state and Local Tax (SALT) | INCOME AND FRANCHISE TAXES
The only consistencies in multistate taxation are the constant legislative changes and inconsistent income, franchise and gross receipts tax regulations and interpretations on state and local levels which result in undue complexities and create an environment for ineffective and inefficient state compliance.
SimekScott's income, franchise and gross receipts tax service employs a comprehensive and holistic approach. We will collaborate with our clients to gain a thorough understanding of their business and operations and use that knowledge to identify their multistate tax risk areas and sustainable planning opportunities throughout the tax lifecycle.
We can then provide timely, consistent and thorough insights and guidance to address our clients' multistate tax exposures and work to achieve their short and long term business objectives.
SimekScott will utilize their specialized knowledge and experience as well as strong relationships with state taxing authorities to provide guidance that helps our clients manage their income, franchise and gross receipts tax issues and opportunities through:
- State Tax Nexus Analysis And Exposure: Analyzing current in-state activities to determine if a current and/or historical income tax, franchise tax or gross receipt tax filing requirement exists.
- State Tax Sourcing Analysis And Exposure: Assisting with the determination of the appropriate sourcing methodology and allocation of revenue to help ensure the company is accurately complying with the ever-changing and complex state income tax, franchise tax or gross receipt tax sourcing rules and uncovering alternative sourcing methodologies.
- State Tax Apportionment Review: Analyzing a companies current apportionment methodology and determining and recommending the proper income tax, franchise tax or gross receipt tax apportionment formula.
- State Voluntary Disclosures (VDA): Working anonymously with state taxing authorities to address our clients' historical multistate income tax, franchise tax or gross receipt tax exposures.
- State Tax Controversy: Providing assistance with income tax, franchise tax or gross receipt tax audits, as well as developing revenue ruling requests to secure guidance on multistate income tax, franchise tax or gross receipt tax filing positions.
- Reverse Income Tax Audit (RITA): Review and analyze: corporate structure; historical income tax, franchise tax or gross receipt taxreturn filings; filing positions; apportionment methodology; tax base analysis; historical filing methodologies; and key employee interviews in an effort to identify areas of income tax, franchise tax and gross receipts tax savings, planning, determine refund opportunities and under-utilization of state tax credits and net operating losses.
- State Tax Restructuring And Planning: Assisting with entity restructuring from a statutory, organizational and cost perspective; analyzing financial and operational situations or plans from a tax perspective and aligning tax solutions with your business strategy.