Domestic Tax Advisory and Compliance

Corporate Compliance and FAS 109

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.

Sales and Use Tax Services

The WTS Sales and Use Tax practice is comprised of professionals with the knowledge and experience to address the most challenging sales and use tax issues faced by companies.  We offer both advisory and compliance services with the objective of minimizing exposures in a cost-effective manner.   We also provide proactive planning solutions that reduce costs, tax leakage and compliance burdens within the context of applicable state law.  Our services include the following:

Transaction Analysis and Planning.  We analyze supply chain and service structures and determine tax nexus, reporting obligations and tax exposures.  We provide tax-saving ideas and exemption strategies for a variety of transactions.  We provide buy-side and vendor due diligence services for M&A transactions.

Refund Opportunity Analysis (Reverse Audits).  We perform comprehensive reviews of historical purchases to determine if sales and use taxes were overpaid.  The review considers sales and use tax exemptions as well as errors that occur in the sales and use tax compliance process.

Compliance Outsourcing.  We outsource the sales and use tax compliance function through state-of the-art software and staffing solutions.  We provide tax remittance services through dedicated accounts maintained at national financial institutions.  We register companies with tax authorities.

Integration with Other Tax Services.  Our sales and use tax services are often integrated with other tax service offerings to create efficiencies and manage overall direct and indirect tax exposures and opportunities.  This may involve consideration of state income tax nexus, federal income tax exposures for foreign companies as well as customs and foreign VAT issues.

Contact:     Gerry Beach, CPA    ▪    +1 617 367 9111    ▪    gbeach@wtsus.com