Businesses operating across jurisdictions face the challenges of different and ever-changing tax requirements. Addressing multistate income and franchise tax matters can be complicated, as it often requires navigating new and evolving SALT rules, decisions, and guidance.
Herbein is here to address these challenges by identifying and implementing practical strategies to streamline processes, reduce risks, and minimize liabilities.
Compliance Services
Herbein provides SALT compliance preparation services, including:
- Filings for all forms of legal entities
- Group return filings, which includes filing tax returns on affiliated, combined, consolidated, aggregated, or similar basis
- Pass-through entity (PTE) election filings
- Partnership withholding/composite filings
- Amended income and franchise tax returns post IRS audit
Tax Credits & Incentives
To foster economic growth, states and localities often offer business tax credits and other forms of economic development incentives. However, many businesses are unaware of these tax incentives, leading to missed benefits.
Our team can help identify and implement available programs that offer either a claim of right or negotiated incentives by:
- Reviewing SALT returns for tax credit opportunities that may be available under statutes
- Identifying economic development incentives available before a company commits to a project
- Analyzing tax credits/ incentive packages offered by competing states and localities
- Assisting with the state or local compliance requirements associated with the credits and incentives