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State & Municipal Income & Franchise Taxes
Ohio imposes a state level individual and corporate income tax. Additionally, there are approximately 540 municipalities in Ohio that impose an income tax on most business entities or owners. These challenges become even more complicated if you operate in multiple states because nearly every state has some form or a combination of an income, franchise or privilege tax. Accordingly, companies that operate in multiple cities and states face an increasingly difficult burden to comply with complex and constantly changing laws and regulations. Watson & Associates can assist you in complying with these tax laws and regulations, while minimizing your overall tax liability with the following services (please click each title below to view more details):
Are you confident you have not overpaid your taxes in the past 3 to 4 years? We can review previously-filed state and local tax returns to identify refund opportunities.
Could a different business structure reduce your taxes? We can review your company’s current operational and organizational structure to ensure optimal structure.
Many states permit (or require) affiliated companies to file income tax returns on a unitary, combined, or consolidated basis. The rules regarding permissive and required filing methodologies can be complicated but we can assist your company in analyzing the optimal filing methodology.
This review involves determining whether apportionment factor strategies are available to reduce the amount of income or tax base subjected to tax. We can help reduce your tax base with efficient planning and our knowledge of the various state and municipal apportionment formulas.
Are you or your business being audited for income of franchise taxes? Many issues can trigger state tax audits. Early communication is a critical component to successful audit resolution. Watson & Associates can assist your company in gathering and responding to information requests, communicating with state auditors, providing analysis of audit schedules and workpapers, negotiating assessment items and liability, and representing your company through administrative level appeals.
Are you filing income or franchise tax returns in all states that your employees live or visit on a regular basis? We can assist your company with determining the jurisdictions in which your company may have filing obligations and the liability associated with such obligations.
Do you wish there was a way to limit prior year tax exposure? Voluntary disclosure agreements with state and local agencies can limit the look back period for assessing tax, interest and penalty. Watson & Associates can assist your company in negotiating a favorable agreement with state and local agencies to limit prior year liability and quantifying and substantiating the liability for prior assessed periods.
Have you thought about the state tax impact of your upcoming transaction? Nearly every major business decision has a resulting state and local tax consequence. We can assist your company in considering state and local tax issues, while mitigating unintended tax consequences, while maximizing tax reduction opportunities associated with such business decisions.
Contact Us Today
Telephone: 937.592.6926
Toll Free: 800.837.6926
Fax: 937.592.5195
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