| Federal and State Income Tax Return Preparation |
| We can provide efficient and timely federal and state tax return preparation. Experienced professionals are personally involved in the preparation process. Using well trained and experienced paraprofessionals, innovative technology, RIA’s Gosystem tax preparation software, and client participation, we can complete your complex returns sooner and more accurately. Our secret is the stability of your professional team, the personal involvement of the Firm, and the application of technology to minimize the annual task of gathering information and importing it into the tax return preparation system. The result is a better, faster and more accurate return. |
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| FASB 109/FIN 48 Analysis |
| We have experience preparing FASB 109 entries for clients with multiple legal entities, state and federal NOLs, tax credit carryovers and multiple nondeductible financial accruals. Properly prepared tax accrual workpapers can minimize the tax return preparation process. The goal is to develop the deferred tax items that are complete and accurate sooner rather than later. The result is an accurate FASB 109 deferred tax analysis that can immediately be used to prepare the corporate income tax return. In addition, we can assist the corporate tax director in evaluating the state and federal income tax contingency analysis for adequacy prior to the audit review. |
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| Mergers & Acquisitions |
| We can provide the general federal income tax due diligence that CFOs need to make an acquisition decision. In many instances, CFOs are not aware of the state and local tax contingencies that may wreak havoc in the future. We have significant experience in the area of sales and use tax due diligence. This area can be ignored during the due diligence process because many CFOs assume that sales tax liabilities do not transfer during an asset sales. These CFOs are unaware of the successor liability that can accrue to the purchaser upon the bulk purchase of assets. In addition to due diligence, there are many state and local tax planning opportunities for real estate transfer taxes, sales taxes on asset purchases, separate Sec. 338 elections for states, NOL preservation and innovative corporate income tax planning strategies that can be implemented when purchasing a business. |
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| Nexus State and Local Tax Reviews |
| State and local taxes are becoming a major concern for CFOs and Controllers. Do you have adequate internal controls in place to identify state income/franchise and sales tax changes? How do you know if you have nexus or not with the states in which your customers are located? Are you collecting sales tax for those states on taxable purchases? Do you have procedures in place to review nexus creating activities? Are you receiving nexus questionnaires from states where you believe you have no nexus? Do you know why you are getting these questionnaires? Are you sending employees to multiple states without assessing you withholding requirements? What about state unemployment taxes? These questions can be answered with a nexus review and assessments required under Sarbanes-Oxley legislation (Section 404 review). |
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| Corporate State Income Tax Reviews |
| Do you know if your state tax returns have been prepared with the attention to detail required to minimize the tax reported? Do you know the most common Maryland error that service providers are making today? Virginia and DC errors? Are you taking advantage of the new tax breaks for DC High Technology Companies and R&D credits in Maryland? Have you had special transactions during the last three years resulting in significant state tax? Based on questions like these, we can evaluate the potential to save state income taxes and receive retroactive refunds. |
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| Audit Defense |
| We can provide assistance with your state or local audit. Frequently, it is possible to avoid the auditor altogether. If you are too busy to deal with an audit, it makes sense for us to assist you. Many times busy employees working with an auditor may inadvertently provide partial facts or incorrect responses to auditor's questions, thus prolonging the audit process and requiring additional effort. By working with the auditor directly, we can help avoid these situations and speed the audit's conclusion. In addition, we can spot issues and help you address them prior to them becoming an issue. |
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| IRS RAR State Notification |
| Have you just concluded a complex consolidated return audit? Many states require that IRS changes be reported within 90 days of acceptance or the statutes of limitation does not run. Worse, some states won't allow refund claims past the 90 day window in the event timing differences reverse in following years. We have experience with these issues and can help you get them under control and meet the 90 day deadline. Better yet, we can help avoid the expense of preparing amended returns to reflect the IRS adjustments. |
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| Sales & Use Tax Research |
| Do you have a system in place to in identify sales and purchases subject to sales or use tax in the various states in which you have customers, nexus or facilities? Do you need to understand if your software is taxable in Texas, California or New York? Are you a service provider to the Federal government and you need to understand if your purchases are subject to tax in Virginia, even though you transfer title to the Federal government? We have the multistate experience to assist you in analyzing your company’s situation. |
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| Virginia Business, Occupational, Professional License Tax (BPOL) |
| Virginia's localities often impose a local gross receipts tax in business that carry on activity within their jurisdiction. Taxpayers frequently overpay this tax because of incorrect data or administrative bullying by the taxing authorities. The BPOL rules and regulations can be complex even for the well seasoned tax preparer. We have experience identifying opportunities and applying for refunds. |
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