Federal Tax
Have a strategy for federal taxes
Your company’s tax situation is unique. CohnReznick conducts a thorough review of your business plans, current activities, and industry nuances to develop an optimal tax strategy. Our capabilities extend well beyond tax reporting and filing to include expert advice on tax deferral programs, federal tax credits, and other incentive programs. Once in place, our team works with you to proactively comply with current and evolving regulations to reduce tax burdens while fulfilling all statutory requirements.
National tax advisory
Successful organizations balance two tax objectives — minimizing their tax burdens and reducing the risk of audit and unexpected tax liabilities. Our National Tax Advisory group works to meet both goals, delivering advice on best practices for tax-efficient accounting on income and expenses, inventory, Section 382 net operating loss (NOL) calculations, limitations, and carry-forwards. By performing repair and maintenance analyses, fixed asset studies, and earnings and profit analyses, this team identifies opportunities for your business to minimize federal tax obligations. At the same time, through a cost segregation analysis of your personal and real property, we may discover ways to defer taxes, increasing cash flow to your business.
Tax provision (ASC 740, 740-10)
Compliance with financial rule ASC 740 and ASC 740-10 provisions on calculating current and deferred income tax is now required of all companies adhering to U.S. GAAP standards. CohnReznick brings in-depth knowledge of rules and requirements and a familiarity with best practices including the establishment of a robust recognition, measurement, and disclosure process to support all of your business filings.
Tangible Property Regulations
Navigating the complexities of accounting for tangible property costs can be daunting for many businesses. The tax implications are substantial, particularly for companies making significant investments in tangible property. Effective tax planning for the purchase, improvement, and disposal of tangible property is a powerful tool to optimize cash flow and achieve strategic goals. Our team thoroughly analyzes your investments to identify opportunities for accelerating tax deductions, reducing risk, and supporting compliance with the latest legislative guidance.
Cost Segregation Studies and Fixed Asset Studies
Cost segregation studies and fixed asset studies can be powerful tools for businesses looking to maximize tax benefits. By identifying assets eligible for accelerated depreciation, or assets that can be deducted immediately, companies can unlock significant opportunities to defer taxes and enhance cash flow.
Tax – Accounting Methods
Tax accounting methods play a crucial role in determining when income and expenses are recognized for tax purposes. These methods encompass various aspects of a company’s financial activities, including tax depreciation, revenue recognition, inventory capitalization, and the treatment of accrued expenditures. By carefully selecting and managing tax accounting methods, businesses can optimize their cash flows, mitigate risks, and maintain compliance with the latest legislative guidelines.
Related services
Our solutions are tailored to each client’s strategic business drivers, technologies, corporate structure, and culture.