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?”
Context
- World-wide supplier of wood products
- Headquartered in South Carolina
- Wanted to identify if company could take advantage of additional tax opportunities
Our Approach
- 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
Customer Impact
- 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.
“Elliott Davis" is the brand name under which Elliott Davis, LLC (doing business in North Carolina and D.C. as Elliott Davis, PLLC) and Elliott Davis Advisory, LLC and its subsidiary entities provide professional services. Elliott Davis, LLC and Elliott Davis Advisory, LLC and its subsidiary entities practice as an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations and professional standards. Elliott Davis, LLC is a licensed independent CPA firm that provides attest services to its customers. Elliott Davis Advisory, LLC and its subsidiary entities provide tax and business consulting services to their customers. Elliott Davis Advisory, LLC and its subsidiary entities are not licensed CPA firms. The entities falling under the Elliott Davis brand are each individual firms that are separate legal and independently owned entities and are not responsible or liable for the services and/or products provided by any other entity providing services and/or products under the Elliott Davis brand. Our use of the terms “our firm” and “we” and “us” and terms of similar import, denote the alternative practice structure conducted by Elliott Davis, LLC and Elliott Davis Advisory, LLC.
