There are as many ways to miscalculate or misfile state and local income and franchise taxes as there are state and local tax jurisdictions. Companies like yours, who operate in multiple locations, find it especially challenging to comply with diverse filing requirements, especially when each jurisdiction has its own rules. To make matters more daunting, most middle market companies do not have the resources to maintain tax departments large enough to continuously monitor state tax law changes, calculate multiple state and local taxes and file income and franchise tax returns without significant investment.
RSM tax professionals can help ease compliance burdens, mitigate exposure and address the concerns of your business by developing strategies to confront compliance challenges. Our income and franchise team will take the time to understand your business, and identify areas where you may be reporting income in a less-than-optimal fashion. Our experienced state and local tax team offers:
- State and local tax evaluation
- Due diligence
- Reverse income tax audit
- Multistate tax return reviews
- Multistate credits and incentives
- Audit defense and appeals
- Individual income tax planning
- Nexus evaluation and voluntary disclosure agreements
