Business Tax Services
BlumShapiro is committed to helping our clients realize savings through efficient tax compliance and effective tax planning. We emphasize timely communication and a team approach to servicing our clients’ needs. Hands-on tax partner and tax specialist involvement is provided to ensure that our clients receive the most experienced and in-depth technical expertise that we have to offer.
Through our affiliation with Baker Tilly International, our clients have access not only to BlumShapiro tax professionals but also to tax specialists throughout the United States and internationally. Baker Tilly International is one of the leading networks in the world by fee income and is represented by 154 firms in 133 countries. As a member of this network, BlumShapiro has the unique ability to provide our clients with appropriate tax specialists to meet all of our clients’ tax needs and allows us to offer our clients a broad range of federal, state and international tax services.
The following are brief descriptions of some of the tax services that we offer:
Federal, State and International Tax Services
Our tax professionals have the experience and expertise to provide, among others, the following tax services:
Tax Return Compliance
Our core tax service is the preparation of federal, state and international tax returns. With our high-level of technical expertise, industry specific tax professionals and thorough understanding of federal, state and international tax laws, our clients are assured that their tax returns are prepared accurately, efficiently and on a timely basis.
We help businesses structure specific transactions in the most tax-efficient manner. In addition, we help businesses minimize the tax impact and take advantage of tax opportunities by advising them on appropriate and advantageous ways to structure business acquisitions, sales or mergers.
Accounting Method Reviews
We review businesses’ tax accounting methodologies to determine if they are properly accounting for income and deductions under current tax law as well as employing available accounting method strategies to maximize income tax benefits.
Transfer Pricing Consultation and Studies
Transfer pricing specialists and economists are able to provide businesses with transfer pricing consultation and studies in order to assist them with determining appropriate "arms'-length" pricing among related companies.
Tax Due Diligence Reviews
Before a business acquires a new business, we perform tax due diligence reviews to identify federal, state and international tax consequences and opportunities associated with the potential acquisition.
Research Credit Calculations
With the assistance of research credit and engineering specialists, we can help a business determine if it is eligible to claim federal and state research credits. We document the eligible activities and quantify the amount of the
Tax Credits Identification
Our tax professionals have experience in identifying and applying tax credits to a business’ tax liability in order to obtain the maximum tax benefit.
Real Estate Cost Segregation Studies
Our real estate cost segregation professionals have developed proven methodologies to accelerate a business’ real estate tax depreciation deductions, which results in deferring taxes and increasing cash flow.
Audit and Appeal Representation
Our tax professionals know and understand the dispute resolution process. We possess the expertise and experience to represent taxpayers before the Internal Revenue Service as well as state and international tax authorities with respect to all types of tax issues under audit and/or appeal.
International Tax Assistance
We can assist businesses with both in-bound and out-bound international tax planning such as choice of entity and structuring, “Subpart F income” determinations, foreign tax reduction, foreign tax credit utilization, permanent tax reduction through utilization of IC-DISC, transfer pricing studies, tax-efficient foreign earnings repatriation, foreign tax withholding obligations, treaty interpretations and many other international tax planning areas.
State and Local Tax Specific Services
We have dedicated state and local tax specialists that can provide, among others, the following services:
Nexus Consulting and State Tax Liability Analysis
We assist businesses with understanding where they are required to file state and local tax returns and pay state and local taxes based on a business’ multistate activities. In conjunction, we make state and local tax return filing recommendations and quantify potential tax liabilities associated with filing in various jurisdictions.
Voluntary Disclosure or Amnesty Representation
We assist businesses with anonymously disclosing themselves to state and local tax authorities about past tax liabilities they owe. This often results in favorable tax, interest and penalty assessment outcomes.
Sales and Use Tax Determinations
We determine the taxability of a business’ sales and purchases of goods and services by jurisdiction as well as the sales and use tax consequences of specific transactions.
Unclaimed Property Assistance
We help businesses identify, quantify and report unclaimed or abandoned property that must be escheated to State Treasurers.
Tax Planning Services
Our tax consulting professionals work with you to identify strategies for maximizing tax savings over both the short and long term:
Federal Income Tax Planning
We help businesses with all aspects of federal income tax planning, including implementing effective federal income tax strategies that allow a business to maximize tax savings, increase profits, manage cash flow and increase net worth.
State and Local Tax Planning
Our state and local tax professionals provide tax planning with respect to all types of state and local taxes including income and franchise, sales and use, property, employment, transfer and other miscellaneous taxes. We assist businesses with identifying and managing their state and local tax liabilities in the most efficient and effective manner. It encompasses structural, reorganizational, transactional and state-specific solutions to mitigate state and local tax liabilities.
International Tax Planning
We can assist a business with both in-bound and out-bound international tax planning such as choice of entity and structuring, “Subpart F income” determinations, foreign tax reduction, foreign tax credit utilization, IC-DISC appropriateness, transfer pricing studies, repatriation tax consequences, foreign tax withholding obligations, treaty interpretations and many other international tax planning areas.
Business Succession Tax Planning
We advise closely held businesses on ways to ensure that their businesses will continue to prosper when owners or key personnel are no longer able or willing to lead the company. Proper business succession planning preserves family and business legacies while also planning for potential tax consequences resulting from a substantial change in business leadership and/or a transfer of ownership.
Individual, Estate & Trust Tax Planning
Our tax specialists recommend individual, estate and trust tax planning techniques for preserving wealth and transferring assets in a tax-efficient manner. Our services include tax planning strategies for gifting, retirement, education funding, IRA and pension distributions and charitable giving.
Other Tax Services
Accounting for Income Taxes
Our tax professionals can deliver a broad range of accounting for income tax services. We routinely compute entire tax provisions for our clients, but we can also assist with specific aspects of the income tax provision such as analyzing deferred income tax components, determining the need for a valuation allowance, reviewing and quantifying uncertain income tax positions and advising on disclosure requirements
Our clients are kept up-to-date on the latest federal, state and international tax legislative, regulative and administrative developments through our webinars, eNewsletters, BlumShapiro website and face-face to meetings. We are committed to helping our clients’ businesses be successful by keeping them informed of tax changes and new legislation that will impact their operations. We are in the forefront of identifying emerging federal, state and international tax issues and can communicate them quickly so that they can be immediately addressed and properly acted upon.
These are only some of the broad categories of tax services that we can offer you. We would be happy to discuss these as well as any other tax services that your business may require.
For additional information on our business tax services including planning and preparation, click here to contact us.