Forvis Mazars Unveils Innovative Tax Estimation Platform
Forvis Mazars, LLP, one of the leading public accounting and consulting firms, has introduced an advanced sales and use tax estimation platform tailored specifically for clients in the construction sector. This new tool, known as SALT Explorer, addresses the complexities associated with managing State and Local Tax (SALT) challenges inherent in the construction industry.
Transforming the Estimation Process
The introduction of the SALT Explorer platform marks a significant step for Forvis Mazars. It provides crucial sales and use tax estimates that can be incorporated into project bids, aiming to diminish the risks associated with tax compliance while simultaneously enhancing financial performance. In today’s fast-paced business environment, contractors and builders need reliable solutions to streamline their estimating processes. SALT Explorer meets this demand by offering a more straightforward, web-based approach to tax estimates.
Features of SALT Explorer
SALT Explorer is more than just a tax estimation tool; it’s a comprehensive platform that equips construction companies—especially those operating across multiple jurisdictions—with the resources required for accurate project estimates. Developed through collaborative efforts by EDGE, the Innovation Lab at Forvis Mazars, the platform integrates a digital-first strategy. It provides users with guided project setup, tax estimates, and valuable insights from seasoned SALT advisors with decades of experience in the field.
Key Functionalities
The platform's project setup form is designed to lead estimators through vital parameters needed for creating bids. Key functionalities include:
- Utilizing project addresses or GPS coordinates to determine the relevant tax jurisdiction.
- A step-by-step walkthrough of essential details including contract types and associated project costs such as materials and labor.
Staying Up-to-Date with Tax Codes
One of the standout features of SALT Explorer is its ability to leverage the latest state and local tax codes to generate precise tax liability estimates. Users benefit from:
- Current state tax rates.
- City, county, and special district tax rates.
- In-depth state guidance.
- Insights on each state’s treatment of construction contracts.
Addressing Industry Challenges
The construction sector often grapples with outdated resources. Clients typically rely on lengthy PDF guides that can span thousands of pages or invest heavily in specialized SALT teams for tax estimates. Both options become time-intensive and costly, a strain for any enterprise.
Tommy Varnell, a managing director at Forvis Mazars’ SALT consulting team, emphasizes the need for innovative solutions. “This platform serves as a streamlined, cost-effective alternative for the construction sector, which we plan to adapt to other industries in the future,” he states, highlighting the firm's commitment to improving operational efficiency and reducing financial risks.
Why SALT Explorer Matters
As contractors, builders, and construction professionals continue to face a growing backlog of projects with increasing complexity, tools like SALT Explorer become crucial. The ability to generate quick, accurate tax estimates not only alleviates financial risk but also optimizes workflow within the industry.
Moreover, the integration of streamlined tax regulations into reliable project estimates facilitates informed decision-making. For leadership in construction companies, managing compliance without sacrificing speed or accuracy is vital.
Learn More About SALT Explorer
To discover more about how SALT Explorer can enhance operational efficiency and compliance for your business, visit forvismazars.us/saltexplorer.
About Forvis Mazars
Forvis Mazars, LLP, operates as an independent member of Forvis Mazars Global, which is a renowned professional services network. With a workforce of 7,000 dedicated professionals, Forvis Mazars is recognized as one of the largest public accounting firms in the United States. The firm delivers an unmatched client experience, offering a wide array of assurance, tax, and consulting services for clients across all 50 states and globally.
Frequently Asked Questions
What is the purpose of SALT Explorer?
SALT Explorer aims to provide accurate sales and use tax estimates for the construction industry, helping firms navigate complex tax regulations effectively.
Who can benefit from using SALT Explorer?
Construction companies, contractors, architects, and builders who manage projects across different states will find this platform exceptionally useful.
How does SALT Explorer improve efficiency?
The platform streamlines the estimation process by providing guided setup, local knowledge, and access to experienced SALT advisors, thus saving time and reducing the risk of errors.
What features does SALT Explorer offer?
SALT Explorer features include tax jurisdiction identification, detailed tax liability estimates, and up-to-date local tax codes to support accurate bidding.
Is SALT Explorer limited to the construction industry?
While initially designed for the construction sector, Forvis Mazars plans to expand SALT Explorer’s capabilities for other industries in the future.
