State and Local Tax (SALT) Consulting
Analysis & Case Studies –
Thompson Tax provides analysis of exemption, merger & acquisition, asset acquisition & disposal, and other complex sales and use tax transactions, as well as nexus studies and taxability matrices.
Credits & Incentives –
Thompson Tax can assist with finding experts who will assist with taking advantage of benefits available to your current locations as well as assisting with siting of new locations where incentives are competitive.
Voluntary Disclosure Agreements –
Thompson Tax can assist with your nexus footprint and determine if you have nexus exposure where you are not currently registered. We can help process a Voluntary Disclosure from start to finish to lead you on the right nexus track.
Audit Defense –
We provide assistance with all stages of an audit (sales/use or property tax) from starting with a preaudit study to identify areas of potential under or overpayment to preparing and meeting with the auditor to establish the audit scope, procedures and methodology to transferring records to our place of business to free you to concentrate on your business as well as eliminating misunderstandings by the auditor. We request a copy of your files from the state taxing authorities so we have the same information as the auditor. We can also act as a liaison between you and the audit staff during the course of the audit. We can also explore the viability of entering into a managed audit and reducing your interest liability on any underpayments by 50%! We also identify areas of noncompliance and provide suggestions for corrective measures.
We specialize in providing expert assistance with pre-audit planning, on-going audits or recently completed audits. We conduct detailed reviews of the audit methodology and findings, correlate these findings with your books and records, and then develop arguments and positions for questionable items in the audit. In addition, we seek to identify potential overpayments to offset underpayments of tax. We also assist you in meeting important deadlines and will file an audit appeal, as well as file claims for refund. We will plan, prepare and conduct conferences and hearings on your behalf.
Reverse Audits –
We will conduct an extensive review of your business operations for potential overpayments of tax. We invest time in understanding your operations and processes and conduct a cursory review to identify areas of potential overpayment. Overpayments may take the form of tax paid to vendors or accrued in error on non-taxable or exempt items. We then consult with you on the potential refund and provide a detailed overview of the procedures to obtain the refund. No refund claim will be filed without your consent.
If you decide to proceed with the refund, we will file the necessary claims with the appropriate state taxing authorities or vendors, whichever appropriate, and provide the support necessary to obtain the refund. Upon validation of the refund claims, we will provide you with a written summary of our findings as well as corrective measures to prevent such overpayments from occurring in the future. For this service, our fees are usually contingent upon the refund you receive, so we do not get paid unless you obtain a refund of taxes paid.
Sales and Use Tax Compliance –
We can relieve you of some or all of the compliance burdens you now bear. From the consolidation of data to on-line and paper returns, and even to on-line and check payments – we can do it all. If your needs are limited to return preparation but you prefer to keep the filing and payment in house – we can do that, too.
State and Local Excise Taxes –
More cities are moving toward soft drink and beverage taxes. Let us assist both in determining the applicability of these new taxes and fees and in setting up processes to ensure appropriate compliance.
City and Local Business Licenses –
We can file and maintain city and local business licenses and maintain compliance to help you focus on other important tasks.
Technology Solutions –
Many companies are seeking ways to reduce compliance costs by automating compliance processes. Whether it be a tax decision module and rate engine bolted on to your ERP or simpler solutions for consolidating and preprocessing your transaction data, we’re here to help. Get started by meeting with our staff to discuss your unique situation and needs!