State Income & Franchise Tax

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State income and franchise taxes are one of the cornerstones of our practice. While in theory, calculating a state income tax liability is not an overly complicated process, in practice, capturing opportunities and minimizing risk is often sacrificed due to the tight windows between the completion of the federal income tax return and the state return due date. When you layer on the different rules which exist across the country, it’s understandable why many take the position that “close enough is good enough.”

It’s often an eye opening experience to have a state tax authority spend sometimes more than 24 months auditing a tax return which was prepared in less than one or two months. Does this sound familiar?

At CT Tax, we make it our business to help you meet this challenge head on. We make it our business to keep abreast of the changes in state and local income and franchise tax issues and opportunities so that you don’t have to.

Our consultants are experts in dealing with the following state income and franchise tax issues and service offerings:

  • Nexus and Public Law 86-272 protection
  • Formulary apportionment
  • Sourcing of revenues (especially in a modern economy)
  • State conformity and modifications to federal taxable income
  • Business/non business determinations
  • Unitary and combined filing determinations
  • Transaction support (i.e., mergers and acquisitions due diligence or post acquisition integration support services)
  • Controversy assistance (i.e., audits, protests, settlements and appeals)
  • Letter ruling requests
  • Voluntary disclosures
  • Compliance support (i.e., workpaper preparation and/or tax return review)
  • Tax accounting assistance (i.e., state effective tax provision assistance)
  • State income tax refund reviews (i.e., “Reverse Audits”)
  • Tax efficient domestic structural planning, diagnostic, and “tune up” services
  • Amending state returns to report federal audit adjustments

Give us a call, we can help!


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