A growing product service company has been providing product solutions and services for its customers for years. The company lacked proper outside financial business counsel and was facing significant and unnecessary tax liabilities as a result.
In order to maximize the client’s tax savings, Machen McChesney began the engagement process by conducting a highly technical and thorough evaluation of the tax laws and operational concerns impacting the business.
Following the evaluation, our team was able to:
The company’s tax liability was permanently reduced $48,000 and reduced approximately $45,000 each year going forward. The change in accounting method allowed an additional tax deferral of $99,000.
Periodic tax and business planning meetings are held, giving management a much clearer understanding of the company’s financial position on an ongoing basis, as opposed to just an annual basis, thus allowing them to be proactive and better manage day-to-day operations.