Industry: Plastic/Rubber Products, Distribution-Manufacturing
Revenue: $100 Million
Challenge: During the review of a new client’s state tax return, we noticed the company had filed separate state income tax returns since the company’s inception. This resulted in an elected overpayment.
Solution: By filing a consolidated state income tax return, which was an option in this particular state, the losses sustained by one subsidiary could be used to offset the income of another. Our tax experts also pointed out a pertinent state supreme court ruling that enabled our client to amend its open state income tax returns and file them on a consolidated basis. We were able to initiate a state tax savings of $1 million over three years.
For more information on our state and local tax services contact Pam Huelsman at 314.983.1392, firstname.lastname@example.org.