LEVERAGE SALT knows the challenges tax professionals have in finding and sharing the right information at the right time. Silos exist at every firm, whether large or small. Collaboration has to climb over the barriers of ego and competition. The 'One Firm' motto is often just that, a 'motto.' Everyone is taught to be a 'know it all,' but the problem is - no one can know it all. State tax is one of those fields where every question is a research question. In addition, it always helps to run the question by someone who has experience with the state or has connections within the state involved. Consequently, finding the applicable legal authority and the internal or external expert is prudent.
Accounting and law firms agree that the most valuable asset in their firm is the expertise and knowledge of its employees, but fail to truly develop, manage and utilize that asset. Most, if not all, firms face several of the following challenges:
- Not doing enough with the state tax knowledge they produce
- The quality of work and time to deliver is too dependent on who is doing the work
- Writing off billable hours because people keep 'reinventing the wheel' and not taking advantage of existing experience and expertise
- Suffering from information overload from an increasing variety of online and offline sources
- Having a document or knowledge database, but sometimes neither documents nor people find their way to it
Regardless of the size of your firm, and whether you have a knowledge management or national tax office group, chances are the expertise of your most valuable asset is not being fully utilized.
Knowledge management is getting the right information to the right people at the right time, and helping people create knowledge, and share, and act on information in ways that will measurably improve the performance of the firm and its clients. It is about connections. Connecting people with information and connecting people with people.
Knowledge management is about creating, capturing, organizing, making accessible, sharing, and reusing information relevant to a firm’s professionals and business model. However, knowledge management is more than content management. Knowledge management is about solving real business problems. It’s about meeting your firm’s need to capture and reuse expertise in efficient and transformative ways to solve client challenges quickly and effectively. It’s about unlocking knowledge trapped 'in-between the ears' of your firm’s experts and making it easy to locate the appropriate expertise within your firm.
LEVERAGE SALT (LS) is not a 'knowledge management guru.' LS is a state tax knowledge, research and writing consulting firm that acts as a strategic partner to a firm's tax professionals, national tax office and marketing department. LS has been a tax professional for 20+ years and worked in a variety of firms (large and small), worked in a firm's national tax office, and worked with firm marketing departments as a ghost-writer of tax thought leadership to produce alerts, whitepapers, seminar/webinar presentations, etc.
The overriding goal is to facilitate efficient, effective and timely delivery of state tax advice to your clients by working with members of your accounting or law firm to provide leverage, and help your firm 'be the hero.'
To accomplish that goal, LEVERAGE SALT works to ensure that the intellectual and practical expertise of members of your firm is captured and readily accessible by all desired professionals within your firm. LS responsibilities include developing, enhancing and updating state tax-related precedents; coordinating the development and refinement of intranet tools and knowledge management systems; monitoring legal and practical developments in state tax law; and training, mentoring and supporting your firm’s tax professionals.
LS also works as an additional research and writing resource in any of the following capacities:
- supporting your firm tax professionals by helping with client work
- supporting your firm marketing department by ghost-writing external thought leadership
- supporting your firm national tax office by producing internal and external state tax alerts, tools, training and other reports or studies
In addition to the above, LEVERAGE SALT also helps tax research publishers edit or build libraries, software companies build tax tools, and tax policy think-tanks influence policy.
All services are provided for any state and the following tax types: income tax, franchise tax, gross receipts tax, sales and use tax.
SUBJECT MATTER EXPERT FOR BLOOMBERG BNA
LEVERAGE SALT currently serves as the subject matter expert for Bloomberg BNA Software's new state income tax modeling tool (BNA State Tax Analyzer) by performing research, providing state-by-state tax rules and technical review, comments, and suggestions for improvements. The project involves 50-state research to provide tax law support and guidance regarding the following for multiple tax years (1990 to current):
- Separate / Combined / Consolidated filing methods
- Pre or Post Combination
- Apportionment methods and formula
- Federal income tax deduction
- State income tax deduction / addback
- Bonus depreciation adjustments
- Estimated payment safe-harbors
- Tax rates
- Minimum taxes
- Net Operating Loss tracking and utilization
- Foreign Source Dividends
- Industry apportionment formulas (manufacturing, retail, financial organizations, insurance, transportation, oil/gas, telecommunications, etc.
- Mixed-industry combined reporting
- Franchise Tax
- City taxes
- State IRC Sec. 382 NOL limitations
BUILDING STATE TAX RESEARCH LIBRARIES
LEVERAGE SALT helps large and small publishers build or enhance their state tax research libraries.
Sample Projects Include:
- Developing and writing new California income tax and sales tax library (includes all sections, issues, topics)
- 50-state research project to update sections on "Consent to Be Taxed" related to composite returns and withholding for non-resident owners of partnerships
- 50-state research project to update sections on Net Operating Losses
- 50-state research project to provide additional clarification and analysis regarding the sourcing of services and intangible property; specifically, the application of market-based sourcing, and utilization of market sourcing methodology within costs-of-performance statutes and regulations
- 23-state research project to add additional insights and commentary on related party expense add-back provisions
- 50-state research project to analyze and document each state's treatment of Interest Charge Domestic International Sales Corporations (IC-DISCs)
- 50-state research project to identify and explain each state's throwback and throwout rules
- 50-state research project to clarify whether each state follows Joyce or Finnigan rule
- 50-state research project to provide technical instruction on each state's law regarding the taxpayer's ability to request, and the state's ability to impose, alternative apportionment
- 32-state research project to provide the technical details of each state's franchise tax regime
- 49-state plus NYC research project regarding each state's conformity with the Internal Revenue Code as it relates to mergers and acquisitions, changes in ownership, etc.