CURRENT YEAR STATE INCOME & FRANCHISE TAX COMPLIANCE
DMA’s Current Year Compliance service provides expert assistance with current year compliance filing obligations. We do so by leveraging our unique remote co-sourcing methodology, which comes with many benefits, including:
- Leveraging our experienced state income and franchise tax professionals
- Reassigning smaller tasks to our compliance team
- Maximizing current resources
- Managing tax department budget with significant cash savings
- Relieving some of the stress of compliance season
- Having access to resources needed for compliance duties
As your partner, we provide your tax department with the necessary support so you can focus on other value-added projects, maximize your current resources, and manage your budget.
REVENUE AGENT REPORT & AMENDED FEDERAL RETURN STATE COMPLIANCE
DMA’s Revenue Agent Report (RAR) and Amended Federal Return State Compliance service is a complete outsourced solution to the state reporting requirements resulting from modifications to your federal taxable income. This service is unique in that it can be offered as a stand-alone solution or in conjunction with our State Income and franchise Tax Recovery service to identify tax minimization strategies unrelated to the federal changes.
Our detailed compliance process includes:
- Consultation and planning prior to audit settlement or federal amended return filing to limit the scope of required state filings and/or impact of adjustments
- Identifying the final determination date to establish the state filing deadlines of the federal changes
- Preparing a summary of federal changes by legal entity as requested
- Determining the last state liability of record for reporting federal adjustments
- Performing a comprehensive analysis of federal adjustments to identify all potential issues impacting state filings
- Identifying and substantiating additional issues outside of the federal changes that will reduce tax liability
- Calculating interest on state assessments as a result of the federal changes
- Preparing complete amended state income tax returns and notification letters
- Providing client file copy, filing, and payment instructions, complete with mailing envelopes for certified, return-receipt requested filings
- Reviewing all adjustments and correspondence received from states directly related to the filing of the federal changes, including interest received on refunds, and following up with the various Departments of Revenue
- Providing appropriate changes and recommendations to resolve any incorrect adjustments
DMA’s Revenue Agent Report and Amended Federal Return State Compliance service ensures timely, accurate, and complete state income tax filings.