TAX SERVICES
Many businesses take a reactive stance when it comes to paying taxes; paying attention to filing returns only as tax deadlines approach. That’s okay – if you want to pay unnecessary tax costs and miss powerful opportunities to improve your business. Frost’s team of Certified Public Accountants (CPA’s) provides specialized and proactive tax compliance and planning services to our clients.
Tax compliance services include preparation of federal and state income tax returns. Several of our clients have their own internal tax departments that prepare tax returns. For those clients, we review the client’s prepared tax returns to ensure they are utilizing accounting methods for the maximum return on their investments.
- We prepare returns for filing in over 48 states, numerous local tax jurisdictions, and internationally.
- Our tax personnel utilize technology to maximize the overall efficiency and effectiveness of the tax return preparation process.
- In cases where an audit has been conducted, tax personnel will transfer data obtained during the audit process to eliminate duplicate procedures, thereby reducing costs and time demands on client personnel.
STATE & LOCAL TAX COMPLIANCE SERVICES
The engagement team at Frost can help you with planning opportunities and tax saving strategies unique to your industry.
With the growing risk of high audit assessments, our engagement team can offer high-value services including:
Credit or Penalty Reviews
We use questionnaires and specific procedures to determine whether additional credits are available to you or if you are exposed to penalty risk in your state and local tax positions.
Nexus Reviews
We will walk you through the filing requirements of the states where you operate to determine whether you must report to taxing authorities. We can assist your personnel in responding to correspondence from the state regarding nexus issues. Oftentimes, nexus questionnaires are disseminated by private companies on contract to government agencies. We review responses before the nexus questionnaire is returned to limit jurisdictional liability.
Property Tax Consulting
We can assist you with valuation issues and protest, fee-in-lieu analysis and implementation, exemption implementation and consulting, hearings, appeals and other assistance.
INTERNATIONAL TAX
For clients that have operations outside of the U.S., our focus is global tax minimization for international business. We construct a tax plan considering the way an organization does business, from mobile income strategies, to basics of tax treaties, to transfer pricing, to export tax incentives. And through our independent membership with BDO Alliance USA, our reach extends to experts for local advice in just about every country throughout the globe.
Our international tax services include:
- Planning with regards to the repatriation of profits, and determining the most tax efficient way of doing so.
- Calculating available foreign tax credits, and maximizing the utilization of unused credits.
- Advising on the US rules regarding Controlled Foreign Corporations, subpart F income, Passive Foreign Investment Companies and similar rules for flow-through entities.
- Complying with applicable US reporting requirements.
- Representing multinational clients before IRS and state and local taxing jurisdictions in tax audits.
- Performing transfer pricing studies and transfer pricing analyses in order to comply with U.S. or foreign tax requirements.
COST SEGREGATION
Frost is here to help you find your hidden wealth by combining the science of engineering with the art of interpreting tax law. By reclassifying costs buried in building assets, we can help you achieve substantial cash flow benefits in the form of immediate tax relief. Tax savings opportunities may be present in new and existing commercial or multi-family buildings, expansions and renovations, leasehold improvements and acquisitions placed in service since 1986.
By applying a proven methodology that incorporates more than 200 IRS court cases, rulings, and procedures, we can segregate and reclassify up to 50% of your building costs into personal property items that have much shorter depreciable lives than the 39-year life currently assigned to non-residential real property.
On average, for every $100,000 of 39-year property reclassified to 7-year property, the present value of the net cash flow associated with the acceleration of depreciation is approximately $20,000. Because the IRS has procedures in place for taxpayers that have claimed less than the allowable depreciation in prior years to claim deductions prospectively over a four-year period, your company may realize a cash flow windfall of tax benefits.
Our Cost Segregation Services bring a higher level of efficiency to cost segregation studies involving animal agriculture and food processing clients because of the firm’s deep level of experience in those industries. We can often classify and group equipment used in these industries more efficiently than the clients who are using the equipment. In addition to the immediate cash flow benefit, our Cost Segregation team can help you realize permanent savings, state and local tax reductions, tax credits or incentives, and detailed asset listing, allowing you to write off structural components as they are replaced.
TAX PLANNING
Frost takes a proactive approach to tax compliance and tax planning to minimize tax costs while increasing efficiency during every step of the process.
We assist you in planning the organizational structures needed to minimize your tax burden. We research and consult with you about the best options for your company concerning federal, multi-state and local income, sales, use or property tax issues. We provide the experience and firepower required to represent you during tax examinations and controversies before federal and state authorities including the U.S. Tax Court. We offer more than federal compliance services as we can prepare your returns for filing in all 50 states and numerous local jurisdictions.
Hours & contact
Weekdays
8AM-5PM
Phone
501-376-9241
Home office
425 W. Capitol Ave.
Suite 3300
Little Rock, AR 72201