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Federal Tax Matters

 

The challenge: simultaneously minimize both tax burden and compliance risk.

Overview

Federal income tax is one of the most challenging – and crucial – aspects of managing any company, of any size. Tax expense is a significant factor in both annual and long-term performance. Compliance presents an ongoing risk, one that demands nearly constant monitoring of the regulatory landscape.

TaxBud brings a team of professionals dedicated to the complex and transformative terrain of federal income tax matters, and years of experience as one of the world’s premier accounting and consulting networks. From long-term planning to short-term cash flow management, we provide our clients with a comprehensive, proactive approach to the challenges and opportunities inherent in federal tax and all its complexities.

TaxBud works with businesses and organizations of all sizes – multinational corporations, entrepreneurial endeavors, and everything in between. We offer services including:

  • Account Interest Recovery Services

  • Domestic Production Activities Deduction

  • Federal Tax Compliance

  • Tax Accounting Methods

  • Tax Controversy

  • Cost Segregation

  • Research and Development Tax Credit

  • Tax Transformation Services

  • Compensation and Benefits

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    Account Interest Recovery Services

    Hidden IRS refund opportunities for clients.

    The Internal Revenue Service frequently makes errors when it comes to calculating underpayment interest, refund interest, and penalties. As a result, many taxpayers are unknowingly walking away from overpayments that are rightfully owed to them. Regardless of the type of client, business or individual, ensuring that every penny is accounted for is a best practice.

    IRS interest recovery is a highly focused service offered by TaxBud. Our team includes former IRS and other professionals who are exceptionally knowledgeable about IRS policies, procedures, and processes. We analyze all IRS account transactions, determine and document inaccuracies, and are able to identify monies owed to clients by the Treasury: overpaid deficiency interest, underpaid statutory interest on refunds, and penalties that may have been incorrectly assessed or subject to abatement.

     

    Domestic Production Activities Deduction

    Tax deductions for U.S.-based production activities.

    Companies with production activities in the U.S. can potentially reduce their effective federal tax rate by up to three percent by claiming the domestic production activities deduction (“DPAD”) under Section 199 of the Internal Revenue Code. Though sometimes overlooked, these tax incentives are not limited to traditional manufacturers and can apply to companies in multiple industries, including:

  • Manufacturing

  • Software development, including Software as a Service (SaaS)

  • Film and sound recordings

  • Print media

  • Construction

  • Engineering and architecture services

  • Electricity generation

  • Oil and natural gas extraction

  • TaxBud has been helping companies reduce their federal tax liability using Section 199 since our platform was enacted. We offer a partner-led team, a collaborative approach, and a deep understanding of the opportunity, including the most recent developments and technical issues.

     

    Federal Tax Compliance

    Tax compliance is a critical part of financial planning.

    Many tax departments devote significant resources to preparing filings and meeting deadlines, often leaving little time for planning, or for managing regulatory changes. It’s not that tax departments are short-sighted on matters of compliance; it’s that they are over-worked, and occasionally overwhelmed.

    TaxBud looks at compliance beyond the quarterly requirements – assessing tax strategies within the context of a company’s overall financial goals. We have professionals in virtually every tax area and industry sector, who bring experience, insight, and a collaborative approach to even the most complex tax compliance situations. TaxBud advises on:

  • Compensation planning

  • Inventory studies

  • Cost segregation

  • Choice of entity

  • ASC 740 and FIN 48 analysis

  • Representation before IRS and other authorities

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    Tax Accounting Methods

    Accountants, judgment, and real world impact.

    Regulation by regulation, ruling by ruling, case by case – each year brings increasing complexity to the task of determining the timing of recognizing income and deductions, and identifying the optimal treatment for a company’s specific industry and size. The choice of accounting method for numerous items throughout the tax return can often have immediate and significant impact on a company’s cash flow, profitability, and risk exposure.

  • Cash flow. Accounting method changes can generate quasi-permanent cash tax benefits by deferral of income taxes.

  • Interest rates. Rates are rising which makes accounting method changes more valuable.

  • IRS consent. Receive IRS approval and eliminate uncertainty.

  • Reportability. Generally does not require additional disclosure.

  • Foreign Tax Planning. Analyzing a foreign company’s accounting methods can impact earnings and profits depending on the tax posture.

  • Mitigate Uncertain Tax Positions. Companies can correct erroneous methods and secure back-year audit protection.

  • Non-intrusive. Does not require restructuring or other exotic steps.

  • Our Tax Accounting Methods group is a highly technical practice within TaxBud that seeks to help clients to identify and implement the most favorable tax methods of accounting. We are able to proactively identify opportunities, perform a meticulous assessment to optimize all method choices, liaise with the Internal Revenue Service if necessary, and serve as a resource for understanding new developments, such as the recently finalized Tangible Property Regulations.

     

    Tax Controversy

    Credibility and experience when it matters most.

    IRS audits and examinations are a common, if unwelcome, part of running any business. Tax laws are increasingly complex, and frequently open to interpretation. Instances of potential noncompliance are inevitable, however the penalties need not be – even if deficiencies are found.

    TaxBud brings the full resources of one of the country’s most highly regarded, most well established accounting organizations. We have extensive experience with IRS protocols and processes, and have defended and supported clients through countless audits and examinations. At all times, we work openly and collaboratively, providing constant communication during what is understandably a stressful period.

    Our Tax Controversy professionals offer assistance in the following areas:

  • IRS examination preparation and representation

  • Consultation and guidance regarding federal tax procedural issues

  • Representation before the IRS to address request for National Office rulings

  • Penalty and interest services to reduce or abate proposed penalties

  • Reportable transaction services and preparation of necessary documentation

  • Currency and compliance services to resolve inadvertently missed or incorrect tax filings

  • ASC 740 services to determine whether issues have been “effectively settled” for the subsequent recognition of unrecognized tax benefits