Compliance with the rules and taxes of multiple jurisdictions can be burdensome and costly, if not performed correctly. Proper management of state and local taxes is critical to maximizing a company’s revenue and profit; these taxes can significantly impact cash flow and the overall effective tax rate. BMF has a dedicated team of professionals, including a senior manager on staff, responsible for our clients’ state and local tax compliance and planning opportunities. Additionally, our team is adept at discovering opportunities for tax savings and incentives available to its clients.
- State income and franchise taxes
- Municipal taxation
- State, county and city sales and use taxes
- State, county and city property taxes
- State unclaimed funds rules
- State and local credits and incentives
State Tax Planning
Identification and support of favorable tax positions provided by the complex and varied state and local tax rules. Includes minimizing any exposure and maximizing any potential savings.
Reverse Tax Audits
Review of clients’ tax positions to identify, document, and support any current risks. Additionally, all potential refund positions are identified and quantified.
Analysis of clients’ activities and application of state rules to determine potential liabilities and filing requirements. Documentation of non-filing positions and assistance with minimizing any exposure or filing requirements for prior years.
Voluntary Disclosure and Amnesty Programs
Utilization of state tax programs and relationships with taxing authorities to reduce liability, limit look-back periods for unfiled returns and minimize or eliminate penalties and interest.
Audit and Controversy Support
Serve as representative and contact for state taxing authorities in audit and enforcement actions. Research and documentation of tax positions; negotiation with tax authorities and settlement of tax, penalties and interest, if required.
Non-Traditional Compliance Services
In addition to income tax compliance services, compliance services related to sales and use taxes, property taxes, and unclaimed funds.
Periodic Updates of Relevant Law
Analysis of relevant legislative, administrative, and judicial changes in law that affect clients’ filing obligations or state and local tax liabilities.
Credit and Incentive Support
Identification, application, negotiation, and management of applicable state and local statutory and discretionary credits and incentives.
Mark A. Rossetti
Robert M. Burak
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