Regardless of the life cycle stage of your business, awareness of and adherence to the varying and ever-changing state and local tax laws and regulations are critical. The lack of adherence with existing state and local tax laws and regulations, as well as the lack of awareness of coming changes or developments in those SALT rules can cost your business valuable time and money.
A business’ non-compliance with the state and local tax laws and regulations where they do business can result in a significant amount of employees’ time to address and resolve. That time is taken away from running the business.
Non-compliance can also lead to significant costs in the form of unpaid state and local tax liabilities (tax, interest, and penalties), plus professional fees to resolve state and local tax assessments and develop policies/procedures to ensure future compliance.
Whether your business is at the beginning of its life cycle at the start-up stage or near its end looking for a buyer, state and local tax questions may seem to be never-ending:
- What state and local taxes should I be filing?
- In what jurisdictions am I required to file?
- What is economic nexus and does it impact my business?
- How do I properly register and begin to file taxes in new states and localities?
- I hired a remote employee outside of our home state. What are the state and local tax obligations for my business as a result?
- Our business is planning to expand to a new location in another state. What taxes and fees are we responsible for because of this new office?
- Does the hiring of a third-party or independent contractor impact my state and local tax filings?
- We have our hands full enough, how can we get all these additional sales/use tax returns filed accurately and timely?
- We are looking to expand our business through acquisition – what should we be looking for to ensure that we are not also acquiring unpaid state and local tax liabilities?
- I am looking for a buyer for my business and any buyer will be requiring us to allow them to review our returns and records to ensure we do not have material unpaid tax liabilities. How can I ensure that we don’t have material unpaid tax liabilities?
- I just received this letter that we are under audit – our business does not have the time or expertise to ensure that the state properly identifies the true underpayment or overpayment – how can we make this happen?
- Our business just received this notice for payment of taxes, should I just pay it and hope the state goes away?
- Our competitor received incentives and credits from the state and local government, why didn’t our accountant do that for us?
- What is unclaimed property, and do I have to deal with this?
There are so many businesses that have unanswered state and local tax questions throughout their life cycles. HBK SALT, with its years of experience and expertise, has the answers to your state and local questions and can serve as your trusted SALT advisor throughout the life cycles of your business.
Meet the HBK SALT Team
Timothy D. Adams, CPA Principal, National Director, State and Local TaxTim 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 of 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, State and Local Tax
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 of 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 team. His background includes working 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.
Read more on HBK’s SALT practice and our capabilitiesor contact us at HBKSalt@hbkcpa.com with questions.