Date Added: Jul 2009
A large multinational high-tech company was faced with staff shortage in the tax department at a time when Sarbanes-Oxley 404 was creating a need for additional resources. The company also needed to complete FAS 109 provisions, overhaul its tax data information technology (IT) systems, fulfill significant tax compliance obligations, complete a number of transactions and resolve several outstanding tax controversies. The company selected Deloitte Tax LLP for providing Sarbanes-Oxley 404 remediation services. Initially, Deloitte was involved only with preparing the company's FAS 109 provision computations. However, over time it worked closely with the company to achieve other critical objectives. To this end, Deloitte Tax got together a team of professionals with broad tax experience and technical savvy to address the company's pressing needs as fast as possible and shape tax planning for the future. It helped the company in enhancing documentation regarding the integrity and quality of the financial reporting data used in preparing returns, structuring and implementing a consolidation plan for the company's legal entities, resolving legacy tax controversies with the Internal Revenue Service (IRS) and state departments of revenue and establishing pre-filing agreements for future returns, and enhancing processes to support foreign tax compliance requirements. Today, the company has a platform to manage and address its tax requirements effectively and prepare for changes at the state or federal levels.