State and Local Tax Accounting Services

Tax Preparation Services:

State and local sales taxes are a growing part of a business’s overall tax obligation, with SALT often exceeding the federal government taxes.

State tax authorities have become very aggressive and are increasing their audit frequency.  In addition, state legislators are implementing new statutes designed to close perceived “loopholes” and enhance state tax revenues.  From tax planning to compliance, the KatzAbosch SALT team helps businesses identify their potential risks and take advantage of state and local government tax opportunities based on this changing tax landscape.

Although most state tax systems include income and franchise taxes, some states have recently added variations such as:

• Gross receipts taxes – the total amount of revenue collected by your business for the year.
• Changes to the tax base – the total amount of assets or taxable income that is taxed by the government (tax liability divided by tax rate). 
• Limited tax carryovers – the estimated amount that your business will pay in income taxes. This allows your business to move a tax loss to future years in order to offset a profit.

The KatzAbosch SALT team closely monitors all state tax law changes so we can help our clients with their tax compliance burden and find ways to minimize their SALT liabilities (payroll, personal income, franchise, sales, and use taxes). With years of experience, we understand state tax law and can help your business through the SALT jungle with the following value-added services.

• Multi-state compliance and planning

• Nexus Studies – Nexus analysis to ensure that tax filings are made in the appropriate states.

• State “doing business” registrations

• Personal property tax compliance

• Multi-state sales, use & payroll (withholding) tax compliance
  – Analysis of sales and use tax compliance to ensure that the proper amount of sales/use taxes are collected and paid.
  – Exposure review for nexus in states in which returns are not being filed.
  – Review to help ensure that exempt items are not being included in state taxes.
  – Accounting consulting services regarding Internet and Cloud taxation issues.

• Unclaimed property reviews

• State tax incentive assistance
  – Review of qualification for state economic development incentives.
  – Assistance in meetings with state and local economic development incentive officials.
  – Negotiated special state tax credits and incentives.
  – State tax incentive assistance.

• Taxes deductible assistance
  – State and local tax deductions
  – State, local, and foreign taxes on income, and excess profits, retail sales, compensating use items.
  – Taxes on personal property and real property.

At KatzAbosch, we pride ourselves on progress and never lose sight of our personal commitment to our clients. Our certified public accountants have a mission to provide the highest quality state and local tax services during the tax season.