Planning Services ~ Research,
Opinion Letters and Ruling Requests ~ Audit
Representation and Support ~ Protests
and Representation at Hearings ~ Litigation
Support
and Expert Testimony ~ Exposure Studies
~ Merger and Acquisition Analysis ~ Sales
and Use Tax Reverse Audits ~ Preparation
and/or Review of Returns ~ Personal Income
Tax Residency Analysis ~ Relocation Studies
~ Refund Claims ~ Training
and Seminars
Planning Services
State and local taxes have become increasingly important
and costly for businesses. In many cases, the state tax burden
is greater than the federal tax burden, particularly when
profits are marginal. Consequently, it is essential to minimize
the state tax burden by implementing the appropriate planning
strategies. The Genetelli Consulting Group renders assistance
to its clients in developing and implementing tax planning
strategies. The Firm also performs diagnostic reviews of a
taxpayer's state tax posture to determine if all available
tax planning opportunities have been considered. This exercise
often produces refund claims for our clients. By performing
planning services for our clients, we enable our clients to
maximize their savings in the state and local tax area.
Research, Opinion Letters
and Ruling Requests
State and local tax issues aren't always black and white.
A taxpayer's fact pattern may fall into a gray area of uncertainty,
or be interpreted differently in different jurisdictions.
The professionals at The Genetelli Consulting Group have access
to the latest research technologies to keep abreast of current
developments in multistate tax laws, policies and procedures.
Our experience and contacts in the various state and local
taxing jurisdictions, combined with our research tools, enable
us to offer research services of the highest quality. In addition,
we can draft opinion letters for our clients to provide written
assurance on state and local tax issues. If an issue is truly
in a gray area, such as one that is of first impression, we
can draft requests for rulings from the taxing authorities,
which can be submitted in our name or on a no-name basis if
a client wishes to preserve confidentiality.
Audit Representation and
Support
In an environment where multistate companies are experiencing
greater numbers of audits by sophisticated auditors, it is
often critical to tap into the expertise of state and local
tax specialists for audit support. The professionals at The
Genetelli Consulting Group possess extensive experience in
handling and resolving state and local tax audit issues. Our
training and experience have made us quite knowledgeable about
the types of tax issues that frequently become the subject
of audits and hearings. This experience and insight enables
us to help clients anticipate audit issues, and properly position
themselves during the audit preparation stage. Our audit experience
also enhances our value in several other service areas, such
as planning services, exposure studies, and tax return preparation/review.
Protests and Representation
at Hearings
If an audit issue is not resolved at the audit level, The
Genetelli Consulting Group can assist clients in protesting
audit adjustments imposed by the states. Our services include
the preparation and/or review of protests, the preparation
of reports or schedules in support of protests, and representation
at informal administrative hearings and conferences where
audit adjustments are reviewed.
Litigation Support and
Expert Testimony
More than ever before, state and local taxing authorities
are aggressively pursuing additional tax revenue. This is
evident by the steady rise in the number of state tax matters
that are reaching the litigation stage. States, in addition
to having in-house litigation teams, frequently arm themselves
with expert witnesses of various tax and accounting-related
disciplines who provide testimonies and/or expert reports
on behalf of the states. Given the heightened level of preparation
for litigation by the states, and the significant dollars
at stake for taxpayers, it is critical for taxpayers to take
an equally aggressive stance in preparing themselves in tax
litigation proceedings. In appropriate instances, taxpayer
preparedness should include the utilization of highly qualified
expert witnesses and litigation support specialists. The Genetelli
Consulting Group has vast experience in tax litigation, providing
clients with expert reports and sophisticated studies covering
a diverse range of state and local tax issues, including apportionment
formulas, separate accounting, net operating loss deductions,
and transfer-pricing. Richard W. Genetelli is qualified as
an expert witness on state and local taxes, accounting and
finance, and testifies throughout the country on behalf of
taxpayers litigating state and local tax issues.
Exposure Studies
In light of the increased focus by states on auditor training
and techniques, audit exposures and potential adjustments
are a growing concern of multistate companies. Taxpayers are
often unaware that certain tax return positions are red flags
for auditors that will produce large assessments. Other tax
return positions may require appropriate documentation to
overcome an audit challenge. Our comprehensive experience
in tax return preparation/review and audit representation/support
provides us with unique insight into a taxpayer's potential
audit exposures. By performing exposure studies for our clients,
we can identify potential audit exposure areas, as well as
tax return positions that can be sustained with the right
documentation and support. By performing exposure studies,
we can also identify nonfiling issues, and determine whether
voluntary disclosure can mitigate potential nonfiling assessments
for our clients.
Merger and Acquisition
Analysis
In the merger and acquisition context, great opportunities
for state and local tax planning exist, as well as potentially
great areas of exposure. A thorough acquisition or merger
plan should include a complete review and assessment of the
target's and acquirer's state and local tax positions. With
a proper degree of diligence, the proper acquisition price
can be negotiated, with a full reflection of both the state
and local tax exposures the target may possess, as well as
a more perfect prediction of the target's after-tax earning
potential when combined with the acquirer's operations. The
professionals at The Genetelli Consulting Group are experienced
in analyzing the tax consequences of mergers and acquisitions.
Our analysis, which can be comprehensive or limited in scope,
will allow taxpayers to capitalize on planning opportunities,
and minimize transaction costs and exposures.
Sales and Use Tax Reverse
Audits
In addition to assisting our clients in developing effective
mechanisms and strategies for handling audits as they arise,
we believe it is important to engage in proactive pre-audit
strategies. By performing a sales and use tax reverse audit,
we can evaluate the accuracy and reliability of a client's
sales/use tax compliance function. This evaluation may highlight
exposure areas and allow for corrective measures now to mitigate
a potential future assessment. Moreover, a sales and use tax
reverse audit may produce refund claims for our clients.
Preparation and/or Review
of Returns
The Genetelli Consulting Group renders tax return preparation
services to its clients. In addition, the firm reviews tax
returns prepared by the client to ensure proper compliance,
and identify planning ideas, tax saving strategies and areas
of exposure. A tax return review may also produce refund claims
for our clients for prior years.
Personal Income Tax Residency
Analysis
Most taxpayers are unaware of the complexity of state residency
rules, and how they are applied. It is not uncommon for taxpayers
to be subject to a residency audit in one state while spending
most of their time living in another state or abroad. In this
regard, taxpayers who believe they have changed their domicile
by moving out of state may still be treated as residents in
their former state if certain connections are maintained.
Income accrual rules also can produce unexpected assessments
in the context of residency. The Genetelli Consulting Group
can provide the guidance to anticipate and plan for a potential
residency issue. The Firm assists taxpayers in establishing
a new domicile and achieving nonresident status in their former
state. In addition, the Firm has extensive experience in handling
residency audits, and can properly position taxpayers to defend
a residency challenge.
Relocation Studies
State and local tax savings can often be achieved through
relocation strategies. For example, credits may be available
for taxpayers with facilities or employees located in designated
enterprise zones. Also for example, the right to allocate
income may be established, or apportionment factor benefits
may be obtained, by relocating certain employees or activities
to another state. The Genetelli Consulting Group can provide
guidance for taxpayers looking to minimize state and local
taxes through relocation strategies. The Firm can evaluate
the costs and benefits of relocation strategies, and use our
network of contacts to help taxpayers qualify for credits
offered by states looking to attract business through incentive
programs.
Refund Claims
By keeping abreast of the latest laws, regulations, administrative
policies, cases and rulings, The Genetelli Consulting Group
is able to identify refund claim opportunities as they arise
in the various state and local taxing jurisdictions. Some
of our services, such as planning, tax return reviews, and
sales and use tax reverse audits, also produce refund claim
opportunities for our clients. In addition to identifying
refunds, we can prepare and/or assist in the preparation of
refund claims, and facilitate the proper processing of the
claims with the taxing authorities.
Training and Seminars
Richard W. Genetelli is a frequent lecturer at state and
local tax conferences throughout the country, including Tax
Executives Institute, Committee on State Taxation, Federation
of Tax Administrators, Wall Street Tax Association, New York
University, Georgetown University Law Center, California Tax
Policy, New Jersey Society of Certified Public Accountants,
and Florida Bar and Institute of Certified Public Accountants.
Mr. Genetelli is also a professor of graduate and undergraduate
courses at the Lubin School of Business, Pace University.
The Genetelli Consulting Group is prepared to assist clients
with in-house training and seminars. Our presentations are
tailored to meet the specific needs of our clients. A presentation
can be comprehensive or introductory in nature. The subject
matter and length of a presentation is determined at the client's
discretion.
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