State and Local Tax Consulting

State and Local Tax Consulting

State and local taxes (SALT) across the country can be expensive, confusing, and overwhelming due to complex and ever-changing laws and regulations. Effective SALT administration and planning can deliver tax savings and clarity, as well as save you time and allow you to stay focused on your business. HBK’s SALT experts provide a variety of SALT-specific services, partnering with you to address your tax preparation and planning needs. Our in-depth understanding of current SALT issues and opportunities in jurisdictions across the country allows us to assist you with your tax filing requirements and maximizing tax saving opportunities.

As your business grows, it is important to be aware of state and local tax issues and opportunities in all the states where you conduct business. This situation is further complicated by aggressive state and local jurisdictions seeking more and more tax dollars from individuals and businesses. HBK SALT professionals are poised to assist you with these complex and evolving laws and regulations.

Meet the HBK SALT Team

Timothy D. Adams, CPA, National Director, State and Local Tax

Tim Adams is a Principal in the Pittsburgh office of HBK CPAs & Consultants. He joined the firm in 2021. His background includes work with a Top 100 and a Big 4 accounting firm, and more than 25 years’ experience advising clients on multi-state tax matters.

Throughout his career, Tim and his teams have advised clients regarding multi-state income/franchise, sales/use, gross receipts and personal property taxes, along with incentives/credits and unclaimed property. He has identified and recovered tens of millions of dollars in overpaid income/franchise and sales/use taxes for his clients. Further, he has significantly reduced state and local tax assessments for clients across the country.

Matthew T. Dodge, Senior Manager

Matt Dodge is a Senior Manager in the Pittsburgh, Pa., office of HBK CPAs & Consultants. He joined the firm in 2021. His background includes work with a top 100 accounting firm, a firm specializing in sales tax consulting, and a Fortune 500 company. Matt has more than 20 years’ experience in state and local tax (SALT) with a focus on sales and use tax. He has served clients in various industries including construction, manufacturing, oil and gas, retail, service providers, and transportation.

Bryan M. Holm, CPA, MST, Manager, State and Local Tax

Bryan Holm is a Manager in the Cherry Hill, NJ office of HBK CPA's and Consultants. He joined the firm in 2021 as a member of the HBK State and Local Tax (SALT) team. His background includes work with top 10 accounting firms. Prior to specializing in state and local taxation, Bryan worked in tax resolution for the Internal Revenue Service. He has served clients in a variety of industries including private equity firms, manufacturing, the restaurant industry, retail, construction, and the banking industry.

Bryan has provided a variety of state and local tax services to clients, including; Audit Defense, Refund Reviews, Nexus Reviews, Voluntary Disclosure Agreements, Income/Franchise Tax Compliance, M&A Due Diligence, and SALT Consulting and Advisory Services. Bryan has also been a speaker and writer on state and local tax matters.

Bryan earned his Master of Science in Taxation from Villanova University and his Bachelor of Science in Accounting from Liberty University. He is a member of the American Institute of Certified Public Accountants (AICPA) and the Pennsylvania Institute of Certified Public Accountants.

Multistate Income/Franchise Tax

Nearly every state has some form or combination of an income, franchise, or privilege tax. Accordingly, companies that operate in multiple states face an increasingly difficult burden to comply with each state’s unique regulations. Our team of SALT professionals helps business owners and management become and remain compliant with the applicable state requirements.

Some of the ways we can help you:

  • Nexus Studies — Review your company’s state and local tax filing obligations.
  • Due Diligence Reviews — Analyze the potential state and local tax impact of proposed corporate changes, including buy-sell agreements. Conduct a review of your company’s income tax returns to determine if any risks or opportunities are present. The diligence review includes quantifying tax exposure and providing recommendations for future filings.
  • Voluntary Disclosure Agreements — Negotiate and provide advance filing agreements with state tax departments to satisfy income/franchise tax liabilities, along with reduced or abated penalty/interest.
  • State and Local Tax Planning — Manage your company’s state tax liability through industry-specific and client-specific state and local tax planning strategies.
  • Review of Business Structure — Review your company’s current operational and organizational structure to ensure an optimal structure.
  • Audit Representation — Provide assistance, from the pre-audit conference through the appeals process, with the goal of minimizing income/franchise tax assessments.
  • Amended State Tax Returns (RAR Adjustments) — Assist with amended state income and franchise tax returns after the completion of an IRS audit.

For more than two decades, our experienced professionals have successfully represented clients of all sizes, across numerous industries, and throughout the country in SALT matters.

Sales and Use Tax

As businesses expand into new markets, they can become entangled in a maze of complex sales and use tax issues involving multiple tax jurisdictions—just as state governments are becoming more aggressive in the enforcement of their tax laws. HBK tax professionals work with businesses to identify tax savings opportunities or any exposure, and help them comply with sales and use tax laws.

Some of the ways we can help you:

  • Nexus Reviews — Review your company’s operations and provide a practical approach to minimize exposure while also ensuring proper sales and use tax registration in states where a taxable presence exists.
  • Voluntary Disclosure Agreements — Negotiate and provide advance filing agreements with departments of revenue to satisfy prior sales and use tax liabilities with limited look-back and no penalties.
  • Audit Representation — Provide assistance, from the pre-audit conference through the appeals process, with the goal of minimizing sales and use tax assessments.
  • Reverse Sales Tax Audits (Refund Analysis) — Identify, document, and obtain refunds of sales and use taxes.
  • Sales Tax Compliance — Prepare and file your company's state and local sales/use tax returns.
  • Consulting — Provide resources to assist you with notice resolution, tax determinations, exemption certificates, and other sales/use tax issues.
  • Due Diligence/Transaction Planning – Conduct a review of a target company’s sales and use tax records and procedures to identify tax risk. Reviews typically include quantifying potential exposure and providing recommendations to address any issues. Reviews are traditionally conducted on behalf of the buyer, but pre-transaction reviews for sellers are becoming more common.
  • State Ruling Requests — Provide non-binding or formal written and binding guidance regarding a specific tax position of the Department of Revenue/Taxation in regard to a special or unique tax issue.
  • Sales and Use Tax Manual — Provide a reference guide for the taxability of purchases or sales, tailored to your company’s specific needs and requirements.
  • Seminars/Training — Deliver sales and use tax seminars and training designed to accommodate the specific needs and requirements of your group or business.

Tax Incentives & Credits

Staying current in state tax credits and economic development incentives is a daunting task. Studies show that at least half of tax credits and incentives go unclaimed every year.

Our SALT professionals are committed to helping you identify and secure the tax credits and incentives available to you and your business.

Some of the ways we can help you:

  • Review state tax returns for tax credit opportunities that may still be available to you under state statute.
  • Identify economic development incentives available to your company before you commit to expand or move.
  • Analyze tax credits and/or incentive packages offered by competing state tax jurisdictions.
  • Evaluate your company’s status in meeting a state’s recurring compliance requirements.

For more than two decades, our experienced professionals have successfully represented clients of all sizes, across numerous industries, and throughout the country. We provide the insight, innovation, and experience you need to navigate the labyrinth of state tax credit and economic development incentives.

Abandoned/Unclaimed Property

While abandoned or unclaimed property is not a tax, it has become a significant source of revenue for many states. Current technology allows state governments to more effectively locate companies that have not filed unclaimed property reports. State inquiries can lead to an audit and an audit can quickly become a costly matter for your business.

Generally, all states have some type of unclaimed property laws that declare money, property, or other assets to be abandoned after a period of inactivity, usually three to five years. Should the company fail to locate the property owner within the specified time period, the company is required to turn the property over to a particular state’s abandoned property department.

Common forms of abandoned property include, but are not limited to:

  • Uncashed payroll checks
  • Unused gift cards or certificates
  • Product and service refunds
  • Outstanding checks to vendors

Failing to comply with state abandoned or unclaimed property laws can be costly, as state assessments can cover a significant number of years and include penalties and interest. Abandoned or unclaimed property audits can reveal significant and material liabilities that could impact reporting in accordance with Sarbanes-Oxley Section 404.

HBK SALT professionals help you traverse the complex state abandoned or unclaimed property laws and procedures to limit or eliminate potential liabilities.

Our state tax capabilities include, but are not limited to:

  • Sales and Use Tax
  • Income and Franchise Tax
  • Mergers and Acquisitions Due Diligence
  • State Tax Nexus
  • Credits and Incentives
  • Unclaimed Property
  • Excise Tax
  • Property Tax
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