State and Local Tax SALT
For businesses of all sizes, state and local tax obligations present numerous and complex challenges. Daunting for any organization are frequently changing regulations, compliance requirements that vary across jurisdictions as well as a complicated array of taxes imposed at the state and local levels.
PKF O’Connor Davies’ State and Local Tax (SALT) practice is focused on helping individuals and businesses navigate tax nuances. Combining highly-specific tax expertise and extensive experience, our specialists help ensure that tax matters are handled in a way that reflects a genuine understanding of each client’s unique circumstances.
Insight focused on mitigating risks, identifying opportunities, fueling success.
Working closely with clients throughout the year is integral to formulating sound tax planning strategies, strengthening overall tax position, capitalizing on opportunities for reducing liability — all of which are reflected in the meticulous preparation of state and local tax returns.
With recognized facility in the areas of income, sales, payroll, personal property and gross receipts tax as well as unclaimed property, credits and incentives, we support clients with a complete range of State and Local Tax (SALT) services, including:
- Audit Representation – To minimize potential assessments and maximize potential refunds, abating penalties as required, we work with state tax auditors on the client’s behalf.
- Business Incentives and Tax Credits – To identify beneficial jurisdictions and incentive programs that address each client’s specific scenario.
- Compliance Review – To determine the most efficient state return filing process for reducing tax liability and avoiding compliance penalties.
- Due Diligence Reviews – To determine SALT compliance levels and identify potential exposure or refund opportunities.
- Taxability Matrix – To ascertain whether our clients’ products or services are subject to sales tax in a particular state(s).
- Nexus Review – To identify exposure or refund opportunities and the need to collect and remit sales taxes.
- Tax Planning – To develop and implement tax planning strategies designed to reduce state tax obligations.
- Incentives and Credit Review – To identify credit and incentive opportunities and assist with the compliance required to qualify for them.
- Voluntary Disclosure Agreements (VDA) – To minimize state tax exposure by evaluating and, as warranted, negotiate with the taxing authority.