Tax Advisory

Prepared 75+ tax returns for a real estate client conducting business in the greater Philadelphia and Florida regions. Advised client on qualified opportunity zone business (QOZB) and fund (QOF) reporting and compliance in addition to support and tax planning for entities and not-for-profit organization. Siegfried Advisory also led efforts in consecutive years to complete the year-end accounting on more than 75 property entities in advance and support of the respective tax filings. During the interim period, Siegfried Advisory maintained the internal statements and assisted with operational accounting and process improvement initiatives, including A/P and expense management automation. A Siegfried Advisory professional reported to the Chief Financial Officer and helped onboard a full-time controller who has completed more than 80 projects worth over $600 million.

Reviewed a new client’s prior year tax returns, fixed assets and depreciation for potential tax planning and missed opportunities. Upon review, Siegfried found $2MM+ of qualified improvement property (QIP) that did not elect bonus depreciation treatment in the year placed in service. Accordingly, Siegfried Advisory initiated a $1.7MM adjustment and worked with the client’s financial advisors to leverage and roll over $500K of traditional retirement plans to a Roth tax-free plan.  The excess net operating loss generated was subsequently carried forward and utilized in future years’ tax planning strategies.

Siegfried Advisory services several large family offices and enterprises. The Family Office team provides a wide range of services including tax compliance, tax planning for owners and investors, bookkeeping, cash management, monthly and quarterly reporting, accounting oversight of private airplanes, cash flow projections and analysis, investment diligence, business valuations, personal investment tracking and preparation of personal financial statements.

Public Commercial Real Estate Company

We worked with a client’s EMEA Tax Director to build new, more efficient tax compliance processes for filings. The Siegfried Advisory Professional leveraged their Alteryx Designer background and client trainings to automate the manual effort across workstreams, which allowed for more efficient and timely filings and greatly reduced the possibility of error. Siegfried Advisory’s work was presented to the client’s global tax department to encourage automation throughout the tax function and provide a resource for ongoing assistance with this initiative.

Manufacturing Company of Consumer & Professional Products

A Siegfried Advisory Professional served as the product owner of the direct tax and transfer pricing sectors of the client’s S/4 Hana implementation for Canada and the US. We worked closely with the system integrator and SMEs on the design, build, testing, and deployment of S/4 to meet the needs for transfer pricing, income tax provision, and compliance. We also led process improvement initiatives and utilized Alteryx to modify and advance the current provision process. Additionally, Siegfried Advisory worked with the client’s internal employees to address tax questions.

Privately-owned Technology & Media Company

A Siegfried Advisory Professional helped ensure accurate sales and use tax reporting and filing at the state and local level. The Professional did this by (1) importing sales and use transactions into Avalara, and (2) adding customers and linking them to relevant tax certificates in the system to account for any variations in tax treatment. Research and documentation were done to ensure the nature of the product and/or service being delivered was clear and the associated state taxability was correct. The client implemented the revised process as designed by the Professional.

Siegfried Advisory provides tax due diligence support to help entities understand potential tax liability exposure following proposed transactions. This analysis includes but is not limited to taxes for federal and state income, sales, use, payroll, and property. For one specific project, the team was engaged to review a fitness center operation with dozens of locations throughout Texas as well as recent developments in another state. This transaction target had a complicated entity and reporting structure in addition to holding unique tax positions that Siegfried Advisory assisted the client with understanding and outlining potential stipulations to consider when finalizing the transaction.