BlumShapiro is committed to helping you realize savings through effective tax planning. We emphasize ongoing tax planning, timely communication, and we’ll work with you to create a team approach to maximize savings. Some of our tax services and resources include:
Tax Planning and Projections
Tax “surprises” can be minimized by proper planning and projections to minimize the tax burden and properly plan cash flow.
Federal Tax Planning
We are in the forefront of identifying emerging issues and, more importantly, formulating solutions. Our clients are kept up-to-date on the latest regulatory and legislative developments, Internal Revenue Service rulings and other critical tax issues.
State and Local Taxes
BlumShapiro’s state and local tax professionals provide consultation on all state and local tax matters, including income and franchise, sales and use, property, unemployment, transfer and net worth. These specialists perform a variety of reviews, including multistate operational or structural analysis, transaction reviews, compliance reviews, systems reviews and merger and acquisition consultation.
We can assist with understanding when and where a company is required to collect taxes, file a return and pay taxes to state and local jurisdictions.
Accounting Method Changes
The selection or establishment of an accounting method is one of the more complex areas in regard to dealership tax issues. Having an incorrect accounting method can have a significant effect on the final tax reporting of a business. For dealerships, inventory is one of the more significant areas to consider in regard to accounting methods. We can assist you in assessing whether you are using the most proper method of accounting and, when appropriate, assist in the filing of the necessary IRS Form 3115.
Tax Return Preparation
We will prepare or review federal and state income tax returns in a timely fashion.
Accounting for Income Taxes
Our tax accounting team can help you achieve better control over issues and increase your ability to focus on strategic aspects of your business. We can deliver a range of technical support services tailored to your specific needs, such as:
- Income tax provision support, co-sourcing and outsourcing
- Accounting for uncertain tax positions
- Deferred tax analyses and tax basis balance sheet assistance
- Tax accounting technical assistance and support
Audit and Appeals Defense
Our tax professionals will represent a company before federal, state or local taxing authorities in the capacity of a taxpayer advocate.
Guiding a client through a merger, acquisition, sale or divestiture requires an understanding of their objectives in their long-range plans, competitive position and the opportunities they face in the marketplace. While taxes are always a critical element in negotiating and structuring transactions, taxes must not inappropriately dictate the overall business objectives. We will advise and recommend the appropriate actions to maximize tax opportunities. Our knowledge of taxes in general, and our vast experience with provisions of the federal and local laws that specifically apply to business combinations, enables us to provide valuable counseling on any tax that may be involved. We have been very involved in helping our clients with requesting favorable IRS rulings on proposed transactions.
Real Estate Cost Segregation Services
Real estate acquisition and building improvement costs can be significant for any business owner. Using an engineering-based real estate cost segregation analysis, we are able to identify shorter-lived assets qualifying for five- to fifteen-year write-off periods that had normally been depreciated over 39 years. Our real estate cost segregation professionals have developed proven methodologies which can accelerate income tax depreciation deductions and increase cash flow.
Estate and Trust Planning
Wealth preservation and transfer techniques are integral services offered by our tax professionals. Additional services include business succession planning, charitable planning, qualified plan and IRA distribution planning and estate settlement services.
Businesses of all kinds are holders of unclaimed or abandoned property that must be reported annually to the Connecticut State Treasurer. As enforcement of laws and audits has increased, our professionals are working with clients to properly identify unclaimed property and comply with government requirements.
Sales and Use Tax
Auto dealers doing business throughout the United States are subject to unique sales and use tax rules, which are specifically targeted at this industry group. BlumShapiro can provide auto dealers with an understanding of these complex rules, as well as sales and use tax planning, transactional research and audits. Some of the areas that auto dealers should consider when it comes to sales and use taxation include:
- Sales of vehicles to nonresidents
- Motor vehicle leasing
- Dealership vehicles
- Use tax on other fixed assets and recurring expenses