In combination with our international tax framework, we can help reduce your federal tax obligations, develop tax-efficient business strategies, mitigate compliance risk, and ensure you can make informed tax decisions.

COMPLIANCE

Meeting federal, state, and local compliance and reporting requirements is one of the most important and resource-intensive functions for a corporate tax department. It can place an enormous resource strain on departments that are also tasked with other critical tax and accounting functions. WTP can help organizations reduce compliance time by streamlining compliance and reporting processes while increasing access, visibility, and control.

Our services include:

Ì Compliance and reporting process analysis

Ì Federal, state, and local income tax return preparation

Ì Amended returns, including state multiyear filings required by a federal audit adjustment

Ì Property, Excise, Sales/Use and Business Privilege tax return preparation

Ì State unclaimed property reports

The WTP tax specialists understand the nuances of tax systems and know how to put their extensive tax experience to practical use.

State, local and federal tax systems are highly complex and often quite puzzling.

They are also subject to rapid change, which creates a high level of uncertainty and risk for the unprepared.

State, Local & Federal Tax Accounting

To complement these services, WTP offers a suite of support services:

Ì ONESOURCE®, Tax Series and Corptax implementation and support

Ì G/L data conversion

Ì Return-to-provision true-up calculation

Ì State income apportionment analysis and optimization

Ì Drafting of tax packages

Ì Federal and state income tax calendars and estimated tax payments

Ì Nexus study

Ì Outsourcing and loan staff

AUDIT REPRESENTATION

A successful tax audit requires meticulous data gathering and documentation, combined with a vigorous, proactive approach to tax audit procedures. WTP audit professionals have the large-company experience in helping businesses prepare and manage IRS tax audits. To help ensure a successful outcome, our tax specialists are available to work on-site at your location, even for extended periods of time.

Our tax specialists take a vigorous and proactive approach in dealing with tax audit procedures and can assume the time-consuming task of gathering the information and documentation necessary to conduct a successful audit defense. You can be assured that a WTP team leader will be actively involved from start to finish, will ensure client confidentiality, and provide regular updates on the audit preparation process.

TAX ACCOUNTING

The Sarbanes-Oxley Act of 2002, as well as growing complexity in tax law, has made ASC 740 (FAS 109) increasingly significant. Tax departments are under pressure to provide cost-effective, efficient processes that are accessible, visible, transparent, and adhere to the controls required by new regulations.

The tax professionals at WTP are highly experienced in tax reporting under ASC 740 (FAS 109) across a wide spectrum of industries. Working with your internal tax team, they can provide the following services:

Ì ASC 740 (FAS 109) Analysis and Calculation: WTP assists in quarterly and annual tax provision calculations, performs return-to-provision analyses, and calculates valuation allowances as needed. These services are also available on an ad hoc basis for planning purposes, or to test the design and implementation of a particular process.

Ì Tax Rate/Effective Tax Rate (ETR) Analysis: WTP assists in determining a company’s ETR that will have an impact on the bottom line, whether it is for long-range tax planning, or for quarterly or current-year reporting.

Ì Tax Balance Analysis: WTP reconciles tax balance sheet accounts, and independently substantiates future utilization of deferred tax assets.

Ì Tax Accounting Process Automation: WTP addresses inefficient and manual processes by automating information flow among the general ledger, provision, and return systems using cutting-edge tax application software such as ONESOURCE® TaxStream Provision. We provide full outsourcing services or loan staff arrangements to suit client requirements.

Ì Tax Process Improvement: WTP assists in improving tax organization functions, settlement processes and process controls including data and systems management.

Ì Controls: Implementation and testing of SOX 404 control processes are available for tax departments seeking to avoid or remedy findings of deficiency or weakness.

COST SEGREGATION

WTP can help owners of commercial or industrial real estate identify all construction-related costs that can be depreciated over a shorter period than a building or physical structure, identifying opportunities for federal, and in some cases, state tax advantages.

Our cost segregation team is comprised of professional engineers, contractors, architects, and real estate tax professionals who have years of combined experience in cost segregation and experience in building design and construction from both technical and tax standpoints. Our engineers and contractors have a broad spectrum of experience in structural, electrical, HVAC, mechanical, industrial, environmental and plant engineering, and interior design.

STATE, LOCAL & FEDERAL TAX ACCOUNTING

Taxpayers are typically correct in depreciating personal property such as equipment and furniture over five or seven years, but they often neglect available federal and state tax benefits by erroneously depreciating their entire investment in constructing or acquiring a building over 39 years. Our cost segregation team can work to help owners/taxpayers in:

Ì Reducing federal income taxes in the early years of a building’s life by accelerating federal tax depreciation deductions, resulting in increased current cash flow.

Ì Identifying the net present value of the increased cash flow over the life of the facility.

Ì Providing an independent third-party analysis of project costs. Our conclusions are based on sound engineering principles and are supported by IRS regulations, rulings and case law.

In addition to new construction projects and building acquisitions, WTP cost segregation services can also provide benefits to taxpayers who have either constructed or acquired buildings in prior years.

For example:

Ì Classifications of property placed in service in prior years may be corrected with the filing of a Form 3115, Application for Change in Accounting Method, which does not require amending prior year tax returns.

Ì Depreciation adjustment for all prior years, which may be significant, can be fully recognized in the first year, which can significantly increase the benefit.

STATE, LOCAL & FEDERAL TAX ACCOUNTING

Joseph Lembo, Director Phone: 908 806-8734 Email: joseph.lembo@wtpadvisors.com

Mitch Schwartz, Director Phone: 609 275-0131 Email: mitch.schwartz@wtpadvisors.com

Website wtpadvisors.com

ABOUT WTP ADVISORS

WTP Advisors is a leader in tax and business

advisory services for a global marketplace. Our

highly skilled professionals equipped with years

of industry experience, coupled with our cutting-

edge technologies, make substantive and long-term

differences to an organization's profitability. WTP

Advisors is headquartered in White Plains, NY, with

offices across the Americas, Asia and Europe.