Frost, PLLC State and Local Tax Compliance Services Image

State/Local Tax Compliance Services

With the continuous decrease in federal assistance over the years, states have been forced to provide their own sources of revenue in order to balance their budgets. Some have done this by increasing taxes. Others have eliminated previously deductible items or tax credits. A couple of methods the states have chosen are stricter enforcement of sales and use tax laws, as well as nexus and state income allocation audits. In recent years, we have seen an increased number of audits by the states in these areas. In some cases, these audits can result in interest and penalties equal to 100% of the tax liability.
The Frost team can help you with planning opportunities and tax saving strategies unique to your industry.