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Solid Growth Takes Worldwide Revenues over $11 Billion
Minimize overall tax burden while ensuring compliance.
Pressure continues to grow for tax departments. State income and franchise tax authorities are becoming more aggressive, increasing the number of audits and their scale. Laws are continually updated to raise additional revenues and eliminate perceived tax loopholes. BDO’s dedicated tax professionals have deep experience with all components of income and franchise tax compliance. Drawing on resources across the country, we help minimize overall tax burden while ensuring compliance with applicable state and local regulations.
Review of operations to determine the states where you may have nexus and should be filing tax returns. Assist with voluntary disclosure programs to bring your business into compliance in states where you should have been filing returns and to minimize tax exposure and penalties for previous periods.
Conduct a comprehensive review of your state tax position, state tax returns and structure to identify refunds and prospective filing opportunities. Analyze whether your business is properly taking all available deductions and apportioning its income under evolving apportionment rules and alert you to saving opportunities.
Assess, design, implement and maintain alternative structures that meet your business objectives, while minimizing prospective state income, franchise and gross receipts taxes.
Provide guidance through the audit process; negotiate with auditors; develop solutions to your income, franchise and gross receipts tax controversies; and represent your business before administrative tax tribunals.
Prepare your annual returns to take advantage of deductions, credits and filing methodologies to reduce your state income and franchise tax liabilities. Assist with preparing amended state tax returns to report federal audit adjustments (Revenue Agent’s Report [RAR]), which, if prepared internally can be a significant drain on your resources.
Analyze the consequences of a spectrum of transaction types, such as a stock or asset acquisition or disposition, an IPO or a recapitalization. Develop disposition and acquisition strategies to provide state tax efficient structures, as well as perform buyer-side and seller-side due diligence to identify exposures and maximize state tax attributes.
Determine your business’s state tax accrual for financial reporting purposes, identify and analyze state uncertain tax positions (UTPs), perform computation and measurement analysis, and develop reasonable approaches to addressing UTPs – all within the framework of your materiality thresholds.
Partner; State Income and Franchise Tax National Leader
312-616-4654 | Email
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Featured
Status and Issues to Consider
California businesses should expect to see increased audit activity and/or additional inquiries from the SCO.
Tax is often minimized in the process of implementing corporate ESG strategies.
June 29, 2022
California Voluntary Disclosure Program May Be on the Horizon Once Again
June 22, 2022
New Jersey Offers Transfer Pricing Initiative
June 16, 2022
Join us as our presenters delve into the details with a focus on what holders need to be aware of in California.
June 15, 2022
Tax Election Regime; Makes Election Retroactive to 2018.
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