As a business owner or executive, you know how time consuming it is to try to stay on top of ever-changing state and local tax laws. Taxes are increasing at every level and, as a result, so are audits. Weaver’s State and Local Tax team is ready and able to focus on your tax issues so your business operations can be your primary focus.
With more than 60 years of combined experience, we know how to deal with state and local taxing authorities to best represent your business, to reduce your current tax bill and minimize your future tax bills. Our State and Local Tax team keeps a constant watch on court decisions, tax rulings and changes in tax laws at all levels in all states and localities. So, we are prepared to get you every deduction, exemption, and tax reduction the law allows.
Weaver’s multi-state and multi-industry experience is only the foundation for meeting your needs. We’ll closely study your business to understand your particular tax issues and financial goals. Then, we’ll create a strategic tax plan to help you achieve those goals.
Here are just a few ways Weaver’s State and Local Tax team can help with your tax issues:
Income Franchise and Gross Receipts-Based Taxes
State income, franchise and gross receipts-based taxes are a constantly changing and diverse areas of state tax. Rules vary widely between states, and the states are becoming more creative in their attempts to increase their tax base using multiple apportionment methodologies. We are seeing substantial change in nexus and apportionment rules, and complete replacement of tax structures in many states with a focus on gross receipts tax regimes.
The compliance and accounting for such taxes can be burdensome. Too often these complexities become a drain on tax department resources and company profits. Today’s tax professionals should consider the following questions when dealing with various issues related to income and franchise taxes:
- In how many states does your business have income, franchise or gross receipts tax liabilities?
- Is your apportionment methodology being reviewed to be certain that optimal methods are used to mitigate audit risk and minimize tax liabilities in each state?
- Are you continuing to monitor the most beneficial filing methodology for income (and franchise) tax purposes? Specifically, how do you determine whether to file separate company returns versus electing to file a combined/consolidated return in applicable states.
- How efficiently is your organization meeting filing deadlines, and at what cost to other important tax department activities?
- In the rush to meet deadlines, could your team be missing vital data gathering that could impact the tax burden or that may trigger an assessment later?
Property Tax Compliance, Consulting and Freeport Exemptions
As the market and property values recover, it’s more important than ever to keep a close eye on your property taxes. This includes physical land, structures, tangible personal property and inventory. Whether your property includes real property or business personal property, Weaver’s expanded property tax services can help minimize both the cost of ownership and your tax bill.
- Valuation Strategies: Using multiple methods, our professionals will find the best strategy to set the value of your property to ensure that your tax bill is as low as it can be.
- Classification Analysis: Our professionals can carefully analyze your business personal property to determine the correct classification to minimize your taxes.
- Appraisal Representation: To state and local government officials, the value of your property is what they say it is. Weaver’s team will negotiate with Appraisal Review Boards to ensure that your property is taxed at its fair value, not at an official’s opinion.
- Tax Reduction Strategies: Our State and Local Tax team is very good at finding all tax reduction strategies available to you, including Freeport and homestead exemptions.
Sales Tax Compliance and Consulting
You know what a chore it can be to collect, report and remit sales taxes – and how easy it is to be audited. Weaver’s team can help you deal with your sales tax issues:
- Nexus Requirements: In the internet era, it can be hard to even know when you need to collect sales tax from your out-of-state customers. We can make sure your systems are up-to-date on each state’s sales tax requirements.
- Use Tax Exemptions: Use Tax Exemptions to collect sales taxes differ from state to state and, depending on the state, from municipality to municipality.The rules for when they apply are complex. Weaver’s sales tax professionals can provide matrices and advice in clear and concise language to help minimize the flag these exemptions can raise when audited.
- Sales tax refund review: We will conduct a review of prior purchases to help your business retrieve monies collected from you and remitted to the state in error.
If you find you are the recipient of an audit notice, Weaver will be right by your side. Our team will help you prepare the documentation for your defense, negotiate with the auditors and represent you at every step in the process, provided it does not go to trial in a state district court.
Other State and Local Tax Issues Weaver Can Help You With:
- Multi-State Income Tax Compliance
- Shielding Affiliates from Taxes
- Transaction Structuring
- Taxation of Services
- Manufacturing Exemptions
- Outsourced State Tax Function
- Apportionment and Allocation Review
- Identifying Compliance Requirements
- Minimizing Taxes on Your Business Expansions
- Transaction Structuring
- Merger and Acquisition Due Diligence
Our service approach – which includes timely and responsive communication, as well as technical skills, state-of-the-art technology and deep industry knowledge – will make you feel like our most important client. We customize an affordable, industry-focused and technology-driven tax methodology for each client. We deliver timely and accurate services, and we address issues promptly to avoid surprises. We’re here to help minimize your stress and increase the value of your business. For more than 60 years, that’s been the Weaver way.