Independent Tax Risk Management
Stevens & Lee’s SALT team reviews, analyzes and, where requested, opines on uncertain tax positions and tax contingencies to assist our clients in determining the state and local tax provisions and reserves to be included in financial statements. We review tax returns to assess any potential risks (present and past), as well as potential risk-minimization and tax savings (future).
In addition, we evaluate possible tax liabilities (present and past) throughout the U.S. based on statutory and administrative provisions and constitutional limitations; estimate the potential tax deficiencies, penalties and interest based on the applicable statute of limitations; and present opportunities to enter into voluntary disclosure agreements to reduce potential liabilities. We evaluate the continued viability of structures that were established primarily or secondarily for state or local tax savings and present business-aligned alternatives.
We represent clients in offering, negotiating and executing tax amnesty and voluntary disclosure agreements to resolve tax compliance responsibilities while minimizing look-back periods, penalties and interest charges.
We also advise clients on the record retention requirements of state and local taxing authorities and remain cognizant of other business and legal retention requirements.