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Whether you are a business executive or an individual taxpayer, it’s critical that you understand the state and local tax (SALT) issues that confront you. As states and other tax authorities continue to face revenue shortfalls, they look even closer at your state and local tax practices.
Gain peace of mind from Friedman LLP’s SALT Services Team. Our professionals stay current on state and local case law and ongoing legislative developments throughout the 50 states. We will proactively alert you to emerging tax obligations, exposures and possible refund opportunities.
Our dedicated state and local tax services team can help you:
The comprehensive and personalized approach of our state and local tax services specialists will help you achieve a streamlined tax structure, while minimizing the time you spend on compliance and maximizing your tax position. To learn more, reach out to a member of the SALT Services team or contact us.
Friedman’s dedicated State and Local Tax Services team can help you navigate these and other complex issues:
Case Study: Qualifying for Sales Tax Exemption
The Challenge
The client, a large privately held construction company, was investing more than $250 million to develop a property located in New York City to facilitate its use by the technology industry. The client came to Friedman at the suggestion of a major law firm to ask us whether the project qualified for a specific sales tax exemption.
The Solution
As the issue of whether the exemption applied was unclear, we advised the client that the best course of action was to submit a Request for an Advisory Opinion to the NYS Department of Taxation and Finance regarding the matter. At the client’s request, we prepared the Request and submitted it to the Department. We subsequently had numerous discussions with officials of the Department, as well as complied with their requests for additional information. Ultimately, a successful ruling was obtained.
Outcome
The client saw a savings of approximately $20 million.
On February 9 California Governor Gavin Newsom signed into law Senate Bill (“S.B.”) 113 (“the Bill”) which provides a much...
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