Tax Planning Services
We can assist you with the day to day tax issues of your business, and understand the tax ramifications of the business decisions that you make. You never let the tax tail wag the business dog, but a bit of planning can save a lot of headaches, and save your business money down the road.
Here at Sullivan & Associates we provide innovative and creative solutions to multifaceted and routine federal tax problems. We are tax counsel of choice for numerous domestic and international corporations, closely held businesses, partnerships and high net worth individuals. We formulate strategic tax strategies for creating and buying business entities, selling, restructuring and liquidating operations of all types and sizes.
The state and local taxing jurisdictions are always seeking new revenue streams and they usually go after out of state businesses to accomplish their revenue goals. With the ever expanding reach of these jurisdictions you have to ensure that you fully understand your filing responsibilities. States are enacting economic nexus provisions for income tax filings and “Amazon,” or click through nexus laws, to further expand their jurisdictional sales tax reach. We can help you understand the maze that is state taxation and help you plan accordingly.
We can also analyze your business from a functional and structural standpoint, along with your filing footprint and determine if there’s a better way to organize your entities. We will analyze your entity choices and ownership structure, where you file your tax returns, and your nexus, to ensure that you have the most tax efficient structure for your business while ensuring that you are only filing income/franchise and sales tax returns, and where applicable, gross receipts tax returns, where legally required.
We will look for any tax savings and possible refunds throughout this process and help you obtain any income tax refunds available to you. If there is a possible tax exposure we will discuss with you how to best handle it, and come up with a game plan to cure any back periods, and make sure that the issue does not exist in the future. If possible, we can enter you into a state or city’s voluntary disclosure program or draft an advisory opinion, if a tax position needs clarification from a state taxing body.
We also can analyze your records to determine if you have overpaid sales & use taxes. It is quite common for businesses to overpay sales tax and not even be aware of it. Taxpayers are surprised to find out that states won’t help them uncover these overpayments when being audited. We look at you records with a jaundiced eye making sure that you have not paid more than your fair share of sales taxes. We work with you to uncover these refunds and compile the necessary documentation to secure your refund claim.
We also help telecommunications providers understand their filing responsibilities and make sure they are only filing where they are required. Over-compliance, for the lack of a better term, can cut significantly into your bottom line and cash flow.
Lastly, if your company is expanding into a new state or city or going to be hiring new employees, or building out your physical space, we can help you understand if the jurisdictions at issue offer any relocation, retention, or employment based or capital investment credits and incentives programs. These credits and incentives can come in many forms including tax abatements, exemptions, refundable credits, and incentivized payroll withholdings, to name a few. You generally have to approach a jurisdiction before you expand to utilize these programs, so it’s best to come to us first so we can help you obtain these benefits.