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Our experienced team of specialists can help guide businesses through the complexities of new federal tax legislation and regulatory guidance and changing tax rate environments to realize tax savings and mitigate risks.
Federal tax services
The tax environment continues to evolve with new legislation and regulations. The tax rate reduction under tax reform and the potential tax rate increase under new legislative proposals provide opportunities for companies to realize cash tax savings and permanent tax benefits by using accounting method planning to affect when income and deductions are recognized. However, the complexity of accounting method rules, as well as the interaction of the rules with other tax provisions, such as the BEAT, call for knowledgeable and creative advice.
How PwC can help
Our experienced team of specialists, including many former Treasury and IRS officials, can help guide you through these issues to realize tax savings and mitigate risks. We can help you navigate:
- Accounting methods and periods.
- Timing of income and deductions.
- Revenue recognition and leasing, including GAAP change.
- Inventory rules and calculations, including UNICAP and LIFO.
- Long term contracts.
- Tangible and intangible property capitalization and cost recovery, including bonus depreciation.
- International accounting method issues, including issues related to CFCs, GILTI, and FDII.
- Planning to mitigate BEAT and the Section 163(j) disallowance.
- Accounting method issues in mergers and acquisitions.
- Settlements and judgments/fines and penalties/Section 1341 mitigation.
Federal tax compliance
Our tax reporting methodology helps clients achieve an end-to-end reporting and compliance lifecycle that is efficient and standardized with processes that enable collaboration, predictability, automation and transparency.
Through use of our digital platform we can provide high-quality, comprehensive support at a competitive price. Tools such as Engagement Center, Connect, and Smart Review enhance the client experience, improving visibility, reporting, and information sharing.
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