Recent surveys indicate US business leaders feel today’s tax environment poses significantly greater risk than in prior years. State and local taxes are a major factor in creating this perception as governing bodies continue to seek new sources of tax revenue through legislation and aggressive enforcement policies.
Multistate businesses face even more challenges, including state taxing authorities asserting “economic” nexus, market-based apportionment rules, combined reporting, and a possible backlash from states toward US corporations with an international presence that “invert” to avoid federal taxes.
Risk is growing in other areas, such as “click-through” sales tax nexus, unclaimed property, and pass-through entity withholding. While many companies are aware of these state and local tax risks, a surprising number of them have no plan in place to manage the tax exposures they face.
Our state and local tax professionals discuss these risks and processes to manage them. They:
- Provide a framework for analyzing these risks
- Help identify key state and local tax “hot spots”
- Discuss risk benchmarks such as ASC 740, Sarbanes Oxley, and state tax disclosure requirements
- Offer proactive action steps to mitigate state and local risk
- Respond to “real world” questions and concerns from participants
Download the presentation: State and local tax risk management – Even the odds >
For more information on this topic, or to learn how Baker Tilly tax specialists can help, contact our team.
The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.