Grant Thornton’s Strategic Federal Tax professionals, working with our Washington National Tax Office, constantly research the latest tax laws to help you develop and implement effective tax management strategies.
Our services include the following:
A thorough accounting methods review can uncover accounting method opportunities that could either defer recognition of a significant amount of revenue or accelerate a significant amount of deductions for tax purposes.
Accounting methods review — There are more than 100 automatic accounting method changes, and other opportunities are available through nonautomatic accounting method change procedures.
LIFO inventories — You may have opportunities to implement or change your LIFO methodology that we can identify by evaluating your data.
Meals and entertainment refunds — We can assist you in properly categorizing your expenses.
Tax inventory write-downs — Inventory write-downs can reduce taxable income or increase a net operating loss for carryback.
UNICAP — Revising the accounting method used to calculate costs can help to reduce overall expenses.
Engineers and tax accountants compose a national group whose sole responsibility is conducting cost segregation studies. A study of capital cost components for newly constructed or recently acquired property can generate substantial tax savings. We can also help you to identify savings opportunities from past purchases, expansions, renovations and leasehold improvements where depreciation deductions were understated.
Interest and penalty
Final tangible property expenditure regulations — Through comprehensive capital expenditure reviews, we can identify items you've capitalized as longer-life property for GAAP purposes but that qualify as expense items for tax.
We can support you in identifying errors in the IRS’s interest and penalty computations, and getting to the right person at the IRS to correct these errors.
Research tax credit
We can help you capitalize on the research and development credit, a 20% credit on selected research expenditures.
Section 199 — domestic production activities deduction
We can analyze all the revenue streams associated with all your entities and review the appropriate expense allocations. Your facts and circumstances drive our analysis and work plans. To help you model, calculate, document and support your deduction, we use a powerful modeling tool.
Fixed asset services
We can work with you to streamline and optimize your fixed asset management
, provide confidence that your depreciation calculations are accurate, identify the most beneficial tax treatment under current laws and regulations, and shorten closing times.