Helping a closely held business generate $200K in refunds with amended returns

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.