State and local taxes (SALT) can make up a significant portion of an organization’s overall tax burden. With thousands of tax jurisdictions across the U.S., it’s easy for companies to overlook their tax exposure and potential liabilities. A comprehensive state and local tax strategy not only mitigates compliance risk, but it can also reduce your company’s tax burden.
We offer a full range of services to assist you with SALT challenges.
State and Local Tax Services
State & Local Tax Credits & Incentives
State and local governments provide tax benefits to attract job creation and investments. U.S. companies expanding, relocating, or consolidating operations, as well as multinationals establishing a U.S. tax presence can benefit from negotiating and claiming credits and incentives. Planning and analysis are key for navigating the different tax credits and incentives available across jurisdictions.
Income, Franchise and Gross Receipts Tax
Tax authorities are becoming more proactive and increasing the number and scale of audits. At the same time, state legislatures are constantly amending laws, making them difficult to understand. KRD can help you meet the demands of evolving tax policy.
Property Tax
Property tax, uniquely, hinges on a subjective assessment of value. The assessed value is typically determined by local assessors and can be based on market value, or some other valuation method defined by the local government. It’s important to note that property taxes and their rates can vary significantly from one location to another, even within the same state. We help clients reduce their property tax rate, while remaining compliant with tax authorities.
Sales & Use Tax
Businesses often find it difficult to keep up with sales and use tax regulations. State and local jurisdictions impose sales and use taxes, resulting in conflicting positions concerning who has regulatory authority and the amount owed. We help our clients understand their sales tax exposure and establish procedures to effectively manage ongoing compliance.
Occupancy Tax
Also known as lodging tax or hotel tax, is a type of tax imposed on individuals or businesses that provide temporary accommodations, such as hotels, motels, inns, bed and breakfasts, and other lodging establishments. KRD helps clients proactively implement compliance processes.
Unclaimed property
State and local governments have laws in place that require businesses, organizations, and financial institutions to report and remit unclaimed property to the appropriate state or local authority. We help our clients reduce their abandoned or unclaimed property exposure.
KRD can help you avoid missed opportunities, streamline your compliance process, and lower your tax burden. Contact us today at 847-240-1040 or fill out our online form.
