Salt Lake City Fractional CFOs & Controllers

A contractor that receives payment pays its subcontractors and suppliers in proportion to the work each performed under that billing. If it pays later than 30 days after receiving the funds, or after the billing's due date if that comes later, without reasonable cause, it owes interest of 1% a month plus collection costs and attorney fees. The same rule applies at every tier unless the contract sets other terms, and retention a contractor receives passes to its subcontractors within 10 days. More on our fractional controller work for construction companies.

Anyone who wants lien rights files a preliminary notice on the State Construction Registry within 20 days of starting work. A late notice protects only work done 5 or more days after it is filed, and no notice means no lien. The lien is recorded with the county recorder within 180 days of final completion, or within 90 days after a notice of completion is filed, and a suit to enforce it follows within 180 days of recording.

Yes. Counties assess business personal property every year as of January 1, and the tax is due May 15. For 2026, property worth $30,100 or less in total, per taxpayer in each county, is exempt; the exemption is claimed on the signed statement the assessor requests, which is due within 60 days. Not filing that statement costs $25 or 10% of the tax, whichever is greater.

Utah has three, all nonrefundable: 5% of Utah qualified research expenses above a base amount, 5% of basic-research payments to qualified organizations above a base, and 7.5% of current-year Utah qualified research expenses. The first two carry forward 14 years, and the 7.5% credit doesn't carry forward. A unitary group counts as one taxpayer, and the credits can't be transferred.

Yes. Unpaid sales tax is a lien on the seller's property, and the buyer withholds enough of the purchase money to cover it until the seller produces a Tax Commission receipt or a certificate that none is due. A buyer who skips that holdback is personally liable for tax the seller collected and didn't remit if it is still unpaid 30 days after the sale. A previous owner's unpaid unemployment contributions for the prior fiscal year also add a 1% surcharge to the overall UI rate. See how we support a newly acquired business.

Yes, within limits. A non-compete signed on or after May 10, 2016 can't run more than one year after employment ends, and a longer one is void; reasonable severance agreements and non-competes tied to the sale of a business, where the seller receives value, fall outside that limit. Agreements made on or after May 6, 2026 can't bind licensed healthcare workers for work within their license, or veterinarians who own less than 5% of the business. An employer that tries to enforce an unenforceable non-compete, nondisclosure or nonsolicitation agreement owes arbitration costs, attorney fees and actual damages.

Yes. Every partnership and S corporation pays or withholds 4.45% on its Utah income for each owner other than a Utah-resident individual, due by the return's original due date without extensions. The Tax Commission waives the withholding, along with penalty and interest, for an owner who files and pays by that date. Owners receive a statement and claim a credit for the amount paid on their behalf.

Corporations and LLCs renew with the Division of Corporations for $18 a year, with a $10 late fee, and reinstating a lapsed one costs $54 plus $18 for each missed year. Unclaimed property reports are due before November 1, filed online, covering the 12 months before July 1. Unpaid wages, commissions and bonuses go dormant after one year, and most other property after three. Utah has no annual LLC tax or net-worth tax.