A Comprehensive Source Advisors Case Study
In 2019, a Source Advisors partner secured a client with complex U.S. tax compliance needs. This partner was also focused on providing his clients with proactive and strategic services beyond traditional compliance. So, shortly after the relationship began, the partner contacted Source Advisors to help identify possible value-add opportunities.
During the consultation, Source Advisors helped the CPA identify several options, including the Federal R&D Tax Credit, which the client’s prior returns failed to include.
After explaining the additional opportunities with their client, the CPA partner connected them with Source Advisors to begin a multi-state nexus and credit review.
The company is a US-based tile manufacturer whose parent company is a $1B European tile retailer.
Clients increasingly lean on their tax advisors to tailor offerings specific to their needs. However, not every accounting firm specializes in services to identify nontraditional tax-saving opportunities.
For this CPA partner, communicating the benefits of leveraging an external specialist was essential yet straightforward. The CPA explained to his client that he conducted an internal review of their business and uncovered potential tax-saving areas. He also conveyed that state planning and identifying all possible credits were a complicated matter and recommended that they engage a specialist to assess the potential benefit.
Source Advisors consulted with the client to perform a federal and multi-state credit review and billed the company separately from the CPA firm’s tax returns.
With Source Advisors’ support, the partner explained the cost-benefit of claiming the credits, and the client subsequently proceeded with all three projects. Again, clear communication of ROI was essential for buy-in.
Source Advisors worked on all projects concurrently to have the information available for the 2019 tax filing. The project yielded:
Don’t leave money on the table. Contact Source Advisors to find out how our State and Local Tax Services can work wonders for your bottom line.
Our industry experience with state and local taxes has helped businesses claim billions of dollars in tax credits and incentives.
Source Advisors has demonstrated success in assisting many growing businesses with complicated tax issues and is able to leverage that experience to avoid common pitfalls
Our 40-year history of achieving substantial tax credit savings for clients across various industries is a testament to our commitment and expertise.
Source Advisors has a network of national accounting and sales & use tax experts. By extension, clients have access to assistance in every region regarding state, county, and local tax issues.
Our dedicated support team is readily available to guide you through every step of the process, ensuring a smooth and stress-free experience.
Our recommendations stand in full compliance with tax legislations, offering clients unmatched peace of mind.
Case Studies State and Local Tax for a Product Manufacturer A Comprehensive Source Advisors Case Study Global Consumer Product Manufacturer