Oilfield Services: Tax
As part of an initiative to ensure continued compliance with all state and local taxing jurisdictions, a worldwide manufacturer and master distributing company (the Company) engaged Opportune to serve as its state and local tax function. At the conclusion of a nexus study and internal conversations, the Company and Opportune jointly identified several states that were most likely to request returns from the Company in the future based on its activity in these states.
Opportune’s tax team remedied this problem and submitted voluntary disclosure agreements (VDAs) and filed historical taxes in the identified states. The Company was able to pay the tax and partial interest due, but pay no penalties, in the process. Opportune continues to perform state tax functions at the company, including all sales and use tax filings and income and franchise tax filings post-VDA project.
Opportune’s tax reporting and compliance experts carry decades of corporate tax and finance experience in both industry and consulting environments. Our deep industry expertise, financial acumen and technical tools enable us to offer our clients a total solution for their tax reporting and filing needs. The experts at Opportune advise companies that are highly acquisitive, may be uncertain about the quality of their current reporting and compliance practices, or simply want to know how recently enacted tax legislation affects them. For more information, click here.