Tax Strategies and Preparation

Tax compliance can be challenging for companies. For the larger, established ones, it can often burden in-house staff with specialized tax compliance demands that take the focus off of other vital finance department tasks. For the smaller firms, misunderstood tax saving opportunities can be the difference in a company’s success.

The professionals at Wegmann Dazet can scale a solution for your business to address the compliance needs of corporations, partnerships, and other business entities. Our services can be tailored to leverage your resources to maximize your tax department’s strengths and minimize the impact on company resources.

For privately held companies, our team provides services including compliance, sophisticated estate planning and business succession planning. Our experienced professionals advise clients on income, estate, trust, cash flow, retirement, personal insurance and charitable planning, in addition to preparation of tax compliance associated with family planning structures.

When it comes to tax planning, Wegmann Dazet offers a distinct level of service and attention. When our clients explain their challenges, our professionals stop and listen. We use that information, combined with our deep industry and technical experience, to share meaningful insights and to craft tailored tax planning ideas. Dedicated to serving as proactive advisors, our tax professionals offer a personal touch. Clients need more than technical guidance from their service advisors. They need a firm that combines technical knowledge with a personal commitment to client service and a unique understanding of client needs.

Wegmann Dazet’s tax professionals possess an in-depth knowledge of the intricacies of a full spectrum of tax services. We stay on top of the latest regulatory updates-and we help our clients understand how they may be affected by these changes. Committed to maintaining close communication with our clients, we publish and distribute a variety of tax publications to clients on a timely basis. In addition, we can leverage the resources of tax professionals worldwide through the BDO International network.

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Tax Planning & Preparation

Tax planning and preparation form a winning combination for our successful individual and business clients. Whether you are an individual, C-corp, S-corp or a multi-tiered partnership, our experienced staff can develop tax strategies that take advantage of new tax laws and legislation.

Never content to merely be return preparers, Wegmann Dazet’s proactive approach and knowledge of constantly changing tax law will translate into strategies designed to keep the your tax burden low. With timely meetings throughout the year, our professionals will help you enact strategies that will keep you on a prepared course. Let us plan with you to make the tax burden as painless as possible.

Sales and Use Tax – Compliance and Audits

It’s a call you always dread. A local, parish/county or state taxing authority would like to visit to see if you have been fairly remitting taxes due to them. With states and municipalities under constantly increasing budgetary pressure, many are now resorting to expanding their audits of businesses looking not only for missed remittances but also for the opportunity to apply penalties and interest.

At Wegmann Dazet, we would like to proactively assist you in minimizing the risk of these onerous charges by reviewing your tax liabilities, records, controls and payments.

Wegmann Dazet’s sales tax business advisors can help you develop a stronger understanding to today’s ever changing sales tax laws and regulations. Our experienced team would like to assist you in:

  • Identifying and testing for compliance risk and potential liability;
  • Evaluate the design and operation of the sales tax process and controls for ongoing transactions;
  • Assist you while a sales tax audit is in place;
  • Handle disputes with the auditors if potential liability is discovered;
  • Litigation support, in the event an audit goes to court; and
  • Filing and reporting sales tax returns on a monthly basis.

State, Municipal & Multistate Taxation

In today’s business environment, successful organizations are those that manage and plan for every cost. Wegmann Dazet’s state and multi-state tax professionals can help clients identify, plan, implement and manage innovative programs to help minimize state and local taxes in the following areas:

Income and Franchise Tax
Property Tax
Sales and Use Tax
Tax Incentives – Credits and Abatements

Specific areas where our state and local tax professionals can assist clients include:

  • Comprehensive reviews of state and local tax liabilities and identification of potential tax minimization and refund opportunities
  • Review of state tax implications of proposed mergers and acquisitions
  • Assistance with state and local tax audits
  • Preparation of multi-state nexus studies
  • Reverse sales tax audits
  • Negotiation of voluntary disclosure agreements
  • Development of sales and use tax manuals
  • Assistance with unclaimed property voluntary disclosure agreements

Tax Credits and Incentives

Louisiana currently offers credits for businesses that are some of the most lucrative in the country. Fortunate for you, Wegmann Dazet’s tax professional are keenly focused on maximizing these benefits for our clients. From R&D credits to Digital Media Credits to hiring credits and sales tax rebates for expanding your staff, we have the experience to assist you in capturing the maximum benefit available. Look through this menu of credit options and plan time to meet with our team on the application process.

Louisiana FastStart

Provides workforce recruitment, screening and training to new and expanding Louisiana companies at no cost.

Angel Investor Tax Credit

Provides up to a 35% tax credit for individual investors who invest in early stage, wealth-creating businesses.

Digital Media and Software Incentive

Provides a 25% tax credit for qualified production expenditures in Louisiana and a 35% tax credit for Louisiana resident labor expenditures. Credits are now refundable.

Economic Development Award Program

Provides funding for site and/or infrastructure improvements for projects creating new jobs.

Enterprise Zone

Provides a $2,500 tax credit for each certified net new job created and either a 4% sales/use tax rebate on capital expenditures or income and franchise tax credits up to 1.5% of investment.

Industrial Tax Exemption

Provides a 100% property tax abatement for up to 10 years on materials used in new manufacturing.

Live Performance Tax Credit

Provides a tax credit up to 25% on qualified production or infrastructure development expenditures, with additional tax credits available for payroll and transportation expenditures.

Modernization Tax Credit

Provides a 5% refundable state tax credit for manufacturers modernizing or upgrading existing facilities in Louisiana.

Motion Picture Industry Development Tax Credit

A transferable tax credit of 30% for qualified motion picture production expenditures and an additional 5% tax credit for Louisiana resident labor expenditures.

New Markets Tax Credit

Investors in qualified projects can obtain a federal income tax credit of 5% to 6% of the amount invested for each year the investment is held, for up to seven years.

Quality Jobs

Provides up to 6% rebate on annual payroll expenses for up to 10 years and either a 4% sales/use tax rebate on capital expenditures or an investment tax credit equal to 1.5% of qualifying expenses.

Research & Development Tax Credit

Provides a tax credit up to 40% to existing businesses with operating facilities in Louisiana to establish or continue research and development activities within the state. Credits are refundable and can tie to Federal credits for additional benefit.

Restoration Tax Abatement

Provides a five-year 100% property tax abatement for the rehabilitation of an existing structure.

Sound Recording Investor Tax Credit

Provides a 25% refundable tax credit for qualified production expenditures on state-certified sound recording projects.

Technology Commercialization Credit and Jobs Program

Provides a 40% refundable tax credit for companies that invest in the commercialization of Louisiana technology and a 6% payroll rebate for the creation new, direct jobs.

International Tax Consulting

While businesses devote considerable resources toward minimizing domestic taxes, many organizations spend significantly less effort on reducing foreign taxes – even though their effective tax rates are frequently higher than the U.S. tax rate. In addition, multinational companies are not paying as close attention to transfer pricing and treaty shopping issues – during a time when many foreign revenue authorities are especially focused on those issues.

Without careful planning, a company’s earnings could be depleted by additional tax costs and the costs of defending tax cases.

As a member of BDO Alliance USA, we can introduce you to BDO’s International Tax Consulting practice offers a wide range of services to assist companies in navigating international rules to identify risks and opportunities. Their services include (as related to both inbound and outbound tax planning):

  • Basic Structuring: Choosing among branch and subsidiary, tax-efficient acquisitions and joint ventures, financing and utilizing foreign losses.
  • Sophisticated Structuring: Location and use of holding, service and intellectual property companies; tax arbitrage; treaty planning; hybrid planning; and effective use of low-tax jurisdictions.
  • Risk Management & Compliance: Transfer pricing reviews, compliance and reporting.
  • Profit Realization: Dividends and foreign tax credits and planning for sales and flotations.

We can also advise clients on using new financing ideas for tax-effective repatriation and financing; moving intellectual property revenue streams to tax-friendly jurisdictions; and organizing and streamlining tax functions.

Estate Planning – Gift, Trust and Charitable Giving

You have built quite a nest egg and you don’t want to see that egg get scrambled. You built this yourself…you put a lot of work into building this. But in reality, you very likely had a great deal of guidance from key advisors that got you to this point. Now is not the time to go it alone.

At Wegmann Dazet, our strategy starts from a different perspective…we see this exercise not as an analysis of what you have but as a road building to what you want. And we will not be alone on this construction. Our role will be to work hand-in-hand with your bankers, your family financial advisors, your attorneys and others to construct a thorough and appropriate pathway. Our team will look out for the tax impact of the wealth management advice you receive to insure the most advantageous strategy for you and your heirs. Own a business? Let our valuation professional tie down the worth of your creation to support the gifting and ownership distributions you are considering. You can count on our team to help you with:

  • Income tax preparation for grantor trusts, irrevocable trusts, credit shelter trusts, marital trusts, children’s trusts, special needs trusts, and charitable remainder trusts
  • Preparation of Crummy (trust) letters
  • Estate tax return preparation, estate income tax returns
  • Gift tax return preparation for lifetime giving and generation skipping allocations

The cost of getting it wrong could far exceed the expense of planning it properly. Let us help you protect all that is yours. Contact us and let us talk about your plans.

Representation Before the IRS / Tax Authorities

During our years of experience dealing with many taxing authorities, we have achieved a level of competence that can ensure our clients they are being properly represented before the various federal and state tax agencies. Tax issues may include:

  • Representation during IRS tax audits
  • Failure to file federal and state income tax returns
  • Income tax delinquencies, release of tax liens and payroll levies
  • Failure to file payroll tax returns (Forms 940 and Forms 941)
  • Failure to deposit payroll taxes