In today’s fast-based business world, mergers and acquisitions happen on a daily basis – and tax professionals need to be prepared for the implications. ONESOURCE Income Tax has a solid process in place for adding new companies to the system. Connie Carrillo, CPA, a Thomson Reuters account manager, trained a team of income tax professionals on how to do this – and where to find help.
The process should go smoothly if you do your homework, gathering as much information as possible about the company you’re acquiring (and as early as possible, although tax teams are often brought into the process either just before close or after close). Essential information includes details like the type of acquisition (stock or asset?), the entity type (partnership, corporation or LLC?), extension and estimate deadlines, Net Operating Loss carryover information and more.
Once you’re ready to add your new company to ONESOURCE, contact your account representative for information on the next steps. And if you need extra help, Thomson Reuters can do some of the work for you.
We’ve really enjoyed attending all of the informative sessions this week at #ONESOURCEuc. Stay tuned for a full wrap-up (including video!).