Accounting Services Related to Tax
In our evaluations of clients’ accounting procedures, our consultants have:
- determined compliance with IRS regulations
- assessed damages resulting from alleged failure of firms to disclose tax liabilities in a timely manner
- analyzed whether closely held corporations held excess working capital for accumulated earnings tax purposes
Our work also has included evaluation of cost segregation analysis; business purpose; contingent liability tax shelters; tax indemnity and tax sharing analyses; and handling of losses under tax sharing agreements.
We have a long track record of analyzing accounting issues and providing consulting and expert support to clients involved in accounting litigation.
Son of Boss Tax Shelters
In the original Boss tax shelter, taxpayers would generate losses to offset income from other transactions. “Son of Boss” shelters were aggressively marketed in the late 1990s and 2000 to companies and wealthy individuals. In August 2000, the IRS declared the transactions abusive and required promoters to maintain a list of investors. The IRS is aggressively pursuing users of these shelters, and it expects to collect more than $3.5 billion in taxes, interest, and penalties.
Additional Tax Services
- Excise tax analysis
- Economic analysis of effectively connected income
- Determination of appropriate debt/equity ratios