BPB's SALT Covid-19 Recovery Plan

Today’s environment is quickly changing the way business functions as they navigate through new business and tax needs. BPB’s SALT Practice COVID-19 Recovery Planning Suite focuses on important tax considerations to help companies, respond, recover and thrive in this unique and challenging time.?

By reviewing previously filed income, franchise and gross receipts returns, we can help companies understand and manage near-term and long-term income tax obligations, as well as identify potential refunds of prior tax payments.

BPB’s SALT Team has a proven track record of?securing refunds and providing reductions in state?effective tax rates. Our process includes gaining a?detailed understanding of a company’s business strategy and operations to help design and implement a?multistate tax approach that aligns with business goals.

The displacement of personnel and tightened budgets will cause many companies to rethink how they structure their tax departments. BPB SALT Team can offers assistance to tax departments; in addition to broader federal and state compliance, BPB can provide assistance with specific tax elements, including:

?Income / Franchise Tax Compliance

?Sales / Use Tax Compliance

?Property Tax Compliance

?Excise Tax Compliance

?State Revenue Agent Report Filings

BPB’s SALT Team can help companies identify and monetize statutory credits relating to investments in personnel and capital, which could potentially reduce near-term and long-term income tax payments.

Future changes in the location of a company’s supply chain or changes in their level of investments in personnel and capital may create opportunities for new benefits and risks for the “clawing back” of prior incentive benefits. Our team’s deep understanding of, and experience working with, the various states’ programs can advise companies on the potential opportunities that may be available.

We expect the states to enact new programs that will support headcount retention and maintenance of capital investments.?

With various sectors being impacted by the pandemic it is imperative that taxpayers focus?immediately on tax attribute planning. The interaction between the state rules and the federal rules (particularly as it relates to the newly enacted NOL carryback provisions) is highly complex given the potentially different filings groups, allowable carryback periods, income limitations, etc.

BPB’s SALT Team distressed company planning team can advise companies on the utilization of net operating loss carrybacks and?carryforwards.

Going forward, some companies may restructure debt, engage in various forms of M&A and/or potentially seek bankruptcy protection. We can help companies understand the state tax ramifications of each option and help them position themselves for future growth.