SALT PRACTICE: ARE YOU PROVIDING THE RIGHT TREATMENT TO YOUR CLIENT'S CONDITION?
If you read my last post, you know that I was recently diagnosed with a hernia. Well, I had the surgery this week and am in the recovery stage. The surgery went well and I am resting at home with the help of pain medication. The hardest part is looking in the mirror and seeing all of my hard work from working out (20+ years) disappear. If you read my last post you know that I am a fitness addict. The 6 week rest/recovery period is going to drive me nuts. I haven't worked out for 2 weeks and I am already going crazy.
Whenever I receive medical treatment or visit the doctor, I often compare operating a medical practice to operating a state and local tax practice. For example, both have the following in common:
- Examination and testing
- Treatment (which may involve the assistance of further specialists)
- Over the Counter (OTC) / Prescriptions
- Less complex tax research questions
- More complex tax research questions
- Major projects such as restructuring
- Emergency Room
- Audits / Appeals
- Last minute transaction tax planning
- Loss Prevention or Preventative Medicine
- Reverse audits
- Nexus reviews
- Pre-return filing planning
- Pre-transaction planning
- Due Diligence
Brian Strahle is the owner of LEVERAGE SALT, LLC where he provides state and local tax technical services to accounting firms, law firms and tax research organizations across the United States. He also writes a weekly column in Tax Analysts State Tax Notes entitled, "The SALT Effect." For more info, visit his website: www.leveragestateandlocaltax.com
You can reach Brian at firstname.lastname@example.org.
Because state and local taxes are deceptively simple and endlessly complicated.