Income & Franchise Taxes
Income and franchise taxes have become more dynamic than ever before. Every state has rules relating to income tax, and no two states are the same. Whether you do business in one state or several, you know too well how difficult state income and franchise taxes can be.
Income and franchise taxes can be cumbersome and time consuming for your internal tax team. They don’t have to be. BKD's State & Local Tax advisors can work with you to develop a strategic tax plan that can help as your company grows.
As states continue to face budget challenges, nexus is a bigger issue now than in the past. States are becoming more aggressive in seeking revenue, and a popular source of this revenue are out-of-state companies. New initiatives between states, such as the recent streamlined sales tax initiative, will greatly increase the amount of information sharing between states. Certain activities, as insignificant as they may seem, may establish nexus (a connection with a state that subjects you to its tax laws). You unknowingly may have had nexus with a state for many years. You might even be responsible for back sales taxes, franchise taxes and income taxes, penalties and interest for past years.
BKD's property tax consultants can help you with property tax compliance. BKD conducts an in-depth review of your tax return to look for changes that can reduce your tax liability. We also look to see that your adjustments, deductions and exemptions comply with the regulatory requirements of each jurisdiction.
BKD can help you file your personal property railing of all returns, and you will receive a copy of the personal property return and a revised asset listing noting any removals or reclassification of assets. You may also choose to file your returns in-house, based on BKD’s recommendations.
Sales & Use Taxes
BKD can help you turn state and local taxes into an opportunity for real savings. BKD’s sales and use tax advisors conduct a tour of your facility and operations and perform a “reverse audit” to detect if you have overpaid your sales, use and other miscellaneous taxes. If we discover a tax overpayment or error, we can complete and submit the necessary documentation to secure your refund.
Work Opportunity Tax Credits
The expansion of the Work Opportunity Tax Credit (WOTC) program means these hiring credits now apply to more new hires. The WOTC is a credit earned for hiring persons in certain categories. Many businesses are eligible for WOTC but don't pursue them. BKD can help you evaluate your eligibility and take advantage of these credits, as applicable.