State and Local Tax (SALT)

What works in one jurisdiction does not work in another. What worked yesterday may not work today. The states are forever changing.

FGMK’s SALT specialists work with you to find the most tax-efficient operating structure and manage your SALT risks. Our experienced SALT specialists work with a diverse client base covering businesses across the country. We provide all three phases of tax management: planning, compliance, and controversy. We attend to all three of these phases for each of the state and local tax service lines we offer:

  • Income/Franchise/Gross receipts tax
  • Payroll/Unemployment tax
  • Personal property tax
  • Sales and use tax
  • Tax credits and incentives
  • Unclaimed property

Matthew T. Fuller

847.444.8491

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We provide all three phases of tax management: planning, compliance and controversy.

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Background

INCOME / FRANCHISE / GROSS RECEIPTS TAX

  • Apportionment factor planning
  • Nexus review/voluntary disclosure agreements
  • Preparation and strategic review of tax returns
  • Severing and establishing state residency
  • Tax audit defense and representation
  • Transactional analysis and due diligence reviews

SALES AND USE TAX

  • A/P training and sales tax procedural manuals
  • Audit defense and representation
  • Customized taxability matrices
  • Drop shipment issues
  • Exemption certificate management
  • Merger and acquisition reviews
  • Nexus reviews/voluntary disclosure agreements
  • Sales and use tax recovery/refund studies for overpaid taxes
  • Vendor software selection and tax rate look-up tools

TAX CREDITS AND INCENTIVES

  • Locate enterprise zone and other tax-favored areas
  • Negotiate and secure incentives, credits, abatements and entitlements
  • Site selection
  • “Stay-or-Go” feasibility

PERSONAL PROPERTY TAX

  • Depreciation and asset classification services, e.g. higher depreciation, lower class lives, later-placed-in-service dates
  • Elimination of intangible property embedded with tangible property
  • Elimination of leasehold improvements double taxed
  • Exemption recovery, e.g. pollution control equipment, inventory freeport exemptions
  • “Ghost asset” elimination of sold, disposed of or abandoned property
  • Personal property tax preparation and review
  • Reduced rates for idle or obsolete equipment, construction-in-progress

PAYROLL/UNEMPLOYMENT TAX

  • Independent contractor reviews
  • Layoff management/planning
  • Successor liability reviews
  • SUTA refund studies

UNCLAIMED PROPERTY

  • Determine abandonment and dormancy periods
  • Planning/audit defense
  • Preparation of reports
  • Resolve competing state enforcement
  • Voluntary disclosure

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