Federal/State Tax Credits
Conducting business across multiple state and local tax jurisdictions poses challenges to even the most sophisticated companies. Our State & Local Tax service experts can interpret the confusing and often conflicting tax provisions that taxpayers face in various jurisdictions.
The Firm brings its considerable experience in the areas of environmental, tax, real estate, employee benefits, and litigation to the service of our smaller business customers.
Tax credits and incentives can help lower the amount of taxes your business owes. There are many tax credits and incentives your company can take advantage of, but you may need help identifying which credits or incentives are applicable to your unique situation.
State Credit Reviews
Many tax credits are statutory, low-risk opportunities that are often overlooked. Such tax credits include both above-the-line benefits and income tax benefits that may lower your overall effective tax rate. With a complimentary Schlissel & Associates credit review, your company can benefit from previously unidentified state credits that are available to you.
Typically, a one-day state credits and incentives review is more successful if conducted onsite at your location. Otherwise, the data for a feasibility review may be provided to us. Generally, feasibilities are conducted at no cost or at a significantly reduced rate.
The Credit Review Services process helps you identify opportunities for:
- Relevant and applicable statutory state credits
- Refundable or transferable state credits
- Potential state credits that can be converted into cash
- Location-based credits, grants, or refunds
- Handling unused, misused, or missed credits
- A feasibility review will consist of discussions with management and a review of tax returns, fixed assets, apportionment data, projected capital expenditure budgets, headcount increases, and business locations.
Most companies are aware they must register and file tax returns in every state where they maintain a physical location. However, did you know filing obligations may exist even when your business is not physically located in a state? States are constantly amending their laws to capture more revenue by creating new, inventive economic nexus standards. As a result, physical presence is the only factor that establishes nexus, leaving some companies unsure of their nexus standing in states where they do business. How can you be sure your company is meeting all its state tax filing obligations?
Our State & Local Tax (“SALT”) Services group can work with your company to determine where state filing obligations exist and develop a solution to reduce your compliance burden.
Nexus Review
Schlissel & Associates nexus review services provide comfort that your state tax issues are handled in the best manner possible. We can assist in bringing your company into compliance with its state tax filing obligations. Your economic nexus concerns and protections will be addressed, and you will receive assistance with quantifying and rectifying any potential state tax exposure.
Voluntary Disclosure Agreements (“VDA”)
Most states offer VDAs to encourage companies to comply with a state’s laws, thereby generating revenue that the state may never have captured. Schlissel & Associates is experienced in negotiating favorable terms for multistate businesses while finalizing any outstanding liability or compliance issues in a given state. On your behalf, we can negotiate and secure voluntary disclosure agreements to reduce and eliminate any outstanding liabilities for prior tax years.
State Amnesty Programs
State Amnesty Programs are infrequently offered by the states but can provide an alternative to VDA. The terms of amnesty programs vary by state, but they generally offer some form of forgiveness of penalties and interest if taxpayers come forward to disclose liabilities, similar to VDAs. States can, however, impose a longer or unlimited look-back period under amnesty programs. Some states have even penalized companies that do not come forward during their amnesty programs.
Despite the complexities and risks of multi-state exposure and compliance, Schlissel & Associates is adept at assessing your company’s nexus and recommending the best approach for dealing with any outstanding state liability.
Sales tax is complicated, and the rules are changing at a rapid pace. States are enforcing strict nexus requirements that impact most businesses and make old sales tax processes obsolete. The good news is that implementing the right sales tax procedures will reduce costly risks and can save your company thousands of dollars each year.
Our sales and use tax services solve your unique pain points, from nexus exposure and compliance burdens to overpaid or underpaid sales tax and audit risks. Learn more.
I’ve been working with Alan for years and highly recommend him to anyone looking for innovative tax strategies and a comprehensive long-term solution to take advantage of the law.