BlumShapiro is committed to helping clients realize savings through effective tax planning. We emphasize ongoing tax planning, timely communication and working closely with our clients 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 at the forefront in 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.
Tax Return Preparation
We will prepare or review federal and state income tax returns in a timely fashion.
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, including:
- 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.
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.
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. Learn more about our estate 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 have increased, our professionals are working with clients to properly identify unclaimed property and comply with government requirements.
Research and Development (R&D) Credits
We have significant experience in calculating the R&D credits for both federal and State of Connecticut corporate taxes.
Sales and Use Tax
Contractors doing business in Connecticut, as well as throughout the United States, are subject to unique sales and use tax rules. BlumShapiro can provide contractors with an understanding of these complex rules. We can help contractors with sales and use tax planning, transactional research and audits. Here are a few of the areas that you need to consider:
Nexus and Sales and Use Tax Compliance
Is the company properly filing sales and use tax returns and charging, collecting and remitting appropriate sales and use taxes within all the state and local jurisdictions where it is “doing business?”
Sales and Use Taxability Determinations
Is the company properly charging and self-assessing appropriate sales and use taxes with respect to the labor and material components of its construction services?
Utilization of Subcontractors
Is the company confident that charges incurred from subcontractors consider sales taxation?
Is the company properly identifying non-taxable construction projects and issuing to its vendors or obtaining from its customers necessary exemption certificates to obtain relief from sales and use taxation?
Contractor Tax Bonding
Is the company properly complying with Department of Taxation rules and regulations concerning “tax withholding or bonding” requirements when performing construction projects outside its state of residence? Are out-of-state subcontractors utilized by the company also complying with these requirements?
Non-Construction Services or Retail Sales of Property
Is the company rendering services beyond construction of real property or selling property that may be subject to sales taxation?
Equipment and Tools
Is the company properly paying sales and use taxes on equipment and tool purchases or leases that are utilized in rendering its construction services?