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Tax Management Consulting for an Energy Company

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Abstract

After a U.S. electricity and gas company had been acquired by an international energy leader, it faced significant staffing issues in its tax department. The timing of its staff shortage could not have been worse: The organization had to address additional compliance requirements and needed immediate support to complete tax-provision calculations.

On short notice, Deloitte Tax LLP was able to provide the client with the staff and technical resources necessary to address both the burning compliance issues and the tax-provision calculations.

The Challenge

On the heels of being acquired by an international energy leader, the company's tax department faced considerable challenges retaining and recruiting staff and completing essential tax activities related to compliance and tax-provision calculations.

How We Helped

The Deloitte Tax team provided the client with a level of support that could address its growing tax support needs – first in the areas of compliance and tax provision, and then into other high-visibility areas. We tapped our internal resources with specific experience in the utility industry as well as International Financial Reporting Standards (IFRS). Our team focused on delivering essential hands-on support and strategic guidance as the client ramped up its staffing efforts. Based on the success of our initial engagements, the client engaged Deloitte Tax to take on additional, more complex tax projects.

Why Deloitte? The client turned to Deloitte Tax for our professionals' understanding of the organization's issues and challenges, particularly the multinational nature of the business, and also because of our deep experience with the company's tax software system.

Solution

At the outset, we were able to help the client leap big staffing and project-delivery hurdles. Next, we were able to provide recommendations for process improvements.

Our day-to-day support allowed the client's new tax director to quickly obtain a firm understanding of the company's critical tax issues, and to focus on the company's big-picture tax issues on both a domestic and global basis.  The client was able to take advantage of the tools and methodology we developed to help facilitate reporting under IFRS.

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