Case Study

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.

The Challenge

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.

The Solution

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.

The Result

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.

WM Services/Capabilities

  • Accounting Advisory

    Explore our full suite of accounting advisory services, from mergers and acquisitions and initial public offerings to technical accounting, new accounting standards adoption and more.

  • Tax

    Learn how WM can help you manage your corporate and partnership tax matters quickly and confidently.

  • Valuation

    Partner with WilliamsMarston experts for valuations related to financial and tax reporting needs, assistance with various disputes and ensure compliance every step of the way.

  • Private Equity

    Discover how WilliamsMarston can bring transparency and operational excellence to see you through, from the initial investment to a successful exit.

THE TEAM RESPONSIBLE

Ready for clear guidance and powerful outcomes? Reach out to our Corporate Tax Services team today.

See the Entire Team

CLEAR IMPACT

Read the Case Study

“I could not have made it through our initial public offering without the team from WilliamsMarston to field so many complicated issues. You have been fantastic, and it’s been a pleasure to reach this milestone with you!”Chief Financial Officer
IPO Company

Read the Case Study

“I am sure we had one of the most complicated preferred stock conversions at our IPO than any other company. We appreciated your help. You made us look good, and we look forward to continuing to work with you.”Chief Financial Officer
IPO Company

Read the Case Study

“I wanted to share my thanks for all the work WilliamsMarston did. Thanks to your great work, I felt confident going into the audit prepared.”VP Finance
Private Company

Read the Case Study

“I continue to be impressed and grateful with the level of attention and technical expertise your team consistently provides.”Senior Finance Director
Public Company

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.