FAS 109 and Corporate Compliance
WTS provides corporate tax compliance and FAS 109 services on an advisory, full out-source or in-source (loan staff) basis. Our professionals work with numerous multi-national companies to provide these time sensitive deliverables in an efficient and professional manner.
FIN 48 Support
Companies preparing financial statements in accordance with US GAAP are generally required to prepare detailed tax footnotes in their financials based upon a stringent analysis of certain tax positions. WTS has experience working with clients and their auditors to provide supporting FIN 48 analysis and footnote preparation. Further, because we are independent from any audit function we can advocate on behalf of our clients with respect to the auditors.
Tax Opinion Letters and IRS Ruling Requests
Depending on the complexity of a transaction, the parties may wish to obtain a tax opinion from counsel or an IRS private ruling (if available). An opinion of counsel can provide support for a taxpayer’s reporting position and may protect the taxpayer from certain IRS penalties. An IRS ruling can provide certainty on the tax treatment of a particular matter. Firm professionals have significant experience in providing tax opinion letters on sophisticated matters and have obtained rulings from the IRS on a number of matters.
Representation in IRS or State Tax Authority Inquiry or Audit
The IRS and each state or local taxing authority may seek additional information from a taxpayer. These agencies may also seek additional tax payments though a formal audit process. WTS represents taxpayers that have been contacted by these authorities or are engaged in the audit process in an effort to obtain more timely and favorable resolutions.