Has the recent economic downturn left your business struggling for cash? As cash conservation continues to be the primary focus of businesses – large and small – it may be time to search for cash overpayments, generate tax credits and recover tax refunds.

Even for businesses temporarily shutting their doors, or at the very least attempting to minimize person-to-person contact, the time is now to identify any and all means of recovering cash for current operations. Where better to start than taxes and operational expenses?

With the pandemic now the new reality, companies should be keenly focused on these various opportunities. The following is a list of strategies GBQ can assist with:

Federal Tax Review Opportunities State and Local Tax
Compliance Review
Tax Credits Other Cost-Saving Initiatives
  • Federal Net Operating Loss carryback
  • Qualified Improvement Property review
  • Recently enacted payroll tax deferral and tax credits
  • Sales/Use Tax recovery reviews for overpayments related to missed exemptions
  • Ohio Commercial Activity Tax reviews for incorrect sourcing or unclaimed credits
  • Multistate Income Tax filing methodology and apportionment opportunities
  • Personal Property Tax asset misclassifications, ghost assets, and situsing
  • Sales Tax deductions for bad debt
  • Multistate Net Operating Loss planning


  • Research & Development Credit Reviews
  • Work Opportunity Tax Credit
  • Federal Empowerment Zone Opportunities
  • Multistate Statutory Credits
  • Ohio Opportunity Zone Tax Credit
  • Duplicate vendor payment analysis
  • Real Estate Tax Valuation Review
  • Cost savings associated with outbound expenditures (parcel audit)
  • Utility studies (energy, water, and steam)
  • Data Analytics review for disbursement history and spend pattern analysis
  • Revenue contract, debt and lease modifications


As states begin to open up and allow for increased commercial activity, take the appropriate steps now to ensure the success of your future business operations. With all overpayment reviews, equal attention should be given to risk and exposure mitigation. Exposure reviews may also be performed concurrently in many circumstances. Contact GBQ State & Local Tax experts Matt Stamp, Sara Goldhardt or Chris Dean to start the conservation conversation.


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