State and Local Tax

State and Local Tax

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LBMC is a Tennessee-based CPA firm with a dedicated state and local tax practice.  Our experienced team of professionals understand the Tennessee audit process, including the informal taxpayer conference; have assisted clients with audit issues for all types of taxes; and have a strong working relationship with the Department of Revenue’s management staff.

We help minimize state and local taxes and provide crucial information on an ongoing 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 Outsourcing

Free up your staff for more value added activities by outsourcing the monthly clerical and time consuming preparation and filing of sales/use tax returns. Outsourcing sales and use tax preparation is good business. Your returns will be filed on time, accurately, and with less burden on your accounting staff.

  • Receive your monthly data electronically from your ERP or billing system.
  • Tax professionals review your data each month.
  • We prepare all returns.
  • Each filing is reviewed by an experienced sales/use tax professional.
  • Feedback is provided for errors or concerns that are found.
  • Electronically file and pay your tax liability on your behalf (for all jurisdictions that can accept electronic filing/payment).
  • Provide you with electronic copies of all returns filed and confirmations of tax payments made.
  • LBMC also will keep on file electronic copies of returns filed and payment confirmations.
  • Notices are reviewed and addressed related to returns filed/payments made.

We offer two levels of service:

  1. Back Office Service - This would involve all of the above except LBMC will only prepare the returns and will return them back to the company to make the actual payments and to do the actual filing of the returns each month.
  2. Full Service Option - This option involves LBMC providing all the services listed above. Through executed power of attorney LBMC not only prepares your returns but also will make the tax payments and file the returns on your behalf. This option is the most popular option as it streamlines the process. LBMC does the detail work while the company simply provides a monthly data feed and funds LBMC for the total tax liability for the month.

Tennessee Tax Audit Defense and Representation Services

  • Have you received a notice of intent to audit from the Tennessee Department of Revenue and are overwhelmed by the amount of information requested?
  • Are you being to ask sign forms, such as the statute of limitations waiver, which only seem to benefit the State?
  • Have you been selected to use statistical sampling for the sales tax portion of the audit and have questions and/or concerns?
  • Has the auditor identified issues in the audit and proposed adjustments where you disagree with the auditor’s position and related support?
  • Are you comfortable that the auditor has looked for potential overpayments as well as deficiencies?
  • If the audit has concluded and you still disagree with some of the auditor’s proposed adjustments, what are your options?
  • Do you understand the Department’s informal taxpayer conference process?

LBMC can be your advocate in the Tennessee audit process.  We can manage the entire process; intervene, on your behalf, and consult with you from any point in the audit; and/or represent you at the informal conference.  Let our experience benefit you.

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

Property Tax

  • Strategies to help reduce tax liability
  • Representation with property tax audits
  • Property tax abatements

Unclaimed Property (Escheat) Reporting

  • Exposure and compliance analysis for Uniform Unclaimed Property Act
  • Representation and coordination of unclaimed property audits

Other Services Offered

  • Nexus Studies
  • Product or Purchases Taxability Studies
  • Front End Review and Process studies
  • Audit Management & Support
  • Voluntary Disclosure Agreements
  • Protest and Appeal work
  • General State and Local Tax Consulting (all tax types)

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Streamline your tax compliance and reduce your tax liability starting today.

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