Recent Projects
We have the unique experience necessary to manage the complex issues faced by both domestic and inbound global entities across a spectrum of industries from manufacturers and service providers to data base and software developers. We have assisted entities with just about every type of tax or fee imposed by governmental entities from sales and use taxes, fuel excise, corporate income, developing, implementing and supporting transfer pricing programs to domestic and cross boarder withholding tax issues.
Global Technology Service Provider
A billion dollar NYSE traded technology services provider came to us in need for an experience tax director to help with special projects and audit defense. A couple of months later, when their Vice-President of Taxes resigned just as the year-end reporting cycle began, we were there to help. Our executive arrived in time to transition with the departing executive and worked with the company's outside service providers and six department members to complete their tax provision timely. He also worked with management to develop a transition plan. A transition plan that included his termination once certain projects were completed, occurring sooner then management anticipated. Below is a sampling of projects:
Global Manufacturer
A privately held global manufacturer contacted us for help with their departing tax executive. This particular client had global sales of over 500 million dollars and was in transition. They were moving their headquarters to another city and were in the process of being sold. Our executive transitioned with the departing executive and managed the department and function for eighteen months through a federal and several state audits plus compliance and financial reporting duties. Below is a sampling of projects during our engagement:
Inbound Specialty Manufacturer
We were contacted by a large, global specialty manufacturer based in Germany. Our original engagement was to assist and mentor their recently hired director of tax. When their tax director had to take a leave of absence, we were there to provide an interim replacement. Below is a sampling of projects during our engagement;
Listed below are some of the individual projects that our interim executives identified and/or completed for our clients.
Sales Tax Letter Ruling and Voluntary Disclosure
WHC & Associates, LLC was originally engaged to assist an international NYSE listed company with a sales tax voluntary disclosure. However, when work began, we identified that the services that our client were collecting taxes on were being sourced incorrectly. We drafted the appropriate support for review and worked diligently with local counsel to file a request for a letter ruling to confirm our position due to its magnitude. Our experience saved the client and generated a refund request for one of its primary customers of close to $1,000,000.
Financial Reporting
Calculated the provision for a US multinational manufacturer with operations in Europe, Asia and Latin America including calculating, foreign tax credits, sub part F taxable income, foreign dividends and related gross-up calculations.
Compliance Management
Managed and completed federal, state and local tax returns including Forms 1118, 5471 and 8858. During the process, was able to save the client $60,000 by filing their Delaware franchise tax return using the alternative method.
Transactional Assistance
Structured and assisted with the management of the disposal of a Chinese Joint Venture and a wholly owned Mexican operating company.
Compliance Management
Managed the outsourcing of returns for a European Company that include Forms 1118, 5471 and 5472 plus state and local income tax returns. While doing so, identified a state refund opportunity available by using an alternative apportionment method. We then complied the necessary information and completed and filed the necessary returns claiming a refund due to the client of $1,800,000.
Real Estate Taxes
While assisting a client with managing their tax function, we worked with outside firms to appeal the assessed value of industrial property that ultimately saved the client $150,000 a year in real estate taxes.
Audit Defense
Assisted a European client with the management of an audit by Washington State for the Business and Occupation tax. We pulled the necessary information, reviewed it for possible exposures and packaged the information for delivery to the auditor. We fully managed the audit up to the auditor's issue of a letter indicating no proposed changes.
Mergers & Acquisitions
Performed due diligence services for a proposed acquisition. We identified a number of issues to our client along with a number of alternatives that would mitigate their exposures so as not to derail the transaction. We also advised to the client to use a reversed triangular merger to place acquisition debt at the operating entity thus shielding forecasted earnings and avoiding recently added interest add back rules. The value of the acquisition was $130,000,000
Mergers & Acquisitions
Structured the acquisition of a interest in a Company using a partnership structure to minimize tax to the sellers, minimize cost to purchasers and to increase the rate of return on investment by starting Section 197 amortization. The value of the acquisition was $32,000,000
Change of Accounting Method
Was able to convince Management to implement a change in the language of their licensing agreements that changed the recognition of income for the company. Doing so triggered the immediate deduction of deferred expenses that saved $35,000,000 of income taxes.
We have the unique experience necessary to manage the complex issues faced by both domestic and inbound global entities across a spectrum of industries from manufacturers and service providers to data base and software developers. We have assisted entities with just about every type of tax or fee imposed by governmental entities from sales and use taxes, fuel excise, corporate income, developing, implementing and supporting transfer pricing programs to domestic and cross boarder withholding tax issues.
Global Technology Service Provider
A billion dollar NYSE traded technology services provider came to us in need for an experience tax director to help with special projects and audit defense. A couple of months later, when their Vice-President of Taxes resigned just as the year-end reporting cycle began, we were there to help. Our executive arrived in time to transition with the departing executive and worked with the company's outside service providers and six department members to complete their tax provision timely. He also worked with management to develop a transition plan. A transition plan that included his termination once certain projects were completed, occurring sooner then management anticipated. Below is a sampling of projects:
- Year-end Financial Reporting of Income Taxes
- Audit Defense
- Voluntary Disclosure - Corporate Income Taxes
- Voluntary Disclosure - Sales Taxes
- Department Reorganization & Technology Enhancements
Global Manufacturer
A privately held global manufacturer contacted us for help with their departing tax executive. This particular client had global sales of over 500 million dollars and was in transition. They were moving their headquarters to another city and were in the process of being sold. Our executive transitioned with the departing executive and managed the department and function for eighteen months through a federal and several state audits plus compliance and financial reporting duties. Below is a sampling of projects during our engagement:
- Quarterly and Year-end Financial Reporting of Taxes
- Appeal for Refund of Property Tax Assessment
- Management and closure of a Federal Income Tax Audit Including Transfer Pricing
- Compliance Management
- Structured and Managed the disposal of two foreign operating entities
Inbound Specialty Manufacturer
We were contacted by a large, global specialty manufacturer based in Germany. Our original engagement was to assist and mentor their recently hired director of tax. When their tax director had to take a leave of absence, we were there to provide an interim replacement. Below is a sampling of projects during our engagement;
- Compliance Management
- Audit Defense
- Year-end financial reporting
- Identified and claimed refunds
Listed below are some of the individual projects that our interim executives identified and/or completed for our clients.
Sales Tax Letter Ruling and Voluntary Disclosure
WHC & Associates, LLC was originally engaged to assist an international NYSE listed company with a sales tax voluntary disclosure. However, when work began, we identified that the services that our client were collecting taxes on were being sourced incorrectly. We drafted the appropriate support for review and worked diligently with local counsel to file a request for a letter ruling to confirm our position due to its magnitude. Our experience saved the client and generated a refund request for one of its primary customers of close to $1,000,000.
Financial Reporting
Calculated the provision for a US multinational manufacturer with operations in Europe, Asia and Latin America including calculating, foreign tax credits, sub part F taxable income, foreign dividends and related gross-up calculations.
Compliance Management
Managed and completed federal, state and local tax returns including Forms 1118, 5471 and 8858. During the process, was able to save the client $60,000 by filing their Delaware franchise tax return using the alternative method.
Transactional Assistance
Structured and assisted with the management of the disposal of a Chinese Joint Venture and a wholly owned Mexican operating company.
Compliance Management
Managed the outsourcing of returns for a European Company that include Forms 1118, 5471 and 5472 plus state and local income tax returns. While doing so, identified a state refund opportunity available by using an alternative apportionment method. We then complied the necessary information and completed and filed the necessary returns claiming a refund due to the client of $1,800,000.
Real Estate Taxes
While assisting a client with managing their tax function, we worked with outside firms to appeal the assessed value of industrial property that ultimately saved the client $150,000 a year in real estate taxes.
Audit Defense
Assisted a European client with the management of an audit by Washington State for the Business and Occupation tax. We pulled the necessary information, reviewed it for possible exposures and packaged the information for delivery to the auditor. We fully managed the audit up to the auditor's issue of a letter indicating no proposed changes.
Mergers & Acquisitions
Performed due diligence services for a proposed acquisition. We identified a number of issues to our client along with a number of alternatives that would mitigate their exposures so as not to derail the transaction. We also advised to the client to use a reversed triangular merger to place acquisition debt at the operating entity thus shielding forecasted earnings and avoiding recently added interest add back rules. The value of the acquisition was $130,000,000
Mergers & Acquisitions
Structured the acquisition of a interest in a Company using a partnership structure to minimize tax to the sellers, minimize cost to purchasers and to increase the rate of return on investment by starting Section 197 amortization. The value of the acquisition was $32,000,000
Change of Accounting Method
Was able to convince Management to implement a change in the language of their licensing agreements that changed the recognition of income for the company. Doing so triggered the immediate deduction of deferred expenses that saved $35,000,000 of income taxes.