Tax Accounting & Consulting BDO Professional Tax Services

Dekabr 31, 2020

PwC’s Accounting Methods team can help your company understand the impact of business decisions on accounting methods and inventory calculations − and the impact of accounting methods and inventory calculations on your business.. PwC has developed technology that uses location data to unlock tax savings and insights. For example, GPS data and telematic information from a client’s fleet can be utilized to claim fuel tax refunds and automate fleet tax compliance. We offer PAID opportunities for college students and experienced hires to gain hands-on experience in digital marketing, social media, and business development. Large business transactions are an opportunity for tax credits, benefits, and incentives. Avoid overpaying taxes by understanding the deductions and credits available to you.

This perspective may be an unexpected approach to tax services, but it’s crucial to how PwC works with private clients — helping deliver sustained outcomes for private companies and owners. R&D tax credits can provide significant benefits to businesses through credits for eligible innovation, product development, and research-related expenses. This service is particularly beneficial for software, technology, pharmaceuticals, and manufacturing businesses, where significant specialized tax services R&D investments are made. BAY provides Accounting & Tax solutions to CPAs and businesses within the United States on what deductions, benefits, credits, and incentives might exist. Our team specializes in narrow slivers of the tax code, emphasizing Real Estate, Employee Retention Tax Credits, and Research & Development Tax Credits. We can help companies identify federal and state R&D tax credits, enabling them to realize cash tax savings for qualified research activities.

  1. As a Specialized Tax Services Sales Intern, you will generate new business and educate business owners about our specialized tax services.
  2. Companies should regularly evaluate their accounting methods and elections to meet their overall tax objectives.
  3. In a world where every business decision has a tax implication, an effective tax department sits at the nexus of external tax forces and internal business strategy.
  4. Companies with significant equity activity may unknowingly experience ownership changes.
  5. When needs arise, tax subject matter specialists bring insights that can serve your business strategy beyond tax reporting.

Companies should regularly evaluate their accounting methods for tax purposes, identify planning opportunities and exposure items at the earliest possible time, and take corrective action. Through analysis of several categories of items, including timing of income and deductions, cost capitalization issues and other accounting method issues, companies can evaluate their ability to utilize, change to, or adopt advantageous accounting methods. Organizations today are tasked with navigating an increasingly complex tax landscape in a constantly transforming global environment. In a world where every business decision has a tax implication, an effective tax department sits at the nexus of external tax forces and internal business strategy. When the tax function operates effectively, there is a significant impact on the bottom line, improved risk mitigation and accelerated business transformation and growth.

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The process of selecting appropriate accounting methods can be overwhelming – especially considering the need to manage taxable income for broader attribute management. The vast range of methods and elections available today, coupled with the resource constraints companies face, often result in a company using unfavorable accounting methods and leaving both permanent and temporary tax savings on the table. Companies should regularly evaluate their accounting methods and elections to meet their overall tax objectives. This review will allow companies to identify planning opportunities at the earliest time possible.

For additional information please access our frequently asked questions or your online account. Sightline is a tax platform that makes the entire tax process more collaborative and insightful. On call for big-picture planning strategies to day-to-day tax filing requirements. Examples in real estate include Cost Segregation studies, 1031 Exchange, Opportunity Zones, and 45L.

Why should you consider an accounting method study?

BDO is the brand name for the BDO network and for each of the BDO Member Firms. BDO USA, P.C., a Virginia professional corporation, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO has been our tax firm for many years and we have built a very close working relationship. PwC works with companies to structure capital expenditures
(i.e. acquisitions, new construction, and renovations) in a manner that qualifies the resulting property as replacement property in a like-kind exchange (LKE). Did you know you can access your 2023 Year-End Tax Statements through your online account? Forms were mailed in late January and may take up to 10 business days for delivery.

Benefits for your private company and owners

Tax optimization should be factored into every business initiative, as well as day-to-day operations. Very few complex organizations have visibility into their total tax posture. BDO’s strategic tax advisors approach every client with a total tax mindset – helping businesses and organizations assess the tax implications of business decisions to understand their total tax footprint.

We address compliance and identify planning opportunities across international, federal, state and local jurisdictions to create a total tax strategy. While the long-term goal is a comprehensive, integrated tax posture, it is accomplished through realistic short-term objectives and actionable insights. This technology enabled service offering helps clients maintain consistent reporting for federal and state income tax reporting and has additional benefits related to property tax maintenance and tax basis balance sheet support.

PwC works with companies to initially classify new fixed assets and update historical fixed asset classifications as well as remediate the effects of under- or over-depreciated assets. PwC also can help companies with fixed asset planning related to certain international-focused tax provisions. BDO’s NTO provides guidance across the firm on complex matters involving a broad range of complex technical tax areas. It supports client engagement teams in servicing your unique needs for compliance, technology, tax planning and strategy, and more. Beyond tax planning and compliance there are as many tax-minimization opportunities for CPA firms and businesses as there are unique situations. These powerful opportunities may be missed if a firm or business doesn’t want to or can’t invest time and resources in these often-complex techniques and ever-changing regulations.

By submitting your email address, you acknowledge that you have read the Privacy Statement and that you consent to our processing data in accordance with the Privacy Statement (including international transfers). If you change your mind at any time about wishing to receive the information from us, you can send us an email message using the Contact Us page. A core team of tax professionals can lead your compliance effort and help identify potential planning opportunities and tax benefits. When needs arise, tax subject matter specialists bring insights that can serve your business strategy beyond tax reporting. Managing Director Brian Yormack is a highly accomplished entrepreneur and CPA. After working for prominent accounting organizations, Brian broke out to start his own firm, where he leverages his extensive expertise in financial analysis, taxation, and strategic financial planning to elevate businesses and individuals to the next level.

Stay informed to ensure you only pay what’s necessary and keep more money in your pocket. Let our expert CPAs guide you through claiming specialized tax credits that your current tax advisor might be missing. Delivering tax services, insights and guidance on US tax policy, tax reform, legislation, registration and tax law.

PwC’s 382 team works to determine whether or not your company has undergone an “ownership change” in light of a transaction, triggering the application of Section 382, and if so, the impact of that change on your company’s ability to utilize its losses to offset future income. We offer our clients a global perspective on their R&D activities, their current claims, and their incentives opportunities worldwide. We help you understand what’s important in a sea of choices, and we give you the tools you need to manage your claims efficiently.

Before determining an M&A strategy, dealmakers should employ transaction tax analysis. In the current environment, retailers may benefit from using the GAAP inventory shrinkage method as their tax method to increase the estimated amount of inventory shrinkage included in cost of goods sold and reduce taxable income. Many R&D incentives have been offered all over the world to accelerate innovation, but it can be difficult to manage it all. That’s our expertise, and that’s why we pair our incentives services with the Global Incentives Solutions platform. Companies with NOL carryforwards should be aware that Section 382 limits a corporation’s ability to use its tax NOLs following an “ownership change.” Section 382 applies to all corporations with NOLs and/or tax credit carryforwards.

PwC works with companies to leverage technology in the labor intensive process of maintaining tax basis reconciliations as well as assist companies with remediation of variances in the cumulative tax basis balance sheet. The benefits of having accurate E&P calculation include timely tax information to aid in business decisions, reduce financial risk and tax exposure, and a reduced likelihood of unexpected tax consequences. Dedicated team proactively identifies tax planning opportunities and remedies.

With that, we are compensating well for successful contributions and talents, and do not emphasize hourly as much as results. You will be paid the bonus compensation for what each role defines as Success, and what you can bring to the table. A TCA study may help companies to accelerate deductible or amortizable transaction costs to achieve tax savings and increase cash flow. PwC’s STS team is a diversified practice providing industry leading expertise in key federal tax areas, such as Accounting Methods, Fixed Asset, Research Credit, and domestic Transactions Services, in addition to offering market leading technology-enabled and value-added enterprise wide solutions. We use technology, client data, and our deep tax technical expertise to solve client problems and create value for our clients through permanent and/or cash tax savings. Every activity that a business conducts usually has implications for taxes.

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