Elliott Davis was asked: “We are currently utilizing a small provider for our taxes, but believe we need a specialist for state and local taxes, is that correct?”
- World-wide supplier of wood products
- Headquartered in South Carolina
- Wanted to identify if company could take advantage of additional tax opportunities
- Elliott Davis State and Local Tax (SALT) team was introduced
- Team completed a Nexus study and identified the company was taxable in other states
- Apportionment study also completed when 100% South Carolina apportionment identified
- Team also investigated South Carolina job tax credits to offset income tax liability
- Found nexus activities in Georgia and was able to reduce apportionment income of South Carolina
- Also identified $50,000 in annual job tax credits
- Overall, amended 2017, 2018, 2019 and 2020 returns
- Reduced apportioned income by 85%
- Amended returns generated refund claims of approximately $200,000
Plus, Tax saving measures will continue to be realized in future filings!
We Can Help
For more information on how Elliott Davis can assist you and your business, contact a member of our team.
The information provided in this communication is of a general nature and should not be considered professional advice. You should not act upon the information provided without obtaining specific professional advice. The information above is subject to change.