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Tax Management Consulting for a Large Multinational High-Tech Company

Abstract

A series of events impacting a large multinational high-tech company resulted in a staff shortage in the tax department at a time when Sarbanes-Oxley 404 was creating a need for additional resources. Deloitte Tax LLP was selected to provide Sarbanes-Oxley 404 remediation services. The company continued to face increasingly complex challenges, including technical issues related to data integrity and, ultimately, a material weakness in its Financial Accounting Standard (FAS) 109 processes.

Deloitte Tax assembled a team of professionals with broad tax experience and technical savvy to address the client's pressing needs quickly and shape tax planning for the future.

The Challenge

A large high-tech company needed to address urgent tax-related challenges. Due in large part to being understaffed, the company needed to complete FAS 109 provisions, overhaul its tax data information technology (IT) systems, fulfill significant tax compliance obligations, complete a number of transactions and resolve several outstanding tax controversies.

How We Helped

Initially, our team prepared the company's FAS 109 provision computations, but over time we worked closely with the company to achieve other critical objectives, including:

  • Enhancing documentation regarding the integrity and quality of the financial reporting data used in preparing returns
  • Structuring and implementing a consolidation plan for the company’s legal entities
  • Resolving legacy tax controversies with the Internal Revenue Service (IRS) and state departments of revenue and establishing pre-filing agreements for future returns
  • Enhancing processes to support foreign tax compliance requirements

We continue to support the company’s state tax needs and recommendations to help the organization address its myriad tax issues.

Why Deloitte? The client selected Deloitte Tax due to our reputation for bringing the right people in and consistently delivering high-quality results, despite time pressures and data challenges. The company valued our strong project management and deep compliance technical skills as well as our knowledge of its tax technology. What's more, our solid relationship with, and reputation among, the client's leadership team helped make Deloitte Tax the company's choice for tax services.

Solution

From the outset, the company did not have enough resources available to tackle pressing issues in its tax department. Deloitte Tax provided the technical knowledge and experience to address specific needs – from basic tax filing, to tax controversy, to information technology concerns. By tapping into our broad capabilities, the company benefited from a responsive, tailored approach to addressing its specific challenges, and the ability to leverage our experienced professionals at a time when it could not expand its own staff. Today, the company has a platform to manage and address its tax requirements effectively and prepare for changes at the state or federal levels.

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