State and Local Tax
State and local taxes are a key consideration in business planning, often surpassing the federal tax impact on some transactions. The professionals at LBMC help minimize these taxes and provide crucial information on an on-going basis to assist in day-to-day operations. Whether the needs are simple or complex, we can assist in ensuring that the state and local tax burden is minimized. To help companies deal with the various state and local tax issues, we provide assistance in the areas of:
Sales and Use Tax
- Analysis of sales and use tax payments to ensure that proper taxes are paid
- Exposure review for nexus in states in which returns are not being filed, including registration for new state filings
- Review to help ensure that exempt items are not being taxed
- Representation and coordination in state sales and use tax examinations and appeals
- Preparation and filing of monthly, quarterly, and annual sales and use tax returns
- Consulting, preparation and filing of Voluntary Disclosure Agreements with taxing authorities
- Training for in-house personnel on proper accounting for sales tax purposes
Corporate Franchise & Excise Tax
- Assistance with state questionnaires
- Analysis to ensure that tax filings are only made in the required states, including new state registrations
- Preparation and filing of returns
- Representation and assistance in state income tax audits
- Franchise tax job credits
- Excise employment tax credits
Tax Incentives/Credits
- Review of recent expansion activity and future expansion plans for potential eligibility for economic incentives
- Assistance in meetings with state and local economic development and incentive boards
- Other special tax credits and incentives
Additional Services - Property Tax and Unclaimed Property Reporting
- Exposure and compliance analysis for Unclaimed Property (Escheat) Reporting
- Representation and coordination of Unclaimed Property audits
- Strategies to help reduce property tax liability
- Representation with property tax audits
- Property tax abatements
- Assistance with Personal Property Tax Compliance
