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DMA's RAR Compliance Service is designed to provide you with a complete outsourced solution to the state reporting requirements resulting from the settlement of your federal tax audit. The end of the federal tax audit signals the start of the state RAR compliance burden. RAR filing deadlines are short, new projects are assigned, and routine day-to-day work consumes most of your time. Our process provides that your returns are prepared and reviewed by experienced tax professionals having state-specific expertise with the respective taxing jurisdictions.
At the on-set of every RAR engagement, DMA performs the necessary due diligence to understand the project scope. And, we review and collect pertinent source documents and past state filings to ensure a comprehensive and customized service delivery to you.
DMA's RAR Compliance Service can be provided as a stand-alone service or in conjunction with our State Income & Franchise Tax Recovery Service to identify tax minimization strategies unrelated to the federal changes. This represents an excellent opportunity to generate savings to fund the cost of the compliance project. Our detailed process includes:
- Consultation and planning prior to audit settlement to limit the scope of required state filings and/or impact of adjustments
- Identifying the federal settlement date to establish the state filing deadlines of the RARs
- Preparing a summary of RAR issues by legal entity
- Determining last client liabilities of state record for reporting federal adjustments
- Performing a comprehensive analysis of RAR issues to identify all potential tax savings opportunities
- Identifying and substantiating additional issues that will reduce the tax liability
- Calculating interest on state assessments as a result of the federal changes
- Preparing complete, amended state income tax returns and notification letters
- Providing client file copy, filing and payment instructions, complete with mailing envelopes for certified, return-receipt requested filings
- Reviewing all adjustments and correspondence received from states and following up with the various Departments of Revenue, including interest received on refunds
- Suggesting appropriate changes and recommendations to resolve any incorrect adjustments
You can be assured that DMA's RAR Compliance Service ensures timely, accurate and complete state filings and provides a turn-key solution to a labor-intensive task. We manage, at no additional cost, notices and dialogue on your behalf resulting from any of the reported adjustments. Our tax specialists and professionals form a true partnership with you and work as an extension of your tax department.
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