State and Local Tax
Smith & Howard's State and Local Tax (SALT) Group provides forward-thinking, value-focused income/franchise tax planning strategies for all entities, whether they conduct business in one or all 50 states. This includes multi-state business clients (flow-through and corporate entities) as well as individuals and trusts with multi-state investments or who provide services in more than one state
With implementation of Smith & Howard's recommended tax strategies, clients enjoy a reduction in state tax rates, increased earnings and increased cash flow. Helping clients understand and navigate state income and franchise tax law intricacies while providing recommendations for tax and business options is a highlight of our commitment. Beyond compliance, Smith & Howard’s state and local income and franchise tax planning strategies include:
- State Tax Nexus Reviews: Understanding your multistate operations, nexus-creating activities and ensuring compliance in each state
- Allocation and Apportionment Review: Classification of income and tax liability determination by state to minimize tax exposure
- Audit Defense: Preparation for and representation during state and/or local audits
- Voluntary Disclosure: Provide advice and guidance on this option provided by many states that allows businesses to “come clean” anonymously
- SALT Due Diligence Reviews: In preparation for a business acquisition or in anticipation of a pending sale.
- Development and Implementation of a Plan for Tax Provisions and ASC 740 Financial Statement Disclosure: Evaluation of tax positions, thresholds, recognition and measurement and more.
- S corporation, LLC and Partnership Filings: Determination of composite versus stand-alone filing options from both a tax and a compliance cost standpoint.
- Analysis and Determination of Filing Elections: Review of separate, combined, consolidated and unitary options
- Review and Analysis of State and Local Tax Incentives and Exemptions: Identification of tax credits and incentives to provide increased cash flow through reduction in state income taxes or through offset to state payroll tax liabilities in certain situations.