Innovative thinking and professional acumen are demonstrated in every engagement the firm undertakes. Here are just a few examples.
First Time Audit Due to Explosive Growth
A large multi-location building material supplier was looking to upgrade its outside accounting firm as a result of growth and recommendations from the company’s bank. The company’s calendar year-end was approaching soon. The company needed to have its financial statements audited for the first time as a result of increased capital requirements due to significant growth encountered during the housing boom. The accounting and finance departments were extremely weak for a company with greater than $70M in revenues operating in several states and locations. Tax compliance filings were being done late with little if any tax planning. Cash overdrafts were common as each location was separately incorporated and had its own banking facilities, thus requiring timely monitoring.
Foreign Issuer Needs Assistance Recasting GAAP Financials
A large foreign accounting service firm needed some assistance with a client. Their client, a Canadian publicly-traded company who also was filing as a foreign issuer with the SEC, needed assistance in recasting their Canadian GAAP financials in accordance with US GAAP. The financials were needed for a registration statement to be filed with the SEC enabling the Company to become a US registrant. The client also needed audits performed on a Company that they were targeting to acquire.
Reversed State Tax Assessment Saving Client $50,000
A construction contractor was audited by the State of NJ. The field agent questioned the company for not paying sales tax on two pieces of screening and conveyor equipment used by the company in its excavation business. The State of NJ assessed the company a use of tax of $50,000 on two pieces of construction equipment used by the company for excavation purposes. The client was upset with the results of this assessment and asked Withum if there was any way around this issue.