Tax compliance can be challenging for companies—often burdening in-house tax staff with specialized tax compliance demands that take the focus off of value-added tax department activities.
PwC offers a scalable solution to address the compliance needs of corporations, partnerships, and other business entities. Our services can be tailored to leverage PwC’s specialized tax professionals and technology resources to maximize your tax department’s strengths and minimize the impact on company resources.
Integrated services for the compliance life cycle
PwC’s specialized compliance services can be integrated at any point in the compliance life cycle—either as a fully integrated solution or as a subset of one or more tailored solutions—to support your in-house resources. Depending upon your issues, PwC’s range of solutions can help reduce the need to invest and develop technology tools, as well as provide access to tax professionals with skills to complement in-house personnel.
PwC’s flexible compliance solutions provide companies with immediate access to:
Streamlined compliance processes
Dedicated compliance specialists
Standardized project and risk management tools
State-of-the-art tax technology tools
Access to specialized tax professionals
When defining a tax compliance solution, PwC’s specialized tax professionals can be deployed to assist with the company’s in-house resources at a particular phase of or throughout the compliance life cycle.
End to end technology
PwC delivers compliance services using an integrated technology suite that effectively supports the compliance function at all stages of the compliance life cycle—and is unobtrusive to the company’s existing systems. What benefits could you derive from PwC’s technology?
PwC’s Centralized Electronic Data Store (CEEDS), a sophisticated tax data warehouse, allows for greater automation of computations and enables us to share tax information with you across projects and across years—from tax returns to provisions to estimated payments.
PwC’s Internet Tax Data Organizer (ITDO), an internet based tax data organizer, allowing company resources to access tax packages from remote locations and monitor the data collection progress on a real time basis which streamlines tax data collection for both federal and state tax returns.
PwC uses several third party tools to standardize and streamline tax provision computations, linking data and computations from CEEDS.
Archive tax returns and important supporting information utilizing PwC’s document management system, an internet based system that provides online access to work papers and tax returns to both you and the PwC team.
Bottom line impact
PwC’s customized approach to business compliance is designed to:
Provide companies with access to state of the art technology—without having to invest your money and time in technology development.
Eliminate need to train and retain specialized resources.
Reduce compliance burden and free up tax resources to focus on value-added tax department activity.
Improve collection and retention of tax data—while improving access to and use of tax information.
Enhance communication and control over foreign country tax activities.
Reduce stress of peak workload demands—while increasing focus on quality and risk management.
Federal compliance services
Computing book/tax differences:
Assist in identifying and preparing some or all tax adjustments for deriving taxable income. In support of internal departments, PwC professionals can be deployed on tax calculations requiring special tax technical knowledge or extensive data manipulation, freeing up in-house resources to focus on core business activities.
Assist in preparing complex or data intensive tax return forms requiring tax technical specialization or time to gather and manipulate data.
Review and sign final tax return as compiled by in-house resources.
Assist in preparing quarterly and annual tax provisions (for non-attest clients). Provision computations may be leveraged for preparation of quarterly estimates and extension payments.
Other return preparation:
Prepare stub period returns due to acquisitions or divestitures, as well as partnership returns.
IRS audit support:
Assist with gathering data to respond to IRS Information Document Requests.
Gather support for established R&D credit and transfer pricing contemporaneous documentation approaches.
State compliance services
Assist with all, or a subset of returns, to access our expertise and to minimize disruption to in-house staff.
Assist in preparation of quarterly estimates and extensions to alleviate peak workload and ensure timely estimated filings—thereby minimizing exposure to penalties.
Assist in responding to and tracking of state notices.
Gather key information, such as filing calendars, NOL tracking schedules, apportionment factor data, and cash tax outlays summary.
State amended returns:
Provide additional resources to timely comply with state reporting requirements to reflect federal audit adjustments.
Prepare annual reports, business licenses, etc.
Services supported by technology
Assistance with data collection can provide access to an internet based tax organizer and to a tax data warehouse, enhancing your access and use of tax data.
In conjunction with compliance services, you can increase your access to workpapers and tax returns with PwC’s online document management system.
Assistance with tax provisions for non-attest and certain non-sec attest clients provides access to a third party tool which is a robust and flexible tax provision model licensed by PwC.