Tax Compliance & Operations
Regardless of the size or nature of your business—whether you outsource your company’s tax function or keep it in house—accurate and efficient tax reporting and compliance are critical to your business. WTAS can help you work through the intricacies of establishing and maintaining effective tax operations and reporting.
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WTAS’ experienced professionals can help your business optimize its tax processes and structures, meet tax compliance requirements on time, and avoid tax penalties.
We can:
- Review/Redesign overall tax department function and processes, such as tax department structure, tax personnel matters (staff size, hiring, evaluation, etc.), workflow efficiency, and technology integration into your tax function
- Evaluate intracompany communication/collaboration among tax and nontax company personnel on matters potentially having significant tax consequences
- Prepare federal and state/local income tax returns, or review returns prepared by in-house tax personnel or outside preparers, for C corporations, S corporations, partnerships or limited liability companies
- Evaluate uncertain tax-return positions and related documentation to avert accuracy-related penalty (IRC Sec. 6662, substantial-authority and more-likely-than-not standards)
- Help you make in-house vs.outsourcing decisions relating to tax activities
- Evaluate commercial or in-house software used for tax-return preparation, knowledge sharing, tax research and tax planning/analysis
- Help with your federal/state/local estimated-tax calculations and penalty avoidance
- Assist you with penalty abatement (e.g., accuracy-related, estimated tax, information reporting penalties) and penalty calculations
- Resolve statute of limitations issues on tax refunds/deficiencies
- Verify interest computations on tax refunds/deficiencies
- Help your business meet tax information-reporting requirements (e.g., Forms 1099)
- Advise on records-retention policies specifying what tax records and documentation should be retained and for how long