CLIENT
Our client is a global producer of medical devices and therapies with operations spanning over 100 countries with over 50,000 employees.
CHALLENGE
Our client faced a series of challenges that needed expert attention. The order in which its Revenue Agent Report (RAR) cycles were finalized, with later years taking precedence, significantly impacted its ability to track and utilize tax attributes efficiently. Additionally, they hesitated to file combined returns for adjustments that were only partially agreed upon, arguing that these adjustments did not constitute a “final determination.”
To add to the complexity, various states have different guidelines for reporting partially agreed-upon adjustments, and the client followed a calendar year filing schedule—when most audits reached their conclusion around the same time as the current year’s tax compliance season. In the face of these challenges, DMA’s team of tax experts proved to be a vital resource, enabling the client to navigate these complexities effectively and ensure their tax compliance.
SOLUTION
DMA solved our client’s challenges by managing the filing and tracking of all federal changes across multiple years and cycles. In several cases, tax returns needed to be amended twice to align with amended federal returns and the closure of federal audits. Our team efficiently handled these processes utilizing our streamlined internal Excel-based system. By doing so, we were able to offer the client a discount on the second filing, demonstrating our commitment to cost-effectiveness and efficiency. This approach ensured compliance and also optimized the client’s financial outcomes.
RESULT
The client received a comprehensive turn-key approach to reporting federal adjustments across multiple years and jurisdictions. DMA meticulously prepared detailed schedules illustrating the smooth flow of tax attributes into the client’s current year returns, ensuring accuracy and compliance. Our team of experts established a strong understanding of the client’s tax calendar, making us well-prepared to effectively manage future RAR cycles and any other federal changes that may arise. This resolved the clients’ immediate challenges and also provided them with a reliable and adaptable strategy for ongoing tax management.
“DMA’s expertise helped us navigate our intricate tax challenges, making us fully compliant and ensuring financial efficiency for our medical device company.”
—Satisfied Healthcare Provider
WHY DMA?
Our system simplifies the management of multiple amended returns for each year. DMA possesses the capability to link all tax years across jurisdictions, facilitating the efficient tracking of tax attributes. This agility extends to making modifications once information is integrated into our Excel-based template system. Our RAR experts and tax professionals utilize their extensive experience to ensure that your project will be completed with precision while adhering meticulously to all reporting guidelines and regulations. Partner with DMA—our expertise becomes your go-to RAR resource.
State Income & Franchise Taxes Done Right
Find out how DMA can help you with amended state income returns.