Many companies are unfamiliar and/or understaffed when it comes to tax planning. This holds true for all types of taxes (including state-imposed income and franchise tax, sales and use tax, and property tax), not just federal income tax.
Significant changes to federal and state tax laws, such as recent federal stimulus packages and the relatively new Texas franchise (margin) tax, are coming ever more common as governments desperately try to raise more revenue to meet budgetary shortfalls. States are also becoming more aggressive in imposing sales and use taxes on Internet sales. Federal, state and local taxes can often be minimized by proper planning techniques and the proper drafting of business documents.
The firm also advises clients on structural planning, reviewing third-party agreements, and negotiating with taxing units for credits and incentives for economic development.
- Review federal and state tax returns to identify past filing mistakes and refund opportunities
- Review organizational structures to identify opportunities to minimize taxes
- Implement any proposed structural and/or filing changes
- Nexus review to minimize filing responsibilities of business entities
- Draft and review partnership agreements, contracts and other legal documents to ensure that they support taxpayers’ filing positions
- Review of historic net operating losses