This company, audited by a Big 4, had a complex history, including several acquisitions and divestitures and a corporate headquarters move from out-of-state to Georgia. The company began adding jobs in Georgia in the mid-90’s. For whatever reason, the Big 4 firm had not advised the client to claim Georgia jobs credits, credits the client clearly was entitled to claim. … [Read more...]
Client Tax Savings and Refund Results -by the 'Champions of the Obscure'
We find value by investing time in client fact patterns to obtain “contextual knowledge”. Since fact patterns and tax profiles vary significantly, often we find value in unexpected places. Evidence of this may be found in the following stories. In every story below the subject company had a tax relationship with one or more “Big 4” firms.
$2 Million Mississippi Income Tax Refund and ASC 740-10 Mitigation
While many states have eliminated the throwback rule, Mississippi still has one. This refund opportunity arose while we studied the client’s ASC 740-10 reserve. We noted that the client’s effective state tax rate was quite high as compared to benchmark. The reason? To some extent the high rate was attributed to the fact that the client had essentially doubled booked … [Read more...]