Business Tax

Many changes can impact the ideal business entity structure such as changes in tax law, business operations, owner goals, employee incentive plans or state laws. Without an annual review of the entity structure, businesses may be missing out on tax benefits, paying excess taxes, exposing assets and owners to liability, or failing to prepare for a possible sale or ownership transition.

Transitions may take years of planning, evaluation, and preparation. When transitioning your business, it’s critical to be prepared. Proper business succession helps ensure your long-term personal and business goals are aligned. Talk with a trusted adviser to help you work through the tough questions.

When buying or selling a business, you need the transaction to run smoothly to avoid surprises and mitigate risk. A dedicated team of M&A experts will meet with you to discuss and understand your goals and objectives. They will provide the critical information needed to all parties to help ensure the transaction runs smoothly and without regret.

Many businesses often overlook the Research and Development (R&D) tax credit and believe only “new” products qualify. The tax credit also includes qualifying new manufacturing processes, techniques, or formulas. You can claim your tax credits for up to three years in the past—and work with experts that will help develop a system to identify future opportunities and track expenditures.

Cost segregation accelerates depreciation deductions resulting in reduced taxable income and increased after-tax cash flow. Companies planning to build, renovate, remodel, expand, or purchase a new or existing building, or those that completed a project within the last few years, should consider cost segregation services to generate substantial tax savings.

Be aware of income tax filing requirements within each state you conduct business. Noncompliance can result in steep penalties. You can work with business tax experts that understand the complex nature of multi-state rules and regulations, providing you peace of mind knowing that you are in compliance. Thorough research into individual state rules provides you with a plan to deal with filing requirements and delinquent filings.

Many companies miss out on sales and use tax refunds or pay vendors unnecessary sales tax, because they are unsure of the regulations. Recover the refunds you deserve and learn how to monitor future transactions and review financial records to remain in compliance. A nexus study will help you understand your level of risk and exposure and can be tailored to your unique needs.

For privately held businesses that operate in the United States as well as around the world, your advisers will consult with you on tax, audit, and U.S. reporting requirements. You will receive practical advice to expand internationally, structure cross-border transactions, and maintain tax and trade regulation compliance anywhere in the world. As a member of HLB International, a world-wide network of independent firms in more than 100 countries, you’ll have access to a powerful, global network of accounting and business advisers.