The complexity and persistent changes in state and local tax (SALT) laws and regulations can make it difficult for businesses to meet their objectives. At Withum, our consultants are relentless in our efforts to keep you up-to-date on the constant state of change—helping you identify opportunities and managing risks through our state and local tax services.
Dash of SALT: State and Local Tax Updates
Turning Challenges into New Opportunities
State and Local Tax Services
With decades of experience guiding businesses through changes in tax policy, one thing’s for certain; whether it’s taxes or technology, taking a piecemeal approach to anything is never the right tactic.
Our state and local tax services are comprehensive and all-encompassing. Using all the accessible business data at our disposal, we identify immediate opportunities, uncover risks, and provide recommendations for future tax planning. Our SALT services include:
Tax Planning and Consulting
We analyze business operations across multiple states to determine where a company may have filing implications. As even a virtual presence in a state could trigger a filing obligation, we help businesses identify opportunities to “source” less revenue to a state to mitigate state taxes.
Perform comprehensive review of your state tax positions, business operations, and current structure, to help identify potential refunds and prospective filing opportunities.
Provide state and local tax compliance preparation services, which includes group filing returns (i.e. unitary, combined, or consolidated), pass-through entity election filings, partnership withholding/composite filings, and more.
Review of business vs. nonbusiness income, industry apportionment rules, and assist with alternative apportionment requests.
Provide buy-side and sell-side services, including due diligence, offering minimization structuring tax analysis and post-transaction services.
Save time and outsource your multistate ASC 740 provision calculations for financial reporting purposes, which includes computing your state tax accrual and reviewing your Uncertain Tax Position reserves.
Product and service taxability review, including exemption certificate management.
With more employees than ever working remotely, any oversight can have significant effects on both the employer and employee. We assist businesses in implementing payroll tax policies as well as advising companies with establishing procedures and systems to meet payroll tax compliance objectives.
As you invest in your business and grow your workforce, we assess available programs that offer either statutory (i.e. claim of right) or discretionary (i.e. negotiated incentives) that help stimulate your company’s growth.
Unclaimed or abandoned property includes property, such as uncashed checks, unused gift certificates, accounts receivable, deposits, rebates – that a business owes to its employees, customers, vendors, creditors or shareholders. With our extensive experience, we leverage our technology resources to help businesses cut through the complex rules.
State and Local Tax Controversy Services
Our team is experienced with states and localities very aggressive tactics as they look to generate revenue. After performing an initial risk assessment, we develop an audit plan aligned with risks and objectives and advocate on your behalf through the various stages of the tax examination. As part of these services, we assist with negotiation, settlements, appeals, and dispute resolution.
We can help you identify, quantify, manage, or mitigate exposures and assist with formulating tax positions and/or documenting positions.
Assist with the application for a state ruling to reduce various tax risks by obtaining a written ruling from the tax authority.
By taking a proactive approach, businesses can mitigate some of their noncompliance exposures, abate penalties, limit interest in some cases, reduce the risk of future audit assessments, and curtail financial statement reserves by entering into agreements with states. On an anonymous basis with a state, we guide businesses through state program procedures, negotiate on your behalf, and propose settlement of state taxes arising from past activities.
Have You Identified Your Sales Tax Filing State?
Withum’s Nexus Determination Tool will allow you to identify states where your company may have nexus for sales and use tax by answering some simple business questions. Take the first step to managing your businesses sales tax compliance risk.
Why Choose Withum for Your State and Local Tax Consulting
With decades of experience under our belt, Withum is uniquely positioned to help your business get ahead of the different tax incentives and opportunities that might be available. As your company increases in revenue and volume, we will continue to guide you through the challenges around your expanding SALT needs.
For more information or to discuss your business needs, contact Withum’s Tax Services Team.
In recent years, there have been significant changes to the State and Local Tax nexus requirements. The longstanding physical presence nexus rules have been superseded by economic nexus. Almost all […]