax on only their Missouri source sales. The Anders Manufacturing and Distribution Group is prepared to assist taxpayers determine the most advantageous apportionment method to minimize their state tax burden. For more information please contact us.
Our firm provides this information for general educational guidance only and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Podcasts posted by Anders CPAs + Advisors are not intended to be used and cannot be used by any individual or business, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose. Please note that some content may be generated using artificial intelligence and is intended for educational and informational purposes only. In no way does listening, reading, emailing or interacting on social media with our content establish a professional relationship.
All Insights
