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We understand that your business is growing around the country and, as a result, will require the company to concentrate on state and
local tax matters. Following is a brief explanation of some of the services that we can offer:
Corporation Income and Franchise Taxes
Most states impose some kind of tax on either or both of a corporation's (including
S corporations) income or net worth.
Corporation Income and Franchise Tax Services offered by Blum Shapiro include:
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Tax Return Preparation/Outsourcing
This service provides the company with state and local tax expertise to accurately and efficiently prepare the company's state and local tax returns.
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Compliance Reviews
This service involves the review of a company's prior year tax returns and the overall tax return preparation process to ensure the company is in compliance with state and local tax laws.
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Nexus Consulting
This service involves assisting companies with understanding when and where the company is required to collect taxes, file a return and pay taxes to a particular state or local jurisdiction based on the company's multi-state activities.
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Voluntary Disclosure
Most states offer businesses the ability to voluntarily come forward and pay back taxes under a 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.
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State Tax Planning
This service involves assisting companies with identifying and managing their 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 a company's state and local tax liabilities.
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Audit and Appeals Defense
Our tax professionals will represent a company before a state or local taxing agency in the capacity of a taxpayer advocate. When a company is faced with a state inquiry or audit, this service provides state and local tax expertise representation.
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Offers in Compromise, Penalty Abatement and Installment Plans
This service assists companies with reducing 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 intangible and tangible property legally belonging to another is considered unclaimed or escheat property and must be
transferred to a state within a specific time period. Blum Shapiro 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 or use
tax on transactions that occur within their borders. Blum Shapiro's sales and use tax services include:
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Sales and Use Tax Determinations
We can assist a company with identifying and determining the taxability of sales and purchases of goods and services, by jurisdiction.
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Transaction Planning
Before entering into a transaction, we encourage companies to contact us so we can help 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. Blum Shapiro's property tax services include:
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Abatement and Exemption Assistance
We help identify abatements or exemptions offered by states and municipalities to which your company may be entitled.
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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. Blum Shapiro can help the company identify
state and local payroll tax requirements.
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