State Income Tax
Opportunity: Comprehensive reviews of our clients’ income and franchise tax filings related to state & local legislation and regulations to identify opportunities for past, current and future tax benefits. ThreeFive partners with our clients, given the complexity of the legislation and regulations, to ensure taxes are properly stated and all benefits available are realized.
Implementation: Our team will gather our clients filed income and franchise returns and supporting documentation that are still available for review under statute. The team will review the collected information, state by state for all the open years to determine if opportunities for refunds and/or credits exist. If opportunities to reduce our clients’ income or franchise taxes are identified, the team prepares the supporting documentation, which includes related laws, regulations and court cases. The team presents these findings and gains approval to move forward for submission to the taxing authorities. Many of the ideas implemented also provide future benefits for our clients.
Result: Our clients tax savings benefits are identified and submitted to reflect the proper tax. Our fees are based on a percentage of the tax benefits realized.