Tax Support and Recovery Services
Mark L. Farber, CPA PC’s Tax Reconstruction practice is comprised of CPAs and attorneys with extensive knowledge of and experience with the tax rules applicable to distressed companies and with the tax reconstruction of their books and records. Each assignment is tailored to the specific needs and issues of our clients. We utilize forensic skills, accounting and tax knowledge, familiarity of tax compliance systems together with knowledge of complex practice and procedure rules contained in the tax law and our specialized project management capabilities.
Financially troubled or bankrupt companies are still required to comply fully with U.S. Tax law. Preparation for and managing the reconstruction of a company’s tax records grows more difficult everyday. Companies without experienced tax and accounting professionals may face numerous challenges such as inadequate retention of accounting and tax records, incomplete data, as well inadequate resources to complete the project.
Mark L. Farber, CPA PC has developed a methodology to manage the tax reconstruction process, through an efficient, consistent, and accurate strategy to direct the company’s tax department. We developed unique approaches through years of experience working through difficult tax reconstruction cases and we build solutions for each client utilizing our internal assets – our experienced people and the systems we use to document the tax process and manage the vast quantity of data and the tax returns.
The first step in our process is to assess the condition of the books and records to determine the scope of the project and the personnel required to achieve a successful outcome.
Our clients benefit from our tax risk management process and exposure analysis where we update management on a continual basis of the risk and exposure as the project progresses due to the fluid nature of these engagements. Through the implementation of controls over the tax reconstruction project and related process we utilize technology to manage vast amounts of data. Our primary goals include preparing and evaluating data to assist the company to prepare its Federal, State and local tax returns.
- Tax Compliance – using our administrative competence, forensic skills, accounting knowledge, familiarity of tax compliance systems and knowledge of the complex practice and procedure rules contained in the tax law, each assignment is tailored to the client's specific needs to get the returns filed timely and efficiently.
- Tax Reconstruction – utilize our CPAs and attorneys having extensive experience in the tax rules applicable to distressed companies and the tax reconstruction of their books and records
- Knowledgeable Personnel - understand the difficulties companies experience without the retention of tax or accounting personnel with the knowledge, history and experience of the company’s accounting and tax records
- Providing Solutions - develop unique solutions through years of experience working through difficult tax reconstruction cases.
- Record Retention - review company records to determine if in compliance with IRS record retention rules and to determine if the necessary supporting documents are accurate and adequate
- Data Storage - review company computer system backup process and evaluate the storage facility to assess sufficiency and look at hardware and software upgrade procedures and application change requests to assess control over data and maintenance of system integrity
- Computer Systems – determine if your accounting software, financial reporting process, and computer systems meet published industry standards and guidelines and satisfy your overall financial goals and objectives
- Accounting Issues - review financial reports and supporting information for compliance with Generally Accepted Accounting Principles (GAAP), evaluate your tax records for compliance with Internal Revenue Service guidelines and look to identify areas suited to take advantage of favorable tax treatments as allowable by the IRS
- Supporting Documentation – ensure that adequate documentation and disclosures and identify information gaps to sustain challenges from the IRS and other taxing authorities
- Burden of Proof – review supporting documentation and evaluate its adequacy to defend inquiries and questions of accuracy
- Obtaining Third-Party Documentation – obtain information from external sources, utilizing the diverse experience of Weiser professionals, to obtain missing information
- Internal Controls – review of internal controls relating to recording transactions and reporting financial results and evaluate whether functioning properly to be able to close books timely and accurately