Providing on-demand tax expertise and achieving tax savings
Superior consulting services delivering successful accounting and finance solutions
A private equity backed oil and gas technology company reduced its corporate footprint in response to challenging business conditions. No longer having a Tax Department, but believing that tax optimization opportunities existed, they came to Aventine Hill Partners for help.
We initially provided a tax accounting consultant with public accounting and legal experience to assess the company’s overall tax situationOur consultant reviewed the company’s business model and operations to understand which taxes and jurisdictions were most important to focus on. Next, the work performed by the CPA firm preparing the tax returns was analyzed to identify any filing or compliance gaps that might exist. The scope included:
- Income tax reporting in multiple countries and US states
- Sales and use tax reporting in multiple states
- VAT/GST in multiple countries
- Property taxes in multiple countries, and
- Monthly/quarterly tax provisions.
After the initial assessment, our tax consultant filled in as the part-time Tax Director during the remaining calendar year to ensure the company was in compliance in preparation for tax season.
As annual tax season approached, the company concurred with a recommendation that a full-time Tax Director was required to begin generating bottom line value from improved tax strategies and ensure tax audits were completed efficiently. However, the company did not feel there was sufficient time to hire the right employee quickly enough.
To fill the Tax Director role on a full-time, interim basis, we provided a tax consultant with decades of oil and gas industry and corporate experience. Providing a different skillset better enabled the company to move from compliance mode to an optimization focus. New tax strategies specifically relevant to the countries of operations and industry were developed and implemented. Tax savings were quickly realized.
Thanks to Aventine Hill, this company gained access to the right tax expertise at the right time to ensure compliance and realize savings that impacted the bottom-line. The flexibility to utilize different consultants with different skillsets on a part-time then full-time basis was an efficient use of the company’s investment in outside expertise. The tax savings realized have already exceeded the investments made and the tax strategy changes will continue to realize savings in the future.
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