TAX CONSULTING
TAX CONSULTING
Our globally coordinated tax professionals offer connected services across all tax disciplines to help you thrive in an era of rapid change. We combine our exceptional knowledge and experience with the people and technology platforms that make us an ideal partner for your tax-related needs.
Lighthouse Business & Tax Solutions has competencies in business tax, international tax, transaction tax and tax-related issues associated with people, compliance and reporting and law. Our small business clients are grappling with an increasingly complex landscape and conflicting pressures.
We are uniquely positioned to add more value by delivering strong business outcomes and building trust in a rapidly changing world.
We invite you to leverage our experience, knowledge, and business insights to help you succeed.
Federal Tax Reform & Implications on State Taxation
Changes proposed in the House Ways & Means Committee reconciliation bill, if enacted, could affect corporate and individual income taxes imposed by state and local governments. Generally, most state income tax systems use federal taxable income (corporate) or adjusted gross income (individual) as a starting point for state income tax computations, so changes to these federal income determinations can have state tax implications. By contrast, states do not automatically conform to federal tax rate changes. In fact, most do not adopt minimum tax regimes that exist outside of the general rates under Internal Revenue Code (IRC) sections governing corporations and individuals.
The state income tax implications of the bill generally would depend on how each state conforms to the IRC and to affected provisions.
Tax Consulting & Preparation
Our globally coordinated tax professionals offer connected services across all tax disciplines to help you prepare for now, next, and beyond, wherever you are.
With the widespread disruption brought by a global pandemic, small businesses must transform their tax function to prepare for what’s next and beyond.
In this era of constant change, we combine our technical knowledge and business experience with the power of technology to help you transform and grow at scale and speed while meeting the growing expectations of the customer of the future. Our team has competencies in business tax, indirect tax, international tax and specialize in many other tax-related issues associated with operations, compliance, and reporting.
Tax Transparence & Disclosure Consulting
One of the most tangible outcomes of the Organization for Economic Co-operation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) project and the associated scrutiny of business taxation is that the corporate tax transparency environment is undergoing a transformational change.
Absolutely core to this new era of transparency is that information shared with one tax authority will now be rapidly available to all others. This means that the multi-jurisdictional, multiyear impacts of any structure or transaction should be considered more carefully — both moving forward and looking back, because tax authorities will certainly be seeking to use the new data to retrospectively identify and study cases of perceived avoidance from recent years.
Tax Compliance
For small businesses, accurate tax compliance is an instrumental piece of the tax puzzle. Getting this piece right is increasingly complicated because of the rapid pace of legislative and regulatory change, and the increasing digitalization of revenue authorities.
Additionally, staying current on tax developments at the local and national level, while meeting the demands needed for more transparency and financial information, strains the resources of small businesses, and further complicates tax compliance.
Our group of Business Tax Compliance professionals can help you prepare, manage and execute on tax filings within this shifting regulatory environment.
Tax Accounting
In today’s increasingly complex business and tax environment, there are more demands for transparency. Tax departments are also under pressure to be more effective and highly qualified professionals can be hard to obtain.
To help you respond to these demands, we provide technical assistance in these three priority areas:
Tax accounting: We support quarterly and annual tax provision calculations, validating tax balance sheet accounts, and implementing new accounting standards under IFRS and local GAAP
Tax function performance: We helping to improve operating strategy and organization design, tax process and controls, and data and systems effectiveness
Tax risk: We identify and prioritize key risks and assisting with controls monitoring and remediation
Our professionals provide high-quality service to address your unique needs, throughout the entire tax life cycle of planning, provision, compliance and working with tax authorities.
Tax Planning
Careful tax planning is critical for business success in an unpredictable global economy. Tax planning is also necessary for individuals who face their own challenges owning, managing, and preserving businesses and wealth in a complex regulatory environment.
