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State and Local Tax (SALT) Services

SALT, an acronym for “state and local tax,” encompasses a wide range of taxes and fees imposed by state, county, city, and local governments. These include Sales Tax, Personal Property Tax, Business Licenses, Income Tax, Payroll Withholding, and Unemployment Taxes. At MDA Professional Group, P.C., our SALT professionals help you navigate these complex systems to ensure compliance, save time, and avoid costly mistakes. Explore our key service categories below:

Unclaimed Property

Unclaimed property laws govern when certain types of property are presumed abandoned or unclaimed, protecting vulnerable property owners. Examples include uncashed accounts payable or payroll checks, outstanding customer overpayments, and refundable utility deposits. Businesses must exercise due diligence in finding property owners, and if unsuccessful, remit the unclaimed property to the state through escheatment. MDA professionals can help ensure accurate reporting of unclaimed property in financial statements and assist with due diligence and final surrender to the state.

Sales Tax Compliance

Sales tax is a “consumption” tax levied on the sale of goods and services. Businesses collect the tax from consumers and remit it to the governing agency. This process can be complex and exhausting due to evolving sales tax regulations. MDA’s experienced team can guide you through this intricate system, ensuring your business is compliant and timely in collecting and remitting sales taxes.

Personal Property Tax Returns

Personal property, generally defined as property not permanently affixed to real estate, is taxable in Alabama and other states. This includes machinery, equipment, tools, computers, furniture, and other business assets. Businesses must submit a complete itemized listing of all personal property owned on October 1, between October 1 and December 31 each year, to avoid penalties. MDA specialists can advise you on proper valuation and reporting of your personal property, ensuring compliance with Alabama Department of Revenue or other states’ regulations.

Business Licenses

A business license is a permit issued by a government agency to individuals or companies conducting business within its jurisdiction. The type of license required depends on your business location and type. Non-compliance can lead to penalties, fines, business interruptions, and adverse publicity. MDA professionals can help you assess compliance risks, manage your business licensing, and identify compliance triggers, such as changes in business name, ownership, or organization.

Income Tax Planning and Compliance

Income tax is assessed at both the federal and state levels, with most income being taxable unless exempted by law. Tax liabilities can be reduced through various legal credits and deductions. MDA income tax specialists want to help you formulate tax reduction strategies, enabling you to take full advantage of available tax credits and deductions.

At MDA Professional Group, P.C., our Mission-Driven approach ensures that we provide reliable, innovative, and practical solutions for all your state and local tax needs. Let us help you navigate the complexities of SALT compliance and optimize your financial strategies!