Tax collection, fees, and licenses represent the primary revenue source for states and localities. The states have always maintained the right to impose any tax within the limits of what the U.S. or state constitution allows.
State Tax Service, Local Tax Service (SALT)
The Covid-19 public health crisis and the subsequent economic crisis combined with Congress’ reluctance to bail out the states force them to impose more taxes to acquire the necessary revenue to maintain their governments. As a result, an unusually high volume of tax legislation has been enacted in 2020.
To tackle state and local tax burdens in these uncertain times and realize opportunities, your Company’s tax department will need support from third party tax professionals.
The state tax service, local tax service professionals at Aimlon CPA understand the nuances of state tax and local tax and can serve as a resource in different ways, including:
Tax planning and consulting:
Sales and use tax Nexus study including in light of the U.S. Supreme Court Wayfair decision
- Income tax Nexus study
- Sales tax study based on your Company’s activity
- Income apportionment analysis
Tax compliance:
- Franchise tax reporting
- Corporate income tax return preparation and filing
- Individual income tax return preparation and filing
- Sales and use tax return preparation and filing
- Multistate payroll/employment tax reporting
Tax audit defense and representations:
- Voluntary disclosures
- Credits and incentives