Business Tax Services

State and Local Tax Services

State & Local Tax Laws Are Complex

Every state’s economic activity is different, and state and local tax (SALT) laws are complicated and constantly changing, and they apply to all business types—C or S Corporation, partnership, or sole proprietor. SALT includes property taxes, general sales taxes, excise taxes, license taxes, individual income taxes, corporate income taxes, estate, inheritance, and gift taxes, documentary and gift taxes, severance taxes, special assessments, and many other miscellaneous taxes. 

Sales & Use Taxes

States rely on sales & use taxes for much of their revenue and state revenue departments are constantly on the hunt to ensure that sales and use taxes are calculated correctly and paid, and they conduct routine in-depth audits to ensure proper compliance.

Paying sales or use tax sounds simple enough, but actually is a very complex area. Keeping up with constantly changing tax laws in the states where you do business can be time-consuming and costly. Sales tax nexus is generally established when a business’s retail activity in a state meets a certain dollar amount and/or number of individual transactions. Use tax can apply to online purchases, capital equipment, items taken out of inventory, donations of taxable items, taxable items given as gifts, construction material, non-highway fuel, interstate motor carriers, and bundled sales.

Laws vary from state-to-state, and it can be confusing and overwhelming.

In general:

Contact a Specialist

SALT taxes can significantly impact a company’s cash flow, effective tax rate, and risk.  You need to work with a SALT expert to ensure your business is in compliance to avoid costly mistakes and penalties. To discuss your unique situation and find out how Olsen Thielen can help, contact one of our SALT specialists:

Articles & News

Business tax limit increases for 2023 have risen more than usual due to inflation.  An array of tax-related limits that affect businesses are indexed annually and here are some that may be important to you and your business.
The Minnesota Department of Revenue administers many local sales taxes. Local sales taxes apply to the same items and services as the general state sales tax. Beginning April 1, 2023, fifteen Minnesota counties and cities are implementing new local taxes and two others are increasing their already enacted local taxes.
Employee Retention Credit Scams (ERC) are on the rise. Determine if you are eligible for the ERC and be aware of the warning signs of a potential scam. Olsen Thielen can help assess if your company meets the qualifications to claim the ERC.
We Value Your Privacy

This site may use cookies to store information on your computer. Some are essential to make our site work and others to improve the user experience. By using this site, you consent to the placement of these cookies and accept our privacy policy.