WilliamsMarston Clears the Way to Calculating the Income Tax Provision
Discover how WM helped a $2 billion manufacturing company operating in 30 countries achieve a timely tax provision filing while operating on a tight deadline.
Calculation issues for worldwide income tax provision holds up a $2.0 billion manufacturer with only eight days before their scheduled earnings release.
A $2.0 billion manufacturing company operating in 30 countries encountered a critical challenge eight days before its earnings release. The company’s internal tax group could not calculate the worldwide income tax provision, a key component of the forthcoming report.
With the pressure of the impending earnings release, the company contacted WM for help. The complexity of the company’s global operations, coupled with vast quantities of data and minimal existing work product to leverage, made calculating the income tax provision particularly challenging.
Tensions were palpable – with the threat of delaying the earnings release and Form 10-K filing – while also needing to remediate material weaknesses and regain the trust of their auditors.
Rapid intervention with around-the-clock expertise deployed to tackle tax challenges and bolster internal controls.
WM mobilized immediately by assembling a team of experts and starting on-site that day. Working closely with the company’s finance and tax personnel, the team gathered the necessary data to ramp up the project.
The team prepared a detailed worldwide income tax provision calculation using proven methodologies and proprietary tools to withstand audit scrutiny. The WM team coordinated with the company and its auditors to rapidly remediate the identified material weakness and worked to implement key recommendations, including new processes, internal controls, training and updated SOX documentation.
WM’s strategy ensured timely earnings release and early remediation of material weakness.
Despite the complicated nature of the project and short turnaround time, WM helped the company successfully issue their earnings release and file their 10-K on time – all within the original deadlines.
Additionally, the company remediated the identified material weakness 12 months earlier than anticipated, a result of WM’s guidance.
THE TEAM RESPONSIBLE
Ready for clear guidance and powerful outcomes? Reach out to our Corporate Tax Services team today.See the Entire Team
Partner – National Tax Leader
Partner – National Tax Leader
Bruce brings 30 years of corporate income tax accounting, executive management and financial consulting experience to WilliamsMarston. Since joining WilliamsMarston, Bruce has focused primarily on the accounting for complex multi-jurisdictional corporate income taxes, corporate tax processes and tax compliance. He has also led several clients’ multinational tax teams in an interim management capacity providing invaluable expertise on improving their tax systems and processes. Bruce’s industry experience includes technology, life sciences, software, manufacturing, services, construction, retail and renewable power.
Prior to WilliamsMarston, Bruce worked for both Arthur Andersen and Deloitte LLP where he focused primarily on providing advice on complex corporate tax matters for public and private clients. While at Deloitte, Bruce was the Corporate Tax Process and Technology leader for the New York and New England regions.
Bruce is a Certified Public Accountant in the Commonwealth of Massachusetts and holds a Master of Science in Taxation degree from Suffolk University, where he graduated magna cum laude. He also holds a Bachelor of Science in Business Administration degree with concentrations in Finance and Accounting from the University of Maine.
Partner – Tax
Partner – Tax
Leah brings 16 years of corporate income tax accounting and financial reporting experience to WilliamsMarston. Since joining WilliamsMarston, Leah has focused primarily on the accounting for income taxes under ASC 740 and advising clients on complex transactions such as initial public offerings, mergers and acquisitions, accounting standard updates, pro-forma tax modeling, and long-range tax rate planning for GAAP and non-GAAP reporting purposes. She has also successfully assisted clients in remediating internal control deficiencies and material weaknesses, identifying and correcting tax issues for restatements and process improvements for the tax provision. Leah’s extensive industry experience includes biotechnology, pharmaceuticals, life sciences, manufacturing, software and technology.
Prior to joining WilliamsMarston, Leah spent seven years at RSM US LLP where she was responsible for managing income tax accounting engagements and providing corporate income tax compliance services for large multinational public and private corporations. While at RSM, she also provided services on a broad range of tax consulting projects including tax controversies, tax accounting method changes, calculating credits and incentives, and the research and documentation of complex technical tax issues.
Leah is a Certified Public Accountant in the Commonwealth of Massachusetts and holds a Master of Science in Accountancy degree and a Graduate Certification in Taxation from Bentley University, where she graduated cum laude. She also holds a Bachelor of Science in Accountancy degree from Bentley University.
BRING US YOUR CHALLENGES
Gain the insight to drive transformational outcomes. WilliamsMarston’s accounting, tax and valuation services will help you navigate your most complex challenges and see you through to success.