Tax audit representation includes: (i) an objective assessment of the technical merits of a tax position; (ii) development of proposed solutions and strategy; (iii) advocacy in IRS administrative appeals processes, (iv) communication with IRS and state and local officials, (v) representation in tax court or district court litigation, and appeals as necessary.
Tax planning includes, but is not limited to: (i) assessing the results of the present course of action; (ii) identifying alternate, viable options for a proposed transaction, and (iii) summarization and presentation of the costs and benefits of each alternative.
Tax Risk Assessments.
Publicly-traded companies and non-publicly-traded companies who are required to comply with generally-accepted accounting principles must comply with Financial Accounting Standards Board ASC 740.
Compliance with FASB ASC 740 requires identification and documentation of tax risks inherent in all potentially-significant business transactions, whether or not such transactions are conducted in the normal course of business. An ASC 740-compliant business enterprise is required to establish and maintain key controls to ensure appropriate management of a company’s tax risks.
Some mid-sized companies choose to obtain outside assistance to comply with this standard. This firm can provide that assistance.