Like other industries, retail establishments face demanding competition and a number of planning challenges and opportunities unique to their industry. Concerns about advertising, inventory maintenance, pricing, theft, and retaining employees occupy owners’ priorities. With a tremendous accounting and record-keeping burden for accountants and tax preparers with retail clients, no time is available for tax preparers, bookkeepers, or the proprietors themselves to research the copious and exhaustive Tax Code in search of new tax opportunities. STA’s team of professionals Research specifically for retail business would include these considerations:
- Tax advantaged employee fringe benefits
- Tax beneficial inventory methodology
- Potential accelerated depreciation methods for retail locations
- Accounting methodology for cash/volume discounts
- State sales/use and income tax filing requirements (“nexus” studies)
STA’s professionals have the experience and industry expertise to identify and take full advantage of these tax savings and deferral opportunities provided by state and Federal tax codes to assist cash flow and provide a competitive advantage.