Minimizing the Impact of State and Local Taxes
Managing your business’ state tax exposure has never been more difficult. With traditional revenue sources dwindling, states and municipalities are aggressively seeking to tax interstate commerce and the trend toward state taxation of e-commerce is changing the playing field and making taxation even more complex for many growing businesses.
Bennett Thrasher’s state and local tax (SALT) specialists simplify tax compliance for our clients while helping them take advantage of every opportunity to reduce their state and local tax burdens. Our professionals serve as responsive, trusted advisors to our clients, providing proactive tax-strategies that better navigate the ever-changing SALT landscape and take advantage of every opportunity to reduce their state and local tax burdens.
Staying ahead of state and local tax developments and filing requirements can take a lot of time and effort. Our professionals can ensure you and your business are taking the proper measures by:
- Identifying multi-state tax exposure in all 50 states and the District of Columbia
- Reducing effective state tax rates through planning and restructuring, tax credits, refunds and exemptions
- Conducting sales and income nexus studies, liability calculations and remediations
- Reducing prior period tax exposure by negotiating with state tax authorities
- Negotiating economic incentive packages for business expansions and relocations
- Resolving state and local tax disputes, from administrative appeals to audits
Our SALT professionals specialize in this rapidly changing area of taxation and continue to work closely with economic development authorities to shape legislation and regulations for our clients.
Tracking the state and local tax trends, policies and regulations across the U.S. can be overwhelming for any business. Fortunately, the professionals at Bennett Thrasher know that complexity creates opportunity and can help simplify and automate sales tax compliance through the use of sales tax software. Our SMART Compliance services include:
- Sales tax software selection and implementation;
- Management of the sales tax process;
- Advisement on sales tax laws;
- Risk mitigation of controls and procedures; and
- Training of company personnel.
Our team helps you navigate the process of sales tax automation, from selecting the right sales tax automated software solution to implementing it into your accounting systems.
By leveraging BT’s sales tax compliance knowledge in addition to implementing the right software solution, you can manage your exposure with ease and confidence.
Many states offer generous credits and incentives that your business may qualify for. Our professionals can help identify and recommend relevant credits and incentives via a complimentary assessment. Credits and incentives we can assist with include:
Hiring, Retraining, and Investment Tax Credits
If your business is growing or looking to relocate, many states, cities and counties often provide tax credits to help offset the payroll or infrastructure investment. States even provide various ways to utilize credits, such as through state income tax or payroll withholding taxes. Our professionals specialize in these tax credit calculations in an effort to maximize the resulting credits.
Property Tax Reductions or Abatements
Property tax doesn’t have to be a fixed operating expense. If the taxable assessed value of your business’s real or personal property is higher than its current fair market value, we can help you challenge the assessment and take advantage of abatements, exemptions and other tax-mitigation opportunities to reduce your property tax expense.
Due to the complexity of dealing with hundreds, if not thousands, of state and local tax authorities, each with different procedures for filing appeals and refund claims, state and local tax controversies are most efficiently resolved by working with dedicated and experienced tax professionals. Bennett Thrasher’s state tax controversy experts focus on this area of practice and have highly specialized knowledge. Our services we can provide include:
- Helping clients resolve field and desk audits
- Preparing protests and appeals
- Representing clients in Department of Revenue audit and appeal conferences
- Helping clients prepare and resolve refund claims
In addition, Bennett Thrasher has a team dedicated to resolving federal income tax controversies.