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Industry Expertise
Financial
Labhart Miles works with California financial institutions to secure the benefits of the Enterprise Zone (EZ) Net Interest Deduction for Lenders, and other EZ credits where applicable. Our proven process includes not only the identification and calculation of qualifying loans but also examination of loan documents to verify that the funds are appropriately utilized for purposes of the NID. This provides our clients a more than reasonable level of assurance that what they are claiming on their tax return will satisfy the scrutiny of the Franchise Tax Board.Our banking clients range from small community banks (with assets of less than $200 million) to much larger regional banks (with assets in excess of several billion dollars). Many times these engagements begin by examining past years’ unclaimed benefits. And although we provide our clients with our methodology and process, allowing the client to take the work in-house, most of our clients ask us to perform the work on an annual basis.
Areas of Practice
State Tax Consulting California Enterprise Zone Projects Multi-State Credits and Incentives Affiliated Services Industry Expertise Seminars & PresentationsMost financial institutions lend into Enterprise Zones as part of their CRA requirements. Labhart Miles can identify loans that qualify for the deduction. Contact us to find out about a free scoping.
Construction
Labhart Miles assists construction industry clients mainly with the identification and implementation of the California Enterprise Zone (EZ) Hiring Credit and Sales & Use Tax Credit, as well as multi-state tax credit consulting. Using our proven process we design a work-program for each client formulated using client information and then tailored to their filing schedule and requirements. Because some of this work involves employee data, we use the utmost care in securing not only the client’s information, but also that of their employees. Our proven processes include not only the identification of qualified company locations and qualified employees, but where applicable, our professionals will personally interview potentially qualifying employees in order to obtain the necessary information to maximize the benefits. This provides our clients a more than reasonable level of assurance that what they are claiming on their tax return will satisfy the scrutiny of the Franchise Tax Board.Our construction clients are both regional and national companies - light and heavy construction. Our work involves California credits and multi-state tax issues as well. Many times these engagements begin by examining past years’ unclaimed benefits. And although we provide our clients with our methodology and process, allowing the client to take the work in-house, most of our clients ask us to perform the work on an annual basis.
With work locations and job sites in many states, construction companies often qualify for credits and incentives in enterprise zones, or for hiring credits. If your company is multi-state, contact us to make sure you’re claiming all statutory tax benefits.
Technology and Manufacturing
Labhart Miles serves clients in various technology sectors, including telecom, networking, and software - both service and manufacturing. Client services include nexus reviews (multi-state income, franchise, and sales/use taxes), taxability studies, audit assistance, tax credit reviews, with an emphasis on California Enterprise Zone Hiring and Sales Tax credits, California Net Interest Deduction for Lenders and the expired Manufacturers’ Investment Credit (statutory audit period will lapse in 2008). In addition to our proven processes for tax credits, Labhart Miles provides concise, easy-to-understand state tax assistance. We provide both summary and detailed analysis in order to meet the needs of our clients. We make every effort to take the confusion out of dealing with myriad states and their taxes, Our job is to put the analysis in plain language so our clients can do what they are paid to do - manage the tax function.Our technology and manufacturing clients range from the Fortune 10 to small-cap businesses. These jobs are usually discrete projects where the client has a need but not enough staff or they involve projects using specialized state tax knowledge that may not exist in-house. Labhart Miles is capable of working with virtually all functions inside a business in order to facilitate completion of the project and is available to train in-house staff.
While the CA Manufacturers’ Investment Credit “MIC” expired in 2003, FTB audit activity is still hot. Contact us for assistance in substantiating your credit, documenting the manufacturing process, responding to IDRs and partnering with you to manage the audit.
