The Marcum 2016 Year-End Tax Guide continues our tradition of providing timely tax guidance for the upcoming year.
State and local tax laws are complex and ever-changing. They pose distinct challenges to businesses and affect all forms of business operations, including C and S corporations, partnerships and sole proprietors.
Marcum LLP's State and Local Tax (SALT) Group assists businesses of all sizes with planning and compliance in connection with State and Local tax requirements. We employ a full complement of SALT experts ready to provide you with planning and solutions to your SALT issues whether you are conducting business in one, several or all 50 states.
Marcum LLP's SALT Group is ready to provide you with the expertise needed to stay compliant in this era of constantly changing state tax laws and regulations impacting both Income and Non-Income taxes.
Contact one of Marcum's regional representatives.
Marcum's SALT Consulting Group offers innovative and value-driven income/franchise tax planning strategies for all entities, whether they are conducting business in one, several, or all fifty states. This includes individual tax clients who have Forms K-1 from pass-through entities operating in several states, as well as publicly traded corporations that have operations that require a multi-state presence.
By implementing one, or a combination, of our tax reduction strategies, Marcum helps its clients significantly reduce their effective state tax rate and increase their earnings. The Firm helps its clients understand the ever-changing state income and franchise tax law landscape while recommending optimal tax and business alternatives.
- Nexus reviews - determining where your company should be registered and filing.
- Review of apportionment methodology - sourcing of revenue to states is complex.
- Audit defense - proper and skilled representation is critical if the auditor comes knocking.
- Voluntary disclosure - a viable and money-saving process to become compliant.
- SALT due diligence reviews in purchase of sales of businesses.
- Tax provisions and ASC 740 financial statement disclosure.
- SALT issues related to E-commerce and sales via internet.
- Combined/Consolidated income tax reporting analysis.
- Review and analysis of state/local tax incentives and exemptions.
Marcum's SALT Consulting Group's experienced professionals can also help businesses minimize their non-income/franchise tax burden. This allows clients to retain more of their profits that might otherwise be paid out unnecessarily to state and local governments. Our services in the non-income/franchise tax consulting area include sales and use taxes, property tax appeals, tax credit and exemption studies, relocation and expansion incentives, and employee/contractor planning, and unclaimed property compliance.
- Sales tax compliance review - are your services or products subject to sales tax?
- Financial statement disclosure under FAS 5 (Accounting for Contingencies) - review of sales/use tax issues for potential financial statement impact.
- Taxability studies - review of your company's business and preparation of a state taxability matrix.
- Use tax - often overlooked, failure to self-assess use tax on purchases can often lead to unpleasant result upon audit Outsourced sales/use tax compliance.
- E-commerce sales - selling your product via the internet or "in the cloud" can have an impact on your company's requirement to collect and remit sales tax.
- Exemption certificates - is your company collecting and retaining the proper customer exemption certificates needed under audit?
- Reverse audits - assist in determining overpayments of sales/use tax, gather the evidence and file the appropriate refund claims on your behalf.
- Due diligence in business acquisition or sale - often overlooked, sales/use and other non-income tax issues (i.e., employment tax, etc.) should be thoroughly reviewed when buying or selling a business.
- Property tax review - Marcum can assist in reviewing your property tax assessments and challenging the assessments, if appropriate.
- Escheat tax - Understanding and complying with the "unclaimed property" rules imposed by states.
Marcum's Sales & Use Tax Consultants understand state and local tax laws and know how sales and use taxes can affect your business. The Group consists of former tax department auditors and supervisors, as well as experienced consultants in each of our offices. This local and regional access will provide you with advice and experience from both sides of the table in dealing with sales and use tax matters. Whether you have been notified of a pending audit or in the middle of one, or if you just have questions at any level of complexity, we can help.
Tax Audit Representation
Our staff of former tax auditors and supervisors knows audits from both sides of the table and will effectively manage your audit so that you can focus on your business. We keep you informed at every stage, and we are there with you until the case is concluded. We minimize costs through efficiency standards and our attention to detail.
Outsourced Sales and Use Tax Return Preparation
Outsource your multi-jurisdictional tax compliance requirements to us. Give us your data and we will handle all aspects of compliance and reporting.
Voluntary Disclosure/Amnesty Filings
Let us help you minimize and resolve prior-period exposure by negotiating with the taxing authority on your behalf. We can assist with any taxing jurisdiction.
Sales and Use Tax Reverse Audits
Our former tax auditors know how to identify refund opportunities, gather the evidence, and prepare refund claims for submission to tax offices.
Our nexus team will review your company's operations for potential nexus issues before outside contact from taxing agencies. If you are notified, we will help you develop strategies to minimize your exposure.
We will gain an understanding of your business and address the taxability of sales revenues and services sold as well as the taxability of your purchases. We generally will prepare a taxability matrix and/or a technical memorandum which you can use as a reference guide.
Sales and Use Tax Check-Up
Our consultants will analyze your business activities and books and records to determine your company's level of sales and use tax compliance in a given state/ locality. We will give you a list of recommendations on how to improve compliance, how to address issues which may be uncovered and we will identify potential refund areas.
Appeals, penalty and interest abatement negotiations and offers in compromise for cases of doubt as to liability/collectability.
Multiple states have recently passed laws or announced directives that imply that sales tax nexus can be created in a state without a physical presence.
The Pennsylvania Department of Revenue issued revised guidance on the extent to which support services associated with prewritten computer software may be taxed.
The Pennsylvania Department of Revenue has revised a controversial letter ruling on computer software support, dialing back guidance in an earlier version that implied training ....
On March 6, 2017, the South Dakota Sixth Judicial Circuit, as a result of South Dakota v. Wayfair LLC., enjoined the state from enforcing the ....
For tax years beginning after December 30, 2015, New York State and New York City require certain corporations, including C Corporations, to use the second ....
On February 21, 2017, the U.S. Supreme Court declined to hear a case challenging a Florida Supreme Court ruling on an interstate sales tax matter ....
December 15, 2016
Empowerment Zone Tax Benefits Set to Expire December 2016
Temporary tax provisions called "tax extenders" have historically been extended past their expiration dates by Congress. One such provision set to expire at the end ....
New Jersey Governor Chris Christie has decided to leave in place a nearly 40-year-old agreement with the state of Pennsylvania, allowing commuters from both states ....
On November 17, 2016, the Ohio Supreme Court upheld the constitutionality of the Ohio Commercial Activity Tax's (CAT) bright-line nexus standard in three consolidated tax ....
New Jersey Gov. Chris Christie recently announced that he will end an agreement between New Jersey and Pennsylvania that allows commuters to pay state income ....
The California Franchise Tax Board, on November 1, 2016, issued FTB Notice 2016-03. The purpose of the notice was to inform taxpayers who had claimed ....
November 09, 2016
Contractors in Georgia may be Subject to Sales Tax
Contractors in Georgia deemed to be consumers of goods used outside the state and, therefore, liable for the states Sales and Use Tax under contractor-as-consumer ....
The U.S. Supreme Court ("USSC") has denied certiorari in Gillette Co. v. Franchise Tax Board, where the California high court's holding required corporate taxpayers to ....
New Jersey Governor, Chris Christie, announced that he will end an agreement between New Jersey and Pennsylvania that allows commuters to pay state income tax ....
Rhode Island Governor Gina Raimondo signed the State's 2017 fiscal year budget bill on June 14, 2016. The bill includes a number of updates for ....
July 06, 2016
Tax Flash - New York City Unsolicited Refunds Alert
In recent weeks, many Marcum clients and other NYC taxpayers have been in receipt of unsolicited tax refund checks.
July 05, 2016
Tax Flash - State of Connecticut Passes New Budget
On June 2, 2016, Connecticut ("CT") Governor Daniel Malloy signed the state's budget for the 2016-17 fiscal year into law. The legislation contained several noteworthy ....
For this week's Friday Focus, we feature a Q&A on tax changes coming starting July 1 because of the new state budget. We spoke with ....
New York City Appeals Tribunal - Appeals Division released on May 19, 2016, that a non-nexus banking affiliate does not have to be included in ....
As of June 30, 2016, entities conducting business in the state of Nevada will be obligated to file a Commerce Tax Return for the first ....
New York State's political leadership, led by Governor Andrew Cuomo, proudly announced at the end of March that for the sixth straight year, they have
Even as New York State cut its business taxes in a widely publicized effort to provide a more business-friendly climate, it has hiked the Metropolitan ....
Massachusetts is in the planning phase of creating a plan to allow taxpayers to disclose uncertain tax positons to the state and obtain waiver of ....
January 20, 2016
Elimination of Onerous Pennsylvania Tax on Businesses
Effective for tax years beginning on or after January 1, 2016, Pennsylvania has eliminated the Capital Stock and Foreign Franchise tax for all taxpayers. The ....
The Illinois Department of Revenue has issued a press release announcing that the Department does not anticipate releasing individual tax refunds for the 2016 tax ....
How often do you think about where your business' tax dollars are going? What if you had the power to direct your tax dollars towards ....
The United States Supreme Court yesterday issued their decision (5-4) in the taxpayer's favor in a case involving whether a State can limit the ability ....
February 05, 2015
The Times They Are-a-Changin' for California Employers in 2015
California lawmakers certainly heeded the call of Bob Dylan's anthem with over 900 new laws, most to take effect January 1, 2015 and others not ....
New York State's Budget passed in 2014 has significantly changed the filing and payment procedures for the Metropolitan Commuter Transportation Mobility Tax (MCTMT) beginning with ....
New York State withholding tax returns (Form NYS-1- "Return of Tax Withheld" and NYS-45- "Quarterly Combined Withholding, Wage Reporting, and Unemployment Insurance Return") due on ....
On June 19, Rhode Island Governor Lincoln Chafee signed the state's fiscal year 2015 budget bill. The bill enacts sweeping changes to the RI tax ....
New York Governor Andrew Cuomo presented his Executive Budget for fiscal year 2014-2015 yesterday. The Governor's budget (the 4th of his current term) builds on ....
September 05, 2013
New Incentives to Replace California Enterprise Zones in 2014
December 05, 2012
California Tax Law Changes - Impacting Individuals and Businesses
December 02, 2011
Favorable Philadelphia Tax Changes Signed Into Law
September 07, 2011
North Carolina Tax Relief for Victims of Hurricane Irene
December 09, 2010
Why Was My Business Selected for a NYS Sales & Use Tax Audit?