Expert CPA Solutions

Navigate complex SALT regulations with precision. Our specialized consulting covers multi-state income and franchise tax, sales and use tax, the Tennessee Business Tax, property tax, and other state taxes. We help Knoxville (and southeastern) businesses reduce risk, respond to notices, and structure operations with expert state-specific guidance.

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Our SALT specialty consulting projects include:

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• Attest Assistance: For clients subject to ASC 740 accounting for income taxes, our firm assists in the computation of current and deferred taxes, valuation of tax assets, and in making sure all  positions are documented in accordance with ASC 740-10.  We can also act as third-party reviewer to notify client of missing calculations and issues that will likely be raised by financial statement auditors.  

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• Credits, Incentives, Site Selection: The firm assists clients seeking to increase employment and/or make capital investment with credit identification, monetization, and reporting.  For clients considering the construction of new facilities we offer assistance with credits, incentives, and site selection.  We utilize relationships with state and local economic development agencies and their partners to find the best locations in client specified states/regions of interest.  We will continue to work with these contacts to negotiate incentives and special needs/requests made by the client.  The firm will provide the client with a comparative cost/benefit analysis of the client's finalist sites for consideration in its decision process.

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• Controversy (Audits and Assessments):  Audits happen, but rest assured Hankins CPA & Company will have your back.  Lucas Hankins has over 20-years of experience in assisting clients with audits and assessments.  He acts as an intermediary between clients and  the IRS or state departments of revenue advocating the clients' position and its technical merits.  He will also look for mitigating factors to reduce assessments or even result in a net refund.  Lucas is greatly experienced with the Tennessee audit and protest  process.  His work in this area has led him to give state supreme court expert testimony and identify issues for which law was changed in subsequent legislative sessions.

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• General Consulting: General consulting includes sales sourcing for apportionment purposes, organizational structuring, legal entity rationalization, and beneficial tax planning.  Beneficial tax planning looks at an entity's (and its owners) tax efficiency, organizational structure, expenditures, and locations.  We apply our knowledge and experience to make our client's business more tax efficient.

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• Nexus Study: For clients that operate in or sell into multiple states, a nexus study may be required to determine the states in which an obligation to file and pay tax exists.  We perform nexus studies for all state tax types.  Income tax nexus determinations are made with the application of Public Law 86-272, a federal law that limits states ability to assess income tax on certain sellers.  Our deliverable includes our findings as well as recommendations for compliance. 

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• Voluntary Disclosure: State tax can be a challenge, especially for states with franchise taxes or discrete tax regimes like the Tennessee Business Tax.  If a client becomes aware of an existing tax requirement through a nexus study or other means, it may be best to do a voluntary disclosure agreement.  We reach these agreements for clients on an anonymous basis seeking to reduce the lookback period (number of years) for which tax will be assessed and a reduction in penalties and interest.