Tax Services

Getting Proactive

No matter the state or jurisdiction that your business resides, state and local taxes always seem to be in transition. Porte Brown’s tax experts can help your business remain compliant with state tax laws and regulations, develop innovative tax planning strategies regardless of where your company conducts business or the number of states your company may reside, perform nexus reviews, and highlight potential areas of sales and use tax exposure. Our state and local tax (SALT) specialists are not only knowledgeable about state tax and local tax planning and strategies, they are also highly experienced with a wide range of industries and business types, so you can rest assured that you are receiving the highest level of service and support.

To ensure that clients conducting business in multiple states report their income correctly, Porte Brown LLC created its State and Local Tax (SALT) Practice Group. A company does not want to find out after the fact that their recently completed business deal has an accompanying tax exposure that they were unaware of. Our specialized expertise can help you identify these issues before they occur.

Why It's Important

When goods and services cross state lines, nexus* comes into play and your company potentially becomes responsible for income taxes and other taxes in those states. Depending on your company’s presence in another state (via inventory, sales representatives, etc.), your company may be responsible for applicable taxes in those states. Driving your truck across a state line could cause you to have nexus, depending on which state you are traveling into. We help clients anticipate their potential exposure.

How We Do It

Our proactive team asks the right questions up front so that we can anticipate potential issues. We work with clients throughout the year to minimize or eliminate tax exposure at a later date. Porte Brown LLC is dedicated to learning about your business and protecting it from unnecessary tax liabilities.

Is your company registered in all of the states in which it operates?

Porte Brown’s State and Local Tax Practice Group has experience and expertise in three primary areas:

• Illinois Tax
• Multi State Tax Issues (Nexus)
• Multi State Returns

*Nexus defined: a nexus in general means a connection. The term nexus is used in tax law to describe a situation in which a business has a "nexus" or presence in a state and is thus subject to state income taxes and to sales taxes for sales within that state.

New Opportunities of Expansion

Whether your company is a large multi-national corporation that has been operating globally for years or is a small firm looking to expand its business, it is important to understand how an international operation can affect your business, its prospects for growth, and how your bottom line can be affected by international taxes.

In today’s global market, it is becoming the norm to operate internationally rather than the exception because of better scales of economy and low operational costs. Porte Brown can help your company navigate the complex nature of working across international borders and the tax ramifications associated with it, while providing guidance and support to grow your business globally.

Porte Brown’s International Tax Practice Group recognizes the need to have global operations that operate seamlessly with their domestic side of business. This is why we offer our clients a customized approach to match their current needs with their aspirations for the future.

Our international tax experts are ready to help in the following areas:

• Global Tax Compliance
• IC-DISC Export Incentive
• Foreign Subsidiary Planning
• Expatriate Consulting
• Cross Border Tax Advising
• Transfer Pricing
• Foreign Tax Credits Analysis
• Enterprise Transformation
• Foreign Business Investments
• Global Tax Compliance
• International Accounting
• International Tax Preparation Services

Navigating the Cryptocurrency Waters

Currently, virtual currencies are operating in a "wild west" environment with only a basic list of rules and regulations established by the IRS. Due to this absence of federal guidelines on cryptocurrencies, it can be very hard to determine if you'reoverpaying or underpaying on your taxes. While the growing pains of the cryptocurrency market are likely to continue, this transitional climate is sure to end in the near future, especially as the IRS and the U.S. Treasury start to craft more regulations and explore better solutions to track cryptocurrency tax obligations.

To the experienced investor, navigating the traditional investment markets for tax purposes can seem relatively straightforward, but when it comes to virtual currency tax reporting, even the most experienced cryptocurrency traders can be left scratching their heads. If you're an investor who deals with multiple types of cryptocurrency transactions during the year, received payment for a job in the form of a virtual currency, or are a novice looking to make his or her first move into the digital currency world, contact Porte Brown today. Porte Brown is well-versed in virtual currencies and has the knowledge and experience to properly assist you with all of your cryptocurrency tax preparation needs.

Our Cryptocurrency Tax Services Include:

• Virtual Currency Tax Preparation
• Cryptocurrency Compliance
• Tax Planning Strategies
• Cost-Basis Assistance and Optimization
• Capital Gains - Short vs. Long
• Accounting for Airdrops
• Self-Directed IRA Strategies
• Mining Coins/Self Employment Tax Support
• Entity Formation
• Bitcoin Payment Information Reporting

For more information, please contact Porte Brown's Cryptocurrency leader, Gary Kemnitz, CPA, CFE, CVA, at 847-956-1040.