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Washington National Tax Capabilities
Mergers and acquisitions are complicated activities that often result in unforeseen tax consequences. Our WNT Corporate Tax team specializes in helping to identify and alleviate tax issues that may derail such transactions, while also assisting with transaction structuring, due diligence, planning and evaluating related risk management concerns. We also advise on consolidated returns, bankruptcy and insolvency workouts, the appropriate use of tax attributes and the treatment of transaction costs.
Accounting Methods & Periods
The WNT Accounting Methods & Periods team advises clients on various tax accounting methods and period issues associated with the timing of income and expense recognition, inventory methods including application of the uniform capitalization rules, expense vs. capitalization, optimal depreciation and amortization methods, long-term contract accounting and other specialized processes. Team members keep abreast of regulatory, legislative and judicial developments in order to provide valuable insights to clients who need assistance with accounting methods planning, requests to the IRS for accounting method and period changes and IRS audit defense and appeals proceedings.
The members of the WNT Passthrough Entities team advise on the application of tax rules to partnerships, LLCs and S corporations. This includes consulting on the most tax-efficient entity structure, other start-up transactions, operating the entity in the most tax effective manner and tax-minimizing exit strategies. The team also advises on incentive compensation and equity participation planning, mergers and acquisitions and submissions to the IRS and other taxing authorities.
Federal Credits and Incentives
There are numerous federal tax credits, grants and special deductions available to companies in a variety of industries; however, many companies are not taking advantage of all of the tax incentives available to them. Constantly changing tax laws, confusing guidance and expanding documentation requirements have made the credits and incentives landscape a minefield that has become increasingly difficult to navigate. With practical experience, thought leadership, implementation tools and leaders in tax policy organizations, our WNT Federal Credits and Incentives team helps all kinds of businesses realize tax savings, including incentives for research and development, renewable energy, construction projects, domestic production and many more.
Global companies face complex tax planning and compliance demands, dictated by the unique standards of the countries where business is conducted. We have a deep breadth of experience in the practical application of technical rules and utilize our skills and knowledge to provide effective solutions for both U.S. and foreign-based multinational companies. The services we provide to companies include transfer pricing studies and global organization structuring. We advise foreign corporations on issues ranging from U.S. trade or business and permanent establishments to source rules, effectively connected income, FIRPTA and withholding tax. Our international network and global capabilities are also a valuable asset to our clients, providing access to local professionals in more than 70 countries around the world.
Accounting for Income Taxes (ASC 740)
The complexities of ASC 740, Accounting for Income Taxes, often result in considerable issues for many companies. Our professionals have a specialized combination of tax, technology and GAAP experience, providing integrated solutions and acting as valuable technical resources. We can support your company’s financial statement response to the increasing need for transparency by providing analysis and documentation of complex tax accounting issues and uncertain tax positions. We act as your advocate, reviewing tax provisions prior to delivery to your external financial auditor and helping you incorporate new tax regulations, business initiatives and GAAP guidance and disclosure requirements.
Tax-exempt organizations currently face unprecedented increased regulation and public demands for a higher level of transparency. We are experienced with the intricate needs of the tax-exempt sector and work to develop an understanding of your issues, including obtaining or retaining tax-exempt status, unrelated business income taxes, intermediate sanctions exposure, employment taxes, complex structures with related entities, joint venture planning and understanding the reporting and compliance requirements associated with Form 990.
IRS Practice and Procedure
The WNT Practice and Procedure team assists clients in dealing with IRS examinations. They work with clients in preparing responses to document requests and proposed adjustments and appealing examination results. In addition, our professionals help clients with other IRS administrative matters, including penalty abatement, interest and statute of limitations issues, pre-fling agreements, mediation and private letter rulings.
Our presence in the nation’s capital and awareness of current, pending and proposed legislation ensures that clients have access to the most up-to-date information and developments. We monitor the progress of legislation and administrative guidance, proactively formulating an approach and analyzing its potential impact. The WNT Tax Policy team also prepares and coordinates proposals, testimony and other documents on behalf of our clients.