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Financial statements audits
Financial statement audits
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Compliance audits
Compliance audits
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Compilations and reviews
Compilations and audit
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Agreed-upon procedures
Agreed-upon procedures
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Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
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International tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
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Tax compliance
Business Tax
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Individual taxes
Individual taxes
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Estate and succession planning
Estate and succession planning
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Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
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Sales and use tax and indirect taxes
SUT/ VAT & indirect taxes
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Tax incentives program
Tax incentives program
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Transfer Pricing Study
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
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Business consulting
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
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Forensic and investigative services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
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Fraud and investigations
The commercial landscape is changing fast. An ever more regulated environment means organizations today must adopt stringent governance and compliance processes. As business has become global, organizations need to adapt to deal with multi-jurisdictional investigations, litigation, and dispute resolution, address the threat of cyber-attack and at the same time protect the organization’s value.
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Dispute resolutions
Our independent experts are experienced in advising on civil and criminal matters involving contract breaches, partnership disputes, auditor negligence, shareholder disputes and company valuations, disputes for corporates, the public sector and individuals. We act in all forms of dispute resolution, including litigation, arbitration, and mediation.
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Business risk services
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
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Internal audit
We work with our clients to assess their corporate level risk, identify areas of greatest risk and develop appropriate work plans and audit programs to mitigate these risks.
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Service organization reports
As a service organization, you know how important it is to produce a report for your customers and their auditors that instills confidence and enhances their trust in your services. Grant Thornton Advisory professionals can help you determine which report(s) will satisfy your customers’ needs and provide relevant information to your customers and customers’ auditors that will be a business benefit to you.
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Transactional advisory services
Transactions are significant events in the life of a business – a successful deal that can have a lasting impact on the future shape of the organizations involved. Because the stakes are high for both buyers and sellers, experience, determination and pragmatism are required to bring deals safely through to conclusion.
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Mergers and acquisitions
Globalization and company growth ambitions are driving an increase in M&A activity worldwide as businesses look to establish a footprint in countries beyond their own. Even within their own regions, many businesses feel the pressure to acquire in order to establish a strategic presence in new markets, such as those being created by rapid technological innovation.
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Valuations
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
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Recovery and reorganization
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
Do
Plan ahead
Get a sense of what your tax liability will look like as early as the end of the tax year. If possible, aim to provide current year figures to calculate your fourth quarter estimated tax payments.
- this can help anticipate any large tax payments that can compromise your business cash flows
- it provides the opportunity to consider timely alternatives that can minimize the tax impact such as purchasing tax credits at a discount or choosing to be taxed under an alternate method such as the Optional Tax, in those applicable cases.
Ask questions
Seek timely advice from your tax advisor on any changes in your operations so you can take informed decisions. For example, telecommuting arrangements can trigger income tax filing and payment requirements in multiple jurisdictions if performing services outside your base jurisdiction. In cases where you have a grant of tax exemption with a job creation commitment, any reduction in workforce should be assessed from a tax grant compliance perspective. Similarly, if you are a recent resident of Puerto Rico pursuant to Section 937-2 of the US federal regulations, with a grant of tax exemption under Act 22-2012 or its analogous provisions under the Incentives Code, you should seek timely advice regarding any change in your personal and professional situation that might impact your status as a bona fide resident of Puerto Rico (i.e. medical situations that require travel outside of Puerto Rico, frequent travels outside of Puerto Rico, change in civil status, and work-related activities outside Puerto Rico, to name a few).
Request help
Businesses are subject to monthly, quarterly, biannually, and yearly filings and payments for diverse types of state and local taxes. If it seems you can’t keep up with your recurring tax payments or keeping your accounting records up to date to comply with such requirements, consider outsourcing certain accounting and tax services.
Seek for feedback
Not sure if you are calculating your tax correctly or fully complying with those tax filings carried out internally? Request check-ups for specific tax areas to validate you are fulfilling your tax responsibilities as required by law. For instance, sales and use tax proves to be a tricky and complex tax to remain compliant for businesses in multiple jurisdictions, so regular check-ups to make sure everything is in order can be of great help.
Validate
When it comes to tax advice, no one-size fits all. Do not apply someone else’s tax advice to your business or personal situation before confirming its accuracy or applicability with your tax advisor to avoid any unintended tax consequences.
Don’t
Forget about your foreign holdings
Make sure you disclose your foreign holdings to your tax advisor as they may hold reporting requirements or have a taxable impact. You may be subject to onerous penalties for failure to disclose such holdings.
Overlook your tax accountant’s internal deadlines
To ensure a smooth tax preparation and quality assurance process of your return please provide complete information by your tax preparer's internal deadline. This will allow you to file your return ahead of the tax deadline and will avoid last minute complications for any technical bottlenecks that the tax agencies’ tax filing tools often encounter as the due date approaches.
Make piece-by-piece submissions
Providing incomplete financial forms or constantly revising financial drafts can delay the tax preparation process and can make your returns prone to mistakes.
Tell only part of the story
Leaving out relevant facts can affect the outcome of a tax assessment on a transaction. Make sure you provide all relevant details and keep proper documentation to support your claims.
Ignore communications from the Tax Agencies
Forward all notices received by the tax authorities to your tax accountant. Most of these are subject to time sensitive action items and can affect your tax liability in the current year and the year thereafter for carryover items.
Caroline López, CPA, Esq.
Tax Manager
Madeleine Tubens, CPA, Esq.
Tax Senior
Collaborated in the preparation of this article.
We are committed to keeping you up to date with all tax-related developments. Please contact our Tax Department should additional information be required regarding this or any other tax issue. We will be glad to assist you.
