Specialized Tax Services

Source: Practical Accountant

In PA’s interviews of several accounting firms, it is apparent that specialized tax services are the future of tax niches. The recession and the stimulus program are contributing to this phenomenon.

Here is a partial list of the services these firms are providing or planning:

• Amending prior tax returns for carrying back losses.
• R&D studies.
• Energy incentive deductions.
• DISC incentives for exporters.
• Merger & acquisition analyses.
• Cost segregation studies.
• Revenue recognition studies.
• State nexus studies.
• Uncertainty in tax issues (FIN 48).
• Transfer pricing.
• Sales tax reclamation and reverse audits.
• Restructuring of businesses for tax savings.
• Expert witness testimony in complex tax cases.
• Various international issues including dividend planning, maximizing foreign tax credits, and minimizing tax of domestic companies operating outside the U.S.
• High net worth estate and gift planning.
• IPIC LIFO consultation.
• Property tax representation.

Engagements are performed for large and small clients. Outside assistance is available through accounting associations and third-party specialists.

For the complete article, click here and select “A Guide to Stand-Alone Tax Engagements,” in the February 2009 issue.

From Practical Accountant, February 2009, SourceMedia Inc., One State Street Plaza, 27th Floor, New York, NY 10004, 800-221-1809.