Let’s face it – tax jurisdictions are desperate for money these days. As tax jurisdictions continue to search for revenue from all sources, the income and franchise tax compliance process has become increasingly difficult. The combination of ever-changing laws and enhanced penalties for failure to meet those laws has forced companies to place a greater emphasis on the compliance process.
Johnson & Garrison provides a wide range of tax compliance services, and some of the most common are as follows:
Income and Franchise Tax Returns
Perhaps you prepare your tax returns “in-house”, but you would like a high-level review before submitting it to the tax authorities. Perhaps your company has just acquired a new set of companies, and you need some temporary assistance in preparing the necessary filings. Or perhaps you simply want to outsource the entire tax return process and not worry about it. We’re here to help in all of these situations – and more. We offer preparation and review services for all corporate income and franchise tax returns, from the simplest Form 1120 for a local business to the most complicated consolidated tax return for multinational organizations, including domestic reporting of international transactions (Form 5471, Form 5472, Form 8858, etc.). We can also provide extension and estimate tax services as needed.
Even with the best tax compliance firm, it is likely that a tax jurisdiction will select your return at some point for examination. We can help make this experience easier on everyone by providing you with experienced representation in your audits. We will work closely with the examiners to streamline the process and to achieve the most beneficial result for you. We can host your examiner in our offices, so that they do not interfere with your day-to-day operations.
Miscellaneous Compliance Projects
Some other common compliance areas in which we assist our clients include:
- Voluntary Disclosure Programs – most states offer programs for companies that have not properly filed income and franchise tax returns in prior years to voluntarily come into compliance without penalty. These programs offer the advantage of limiting the number of years of exposure (generally three to four years, depending on the state). We can assist with the negotiation of these agreements, as well as the preparation and review of the required returns.
- Amended Returns – we can help you with the preparation and review of amended tax returns as the need arises, usually due to audits and examinations, the discovery of errors on prior returns, or a tax planning strategy.
- Corporate Registration – we can help you determine whether or not you are in good standing in the jurisdictions in which you operate and provide you with assistance in maintaining good standing in the future. This includes annual report filings, setting you up with registered agents, and obtaining all corporate identification and account numbers in the various jurisdictions.