Get the free AICPA Summary of States Legislative Activity on Due Dates Changes

AICPA Summary of States Legislative Activity on Due Dates Changes Coding Key Pending Enacted DiedUpdated as of 3/24/16Individual Income Reincorporate Income TaxALYesYesPartnership Filing Deadline

How to fill out aicpa summary of states

How to fill out the AICPA Summary of States:

1. Review the instructions: Start by carefully reading the instructions provided by the AICPA (American Institute of Certified Public Accountants) for completing the Summary of States form. Understanding the requirements and guidelines will help ensure accuracy in filling out the form.
2. Gather the necessary information: Collect all the relevant data required for the summary. This typically includes information about the firm or individual's professional practice, income generated in various states, and the associated state tax liabilities. Make sure to have up-to-date financial records and state tax documents for reference.
3. Enter general information: Begin by providing the basic information about the firm or individual at the top of the form. This usually includes the name, address, contact details, and the tax identification number. Double-check the accuracy of this information before proceeding.
4. Complete the "Summary of Income and Expenses" section: This section requires you to list the income generated in each state where the firm operates or the individual practices. Include both taxable and exempt income, ensuring accuracy and consistency with the state tax documents.
5. Report state tax liability: In this section, report the total state tax liability for each state where income was generated. This includes any tax paid or withheld during the reporting period. Ensure that the figures match the state tax filings and supporting documentation.
6. Include adjustments and explanations if required: If there are any adjustments or explanations necessary to clarify the reported figures, provide them in the designated space. This may include details of tax credits, carryovers, or any other pertinent information.
7. Review and validate the information: Once all the required information has been entered, carefully review the entire Summary of States form for accuracy, completeness, and consistency. Make any necessary revisions or corrections before finalizing.
8. Sign and submit: After completing the form and ensuring its accuracy, sign it and submit it to the appropriate authorities within the specified deadline. Keep a copy of the form, along with any supporting documentation, for your records.

Who needs the AICPA Summary of States?

1. Certified Public Accountants (CPAs) and accounting firms: CPAs and accounting firms that provide professional services across multiple states are often required to submit the AICPA Summary of States. This form helps state tax authorities determine income allocation and tax liabilities for each jurisdiction.
2. Businesses with operations in multiple states: Companies with operations in multiple states may also need to file the AICPA Summary of States. This is especially true if they generate income or have tax obligations in different states. The form allows businesses to report their income and tax liabilities accurately across different jurisdictions.
3. Individuals with income from multiple states: Individuals who earn income from multiple states, such as consultants, freelancers, or athletes, may be required to complete the AICPA Summary of States. This ensures that their income is properly allocated to each state, facilitating the calculation of state tax liabilities.

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What is aicpa summary of states?

AICPA summary of states is a report that provides a summary of the financial health and operational performance of a company across different states.

Who is required to file aicpa summary of states?

Companies with operations in multiple states are required to file AICPA summary of states.

How to fill out aicpa summary of states?

To fill out AICPA summary of states, companies need to gather financial and operational data from each state and use the prescribed form to report this information.

What is the purpose of aicpa summary of states?

The purpose of AICPA summary of states is to provide a consolidated view of a company's performance across different states for regulatory and financial reporting purposes.

What information must be reported on aicpa summary of states?

The information reported on AICPA summary of states typically includes financial statements, key performance indicators, and any regulatory compliance issues in each state.