Services
State & Local Tax
We understand that business growth requires concentrated attention on state and local tax matters. Our state and local tax services include:
Corporation Income and Franchise Taxes
Most states impose tax on either or both of a corporation's (including S corporations) income or net worth. We provide:
Tax Return Preparation/Outsourcing
Take advantage of our state and local tax expertise to accurately and efficiently prepare the company's state and local tax returns.
Compliance Reviews
We can review your company's prior year tax returns and the overall tax return preparation process to ensure you are in compliance with state and local tax laws.
Nexus Consulting
For multistate operations, we can help you understand when and where you are required to collect taxes, file a return or pay taxes to a particular state or local jurisdiction.
Voluntary Disclosure
Most states offer businesses the ability to voluntarily come forward and pay back taxes under the Voluntary Disclosure Program. To encourage businesses to pay their back taxes, states often allow a limited look-back period and waiver of penalties. Our professionals can assist a company in voluntarily disclosing itself to state tax authorities on an anonymous basis, allowing for outcomes more favorable than might otherwise be reached.
State Tax Planning
We will help you identify and manage your state tax liabilities in the most efficient and effective manner. It encompasses structuring, legal/tax form, transactional, transfer pricing, state-specific and other proven solutions to mitigate your state and local tax liabilities.
Audit and Appeals Defense
We can become your taxpayer advocate. Our tax professionals will represent your company before a state or local taxing agency as needed. When faced with a state inquiry or audit, your company will have access to expertise representation on state and local taxes.
Offers in Compromise, Penalty Abatement and Installment Plans
We can help you reduce the impact of an unforeseen tax assessment. When an unforeseen tax assessment is imposed on a company, there may be a reasonable explanation or basis for noncompliance. Therefore, in many instances, a company may enter into negotiations to reduce the overall tax burden, obtain an abatement of penalties incurred or request a payment schedule that is more conducive to the financial situation of the company.
Unclaimed Property
Holding both tangible and intangible property legally belonging to another is considered unclaimed or escheat property. It must be transferred to a state within a specific time period. BlumShapiro reviews unclaimed property policies and offers recommendations to improve them, identifies escheatable property, determines reporting jurisdictions, helps with filing reports, identifies and assists with participation in amnesty programs and assists with unclaimed property audits.
Sales and Use Taxes
There are approximately 7,500 jurisdictions (states, counties, cities and special districts) throughout the U.S. that impose sales and use tax on transactions that occur within their borders. BlumShapiro's sales and use tax services include:
Sales and Use Tax Determinations
We can identify and determine the taxability of sales and purchases of goods and services, by jurisdiction.
Transaction Planning
Before entering into a transaction, we encourage companies to contact us so we can determine the sales and use tax consequence of a significant transaction.
Property Taxes
Paying close attention to a business' property tax bill may represent an opportunity to realize significant real estate and personal property tax savings over a period of years. BlumShapiro's property tax services include:
Abatement and Exemption Assistance
We help identify abatements or exemptions offered by states and municipalities to which your company may be entitled.
Cost Segregation Studies
This service identifies real property costs, which are eligible for accelerated depreciation methods and shorter depreciable lives. In addition, property tax savings may be achieved by reclassifying property between real and personal property.
Payroll and Employment Taxes
State payroll and unemployment taxes are a substantial component of a company's costs. BlumShapiro can help you identify state and local payroll tax requirements.
