A foreign-owned powerplant company with plants throughout the United States needed help filing their annual taxes as well as support, advice and guidance on how federal, state and local tax codes applied to their business as they expanded their footprint in the U.S.
An Italian company that builds and services powerplants internationally, hired Nisivoccia after searching for an accounting firm to help them navigate the complexity of U.S. tax laws. The company was poised to grow its U.S. based business. The company wanted a firm with the knowledge, commitment and expertise to identify both obstacles and opportunities that might affect financial status and cash flow as it expanded. David Benson, CPA, MST and tax expert became the point person for the client. He knew that to be effective, he needed to learn the nuances of the company’s unique business and work through the details of having operations in numerous states.
“Extraordinary customer service is not just something we say we do, we pride ourselves on it here at the firm. In fact, Unparalleled Support is one of our values that make up the The Nisivoccia Way. I’m always looking for ways to better serve my clients and provide the best possible financial and tax situation I can for them.”
David began by reviewing financials, tax records and business documents to familiarize himself with the structure of the U.S. operation. Once he had a solid understanding of the financials, David reached out regularly to speak with contacts both domestically and overseas to learn as much as he could about the nature of the business: how they operate, special circumstances they might be dealing with, and how the tax codes would apply. While the time zone and language presented occasional challenges, David built a strong rapport with his counterparts at the company as they worked through the details of the firm’s tax status, expenses, income and cash flows. In fact, company representatives were impressed by the number of questions David asked that their prior accounting firm never brought up.
Because powerplants are subject to certain regulations or conversely, may benefit from certain tax subsidies, only an accountant with a thorough understanding of those issues could help them file a complete and correct business tax return and optimize applicable tax credits. David committed himself to doing all necessary research to gain a full understanding and advise them on the best approach.
At times, client support went beyond tax advice. For example, when the client was struggling to understand what was needed to file business registrations in various states, David stepped in to facilitate their entrance into those markets. He helped the company owners with their individual U.S. tax filings when they were unsure how to proceed. Finally, when the company was contracted to open a powerplant in Puerto Rico, which has different regulations and tax codes, David was able to refer them to a firm with the expertise needed through Nisivoccia’s membership in BKR International – a group of accounting firms that draw on each other’s specialized expertise when needed.
David’s support, commitment and talent for asking the right questions ensured that the company filed their annual return correctly and on-time. Furthermore, his responsiveness to the client’s needs and questions led to an expanded and more consultative relationship between the two firms. David’s guidance improved the company’s bottom line in several key ways including:
- Finding penalty abatements that were overlooked by prior accountants
- Pointing out previously missed loss carry-forward deduction opportunities
- Offering strategies to minimize taxation by researching and explaining state by state statutes, applications and regulations
- Advising principals on applying for international tax ID’s in the U.S and how much time they were permitted to spend stateside to minimize taxation
Going above and beyond, and becoming a trusted advisor, is a hallmark of the Nisivoccia culture. Our CPAs and staff work hard to earn the trust of our clients. A client may join us because of the value we provide but they stay because of the relationships we build.