Setting the standard for U.S. tax compliance
Our clients can produce desired consolidated taxable income using allowable foreign source income inclusion rules from hundreds of controlled foreign corporations (CFC) on a real-time basis. As part of the same calculation, we produce the foreign tax credit dynamically so that interaction with other credits can be determined easily.
This level of dynamic calculation cannot be achieved without full integration of CFC tax computations and domestic consolidation. In short, we have reduced the compliance processing cycle for our clients by way of integration and added positive value to the corporate tax compliance group.
At the same time, we have created a global collaborative platform so that everyone from around the world can participate in the tax filing process at the same time. We have thousands of foreign controllers producing local tax computations that are reflected in the U.S. FAS 109 computations directly as part of the year-end and quarterly closing processes.
Additionally, we have foreign financial controllers and tax controllers participating in a project to provide U.S. compliance information that flows to Forms 5471, 8865, and 8858. Tax Series then allows for the flow of the provision data to compliance data collection so that the burden of compliance data collection is substantially alleviated globally.
We have established third-party service providers around the world that participate in the data collection and partial production of Forms 5471, 8865 and 8858. This level of collaboration significantly reduces the overall cost of tax administration while sustaining an unprecedented level of precision.
Coupled with a global collaboration platform, we designed a data retention tool as part of Tax Series so that global participants can store supporting data while they are working on each of their projects. In turn, this allows for documentation to be completed contemporaneously. Global participation is managed through security implementation in order to delineate the responsibility of each participant while expediting the tax filing process.
Features Incorporated into Tax Series
- Centralized database that shares common data in order to reduce data redundancy
- Complete integration of data collection into the provision process
- Detailed local country tax computation to U.S. FAS 109 integration
- Complete integration of data collection to the compliance process
- Large volume processing
- Complete transparency from tax forms to general ledger detail
- Facilitate the use of multiple general ledger source data standardization within Tax Series
- Flexible yet comprehensive automatic adjustment mechanism
- Multi-year database to eliminate need for data duplication and reconciliation
- Tax calendar with e-mail notification to facilitate due date management and global risk management
- Statement and election production automated through EventTracker
- Entity management through the utilization of eLegalDirectory
- Tax data management integration through the development of AuditTracker
- eFileManager to help companies aggregate any source XML or transmission files
- eFileReviewer to help companies review the content of the transmission file
During the tax return season, we appoint a designated support representative to your company who will contact your team and provide diagnostic reports on regular basis.
- Tax return set-up diagnostics
- Return content diagnostics
- eFiling error diagnostics
Specific Tax Series Compliance Modules