A corporation’s tax compliance issues exist on multiple levels, in multiple jurisdictions and often with multiple agencies
There really is no way around the fact that today’s compliance environment is more complex than ever and can be full of pitfalls if not carefully managed. One of the centerpieces of our service is the full and complete oversight of all of an organization’s compliance needs. A focus on compliance is embedded in all facets of our service because there are compliance issues in all of those areas. Keeping up in a consistent and proactive manner is the best way to ensure all deadlines are met and appropriate resources are allocated to satisfy compliance payment requirements and avoid penalties and interest.
In working with business owners we often see that trying to maintain oversight of all of their organization’s compliance filings and deadlines is one of their main sources of stress. This is completely understandable, not only due to the sheer number and diversity of filings and deadlines to remember but also due to the penalties which can be incurred for missing a filing, penalties that can sometimes be quite severe from a financial perspective. The amount of focus required to properly manage compliance can be incredibly distracting for owners and managers, diverting precious time and resources away from where they really need to be spent in order to drive success for the business.
From a practical standpoint, our compliance workflow originates from the books of record. Without up-to-date books the necessary data to prepare any compliance filings simply isn’t there. Once we have the filings prepared, we then report to management by whatever process has been developed for that particular organization to provide notification that the filing is ready and a payment due (if applicable). At that point management will either make the necessary payment or authorize us to do so, again based on the unique processes of the organization. Our goal is always to reach the necessary end result, in this case an up-to-date filing and payment, with the minimum of involvement from management. It is critical in every compliance situation that management has the necessary oversight of any transaction initiated on its behalf and our processes are developed so that oversight and authorization is part of every workflow.
There is a seemingly endless list of acronyms of required compliance filings and payments, but all you will need to remember is that we take care of all of them for you.
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