Unclaimed Property
The SALT team can assist your company with a wide array of services within the unclaimed property space and often arise during buy/sell transactions to ensure the selling entity has properly addressed and/or accounted for unclaimed property prior to the transaction.
Whether your company is trying to assess unclaimed property requirements for the first time, looking to improve a process that is already in place, preparing for a buy/sell transaction, or reacting to a notice received from a state or their representatives, Forvis Mazars is here to help you move with momentum in navigating these unclaimed property matters.
We can assist with:
- NAUPA File Preparation
- Due Diligence Letter Processing and Tracking
- Data Scrubbing
- Exposure Estimates
- Audit Assistance
- Voluntary Disclosures – Including Extensive Experience with Delaware’s Unclaimed Property Voluntary Compliance Program
Credits & Incentives
Our State and Local Tax Credits and Incentives (C&I) practice delivers value by helping clients access opportunities to offset the costs of new and expanded facility investments or expansion in their workforce. Through our relationships with industry experts and state and local economic development organizations, we can also assist with site selection and the related compliance requirements of the credits and incentives awarded to a company.
In addition, our C&I team has developed a solution for assisting companies with securing the Federal Work Opportunity Tax Credit (WOTC) related to the hiring of individuals who are members of specific disadvantaged groups as well as veterans. Our knowledge and experience with identifying, securing, and reporting tax credits and incentives provides confidence to new investments and job growth–and helps drive your business forward.
Insurance SALT
Due to the McCarran-Ferguson Act, states were granted the authority to regulate insurance activity within their borders and have imposed some unique, specific, and often complex tax provisions applicable to the insurance industry. Our SALT team can help insurance company groups navigate this specialized tax regime, including all aspect of compliance and consulting pertaining to:
- State and Local Premium/Retaliatory Tax
- Fire Insurance Tax
- Surplus Lines Tax
- Self-Procurement Tax
- Captive Insurance Tax
- Insurance Assessments
- Insurance Specific Income/Franchise Tax
Forvis Mazars can also conduct a detailed SALT review to help identify and quantify open tax exposures and/or savings opportunities. We can further assist with mitigating the found exposures and garnering potential refunds.
Payroll Taxes
Navigating complicated payroll tax laws can be challenging for any tax or human resource department. Failure to follow the compliance or reporting requirements correctly could result in notices or penalties from the IRS and states. Complex payroll tax regulations and deadlines are also constantly changing, creating many opportunities for errors trying to meet payroll withholding or unemployment tax requirements in various states. With remote or hybrid work arrangements becoming more commonplace, the challenges increase to remain in compliance and reduce audit risks.
Our specialists are experienced in helping companies identify compliance requirements, establish proper registrations, develop compliance protocols and resolve past tax liabilities. Our practical approach will provide guidance on best practices for companies with multistate tax payroll issues.
