With drastically changing market conditions, further exacerbated by the COVID-19 pandemic and the closing of schools and offices nationwide, this large retailer of office and school supplies suffered a crippling decline in sales. The company went through drastic cost cutting measures and lost key employees, including the Tax Manager, due to voluntary attrition. Ultimately, the business was sold to a private equity firm and reorganized as a partnership. We were able to quickly provide an interim tax manager to oversee the tax department, while assisting the company through their changing income tax compliance needs.
With our variable workforce model, Jefferson Wells adapted to meet the ever-changing needs of our client from week to week and helped ease their mindset of a remote work model. Our team collaborated with all stakeholders involved to formulate a plan to ensure the timely registration and filing of all income tax returns. As deadlines approached, additional consultants were added to meet the filing deadlines. As the project progressed and additional filing responsibilities were identified, our team put together an action plan for approval by the Board of Directors.
Due to the quick turnaround of providing the client with the right resources at the right time, they were able to timely and accurately file all income tax returns and provide K-1’s to all the partners. This ultimately reduced any potential late filing penalties, resulting in a stronger bottom line.