Steven P. Leone
Managing Tax Partner
Federal, State, and sometimes Local governments typically require the annual and / or quarterly filing of income tax, franchise tax, sales tax, and other types of state and local tax returns.
The ability to determine when these returns are required normally includes the completion of a “Nexus Study”. The term “nexus” is used in tax law to describe a situation in which a business has a tax presence in a particular state or local taxing jurisdiction. A “nexus” is basically a connection between the state and local taxing jurisdiction and an entity that must collect or pay the tax. A nexus study documents your business activities in a state or states, and whether (and why) they do or do not create nexus. Templeton’s SALT team can review the activities of your business to determine in which states and municipalities a filing requirement exists for various types of state and local taxes including state income tax, franchise tax and sales taxes.
Remember that sales tax is the customers tax unless you mistakenly or knowingly do not collect such tax from your customers. If you do not collect sales tax when you should; you may be responsible for the sales tax you did not collect as well as penalties and interest.
State and local taxes are an essential part of your tax strategy. But do you know how to make sure your company is compliant with all the different regulations?
A comprehensive state and local tax strategy helps minimize your company’s compliance risk and its tax burden.
Templeton’s dedicated state and local tax (SALT) professionals provide you with favorable, accurate, and defendable tax solutions. Enlist our expertise working with state and local jurisdictions to help you optimize your state and local tax reporting. The experience we have negotiating for tax incentives and credits allows us to deliver incentive packages that take full advantage of the opportunities available to you. Share your goals and objectives with us and receive a tax strategy tailored to meet your needs. We offer a full range of services to assist you with the SALT challenges you face.
SALT taxes include Sales, Franchise, Income, and Gross Receipts Taxes and several other taxes for which compliance may be required by various state and local taxing jurisdictions.
State & Local Tax Solutions Include:
Managing Tax Partner