Schiff Hardin's Tax Group focuses on reducing state and local tax expenses for businesses.
Mitigation of state and local tax issues is an increasingly important consideration in connection with business dispositions and acquisitions. Unaddressed latent liabilities can postpone or derail a significant business acquisition or disposition.
Among our goals is to ensure that business clients have the most tax-efficient business structure, and are taking advantage of all available tax and business incentives to increase their companies' profitability.
Our success in identifying areas of tax inefficiency and opportunities for tax savings has resulted in significant state and local tax savings for companies in a number of industries, including transportation, healthcare, hospitality, manufacturing, distribution/logistics and software development.
Our attorneys perform diagnostic "audits" of an organization's structure, business operations and state tax returns to:
- Identify opportunities for reducing ongoing tax liabilities
- Increase eligibility for tax refunds and credits
- Ensure that latent liabilities are properly addressed
After we complete a detailed review of the business structure and financial information for a client, we will present our preliminary findings. We will advise as to whether there are available and appropriate tax savings strategies for the company to help it achieve its overall performance and growth goals.
New developments, such as the "Amazon tax" first instituted by the state of New York and now adopted by several other states, pose special challenges for "remote sellers." We advise clients concerning these and other special sales and use tax issues facing sellers of products through the Internet.