State & Local Tax
Income/Franchise Taxes Services
GMG is uniquely qualified in the income/franchise tax area based on the significant income/franchise tax expertise of its professionals derived from law firm, accounting, governmental and in-house experience. Our ability to provide comprehensive multistate corporate income tax advice in connection with both routine and complex issues is enhanced by our knowledge of and experience with federal income tax principles and concepts.
Audit Strategy and Defense
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:
- understand the issues involved in their income/franchise tax audits;
- assess the exposures and other risks at hand;
- develop and deliver appropriate responses to the auditor's inquiries;
- identify offsetting tax saving opportunities; and
- negotiate with the auditors to achieve a favorable resolution of the case.
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.
Identifying and Securing Refunds
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:
- reviewing current/prior filings to identify refund opportunities;
- quantifying and prioritizing such opportunities;
- preparing refund claims;
- working collaboratively with state auditors to secure the refunds; and
- improving internal reporting processes to minimize future reporting errors.
Structural and Other Business-Related Planning
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:
- streamlining/rationalizing their corporate structures;
- determining the state/local tax effect of proposed changes to their corporate structure;
- developing state and local tax planning consistent with their business strategies; and
- implementing changes to corporate structures.
Technical Assistance
We provide clients with day-to-day technical assistance in all areas of corporate income/franchise tax, including:
- nexus concerns and voluntary disclosures;
- advice in connection with mergers, acquisitions, dispositions and internal restructurings;
- sourcing of income and other apportionment issues;
- the availability and use of tax attributes and credits and incentives; and
- the use of alternate filing methodologies.
Insight. Value. Trust.