State and Local Tax
When considering market expansion, or a new venture, location, or product line, State and Local Tax considerations must be part the planning process.
The MichaelSilver state and local tax (SALT) team is dedicated to staying on top of the changes to the state and local tax landscape. Our SALT specialists have the depth and breadth of experience needed to address the myriad of state, local, and multi-state tax issues that could have an adverse impact on your success and profitability.
Minimize Your Tax Exposure
We partner with you to create a multi-state plan designed to minimize your tax exposure and give your business a competitive advantage. State taxes can often be minimized through controlling activities that might create nexus, and maximizing the use of available state credits and special deductions.
Our State and Local Tax services include:
Income and Franchise Tax Services
Creation and implementation of practical tax-saving strategies and corporate structures to comply with state tax requirements and minimize filing requirements
Nexus standards differ by jurisdiction as well as by tax type. We evaluate your unique operations focusing on where your business and customers are located and how business is done at each location in order to control the impact of nexus.
Our team can review your business operations and systems to assess your level of compliance with State and Local Tax filing requirements in the jurisdictions where you conduct your business.
Sales and Use Tax Services
States differ on what is considered a taxable sale. Our team can help determine whether you are properly charging sales tax in all the appropriate jurisdictions, whether you are paying too much sales tax on your purchases, whether you are taking advantage of proper exemptions, and whether you have the proper documentation to support your tax-exempt sales.
Audit Management and Support
Our Salt team has successfully managed tax audits before both state and local agencies. We have also successfully defended against nexus imposition from other states. Our expertise has saved businesses from a wide range of incorrect and expensive tax penalty and interest assessments.
Payroll and Unemployment Tax Services
Determining which state an employee's withholding tax is payable to, as well as which state an employer is required to pay that employee's unemployment taxes, can often be difficult to ascertain. When employees live and work across state lines, understanding what taxes to withhold and pay in each state is critical to avoiding underpayment or overpayment within the local or state jurisdictions.
Personal Property Taxes
Most individuals and businesses understand that personal property is often subject to tax. However, determining which jurisdictions impose tax, as well as which types of property including obsolescence or lack of use.
Credits and Incentives Analysis
Our team can Assistance in uncovering state and local tax incentives such as training grants, sales tax sharing agreements, enterprise zone benefits, property tax abatement and sales tax credits/exemptions.
For more information about how MichaelSilver can help with your SALT needs, please call 847-982-0333 or contact us.