In the current environment, states are aggressively pursuing corporate income/franchise tax audits, and scrutinizing corporate structures and transactions with greater sophistication. Our experience tells us that a quick, efficient resolution of a corporate tax audit is usually beneficial to our clients and their shareholders.
To assist our clients in meeting the challenges in the state/local audit environment, we work closely with our clients to:
Our results stem from our knowledge of state/local audit practices and procedures, a hands-on approach and longstanding working relationships with state/local taxing officials.
To bridge the gap that may result from the increased complexity of the tax laws and the pressures on the corporate compliance function, we assist clients in:
In the current state and local tax environment, it is imperative that corporations consider both business and tax implications when changing their corporate structure. In this regard, we assist clients in:
As a result of recent regulatory changes and increased scrutiny, corporate tax accounting processes have become extremely complex and time consuming. At GMG we assist resource constrained corporate tax departments by:
States and local jurisdictions often encourage economic development for specified locations and industries by offering tax credits and other incentives, including economic development zone benefits, statutory credits, negotiated incentives, and hiring and training grants. Companies that are eligible for credits and incentives often miss such opportunities because identifying the available programs, navigating the labyrinth of eligibility requirements, and completing the necessary paperwork to claim and track benefits can be complex and time-consuming. To ensure that our clients receive the benefits to which they are entitled, GMG works to explore the availability of credits and incentives when clients are:
Companies that have undertaken such activities in previous periods may also be eligible for benefits. In addition to identifying potential or existing credits and incentive opportunities for our clients, we work closely with them to:
To this end, we assist our clients with (i) gathering information necessary for determining eligibility and quantifying potential benefits, (ii) filing all forms necessary to secure potential credits and incentives, and (iii) conducting periodic reviews to ensure that our clients continue to receive benefits in future periods. As with GMG’s other service offerings, in the credits and incentives area, we customize our approach to fit the needs of each client. In this regard, we find that some of our clients ask us to handle discreet projects and answer periodic technical questions while others prefer to use GMG as an extension of their internal tax departments.
In these difficult economic times it can be very difficult for companies to ensure proper tax compliance across multiple states and jurisdictions. GMG performs reverse income and franchise tax audits to identify, quantify, and document opportunities for refunds of income and franchise taxes with respect to any potential overpayments in this area. Our reverse income tax audit process identifies significant refund claims and develops sustainable filing positions for the future.
Our reverse income and franchise tax audit is performed in an efficient manner according to the following steps:
GMG’s reverse income tax audit team is highly qualified with a broad range of experience from public accounting firms, law firms, in-house corporate tax departments, and state revenue departments.
We will use our experience to identify potential refund opportunities and solve disputes that may arise with states’ taxing authorities.
Looking for a clearer way to manage, forecast and value your State NOL asset?
Our Microsoft Access© database provides for a wide array of state rules regarding carryback and carryforwards. This includes California and Illinois suspensions and the potential for additional carryforward years, limitations and state AMT carry forwards. The application will track and consolidate state NOLs in a given forecast or planning scenario that can be compared against a base case or another scenario. NOLs are carried in the database either on a Pre or Post apportioned basis depending upon the requirements of the state to which they apply. Reporting features include system pdf reports or export reports to Excel© for further analysis, valuation reserve review, pivot table reporting or exporting for use in tax compliance software.