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Obama Steps Up International IRS Examinations

The US Treasury Department has issued a press release  entitled Leveling the Playing Field: Curbing Tax Havens and Removing Tax Incentives for Shifting Jobs Overseas. The press releases describes the Obama administrations plans to crack down on multinational corporations with US headquarters by: 

Limiting deferral of income recognition by requiring corporations to defer deductions associated with foreign profits until that income is repatriated.

Closing Foreign Tax Credit loopholes by computing a taxpayers FTCs based on the amount of total foreign tax actually paid on total foreign earnings.

 

WHAT A CORPORATE TAX ATTORNEY DOES
 

By keeping abreast of a company's operations and activities a tax attorney is better able to keep the client informed of changes to the tax law that affect their business. Armed with such knowledge, a tax attorney is able to provide strategic tax planning to minimize taxes for a particular company, a consolidated group, or a multinational group of affiliates.

 

COMPLIANCE & CORPORATE TAX STRATEGIES

 

An experienced tax attorney can help a business in tax planning and special project management, including:

  • Supervising and reviewing the preparation of federal and state income tax returns

  • Compiling and preparing documentation in support tax positions

  • Conducting tax research and analysis for C corporations, S corporations and  partnerships

  • Draft tax memoranda and tax opinions

  • Maintenance of tax and corporate records and related documentation

  • Develop tax strategies related to acquisitions and other business initiatives

  • Regularly updating clients about changes in state and federal tax law

  • Managing outside tax advisors and service providers

  • Identifying and implementing tax-planning strategies to minimize worldwide tax liabilities

  • Analyzing and planning for the availability of tax treaty benefits

  • Implementation of IP and royalty structures and preparation of related documentation

  • Overseeing and managing local country tax compliance and US tax reporting requirements

  • Representation of clients in IRS audits including day-to-day management of the audit process

  • Coordination with auditors to ensure correct reporting of tax positions on audited financials

  • Independent review of proposed tax and financial products and special projects

  • Management and implementation of domestic and international special projects

 

 
 
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