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Responding to Questions and Advising on Tax and Accounting

All Clifix staff are committed to acquiring knowledge not only in the field of taxation, but in all areas of accounting that meet our clients' practical needs, including accounting standards for tax effective accounting and financial products, and consolidated accounting. For example, our reply to an issue regarding a new lease transaction could be that for tax purposes it's on-balance sheet but for accounting purposes it's off-balance sheet. But we don't stop at tax and accounting knowledge. We try to deepen our understanding of a client's business and industry so that we can provide advice tailored to their actual situation.
Many of our staff have worked for major audit firms on IFRS compliance and can provide expert IFRS advice.

Identifying Tax Risks

Upon request, we will visit your office, or you can send us materials to work on to confirm if there are transactions that pose a tax risk or opportunities for tax savings.
Rather than just look at your books and point out errors about for example, whether consumption tax applies to this or that, we'll focus on the larger issues, such as new business, withdrawing from business or R&D, by reviewing documents like contracts and approval documents in combination, and review matters that have a large financial impact.

Tax Returns Preparation and Review

Our multi step review system and use of well-developed checklists means we always provide high quality tax return preparation and review services. We have extensive experience in cases that require high-level expertise such as reorganizations, international taxation and group tax sharing systems.
In addition to us preparing your tax returns however, if you wish, we can assist you to set up systems that allow you to prepare your own returns.

Information Sharing on Annual Tax Reforms

We work out those issues in annual tax reforms that impact our clients and explain what they mean. If there are opportunities for preferential tax treatment, we will sort out the conditions required to utilize them, and help you prepare in advance.
We also hold study sessions with clients who want us to share this information with accounting staff from their group companies.

In most cases where our clients have issues about handling gray zone areas when they have a tax audit the situation is resolved without their tax submissions being denied. We believe that this results from our efforts to find as much favorable information as possible by thoroughly examining relevant documents and interviewing those involved, logically examining for consistency with past precedents and dealing with the individual tax official constructively.
In addition, we have a number of prominent former national tax authorities as advisors with whom we exchange opinions on handling within the national tax authorities in a timely manner.
If a client has a disagreement with their accounting auditors, we will assist upon request, by conducting a detailed review in light of accepted accounting standards to ascertain how similar transactions are being handled in audits of other companies.

Clifix has extensive experience in handling consolidated taxation and group corporate taxation. Therefore we can handle advanced issues such as organization restructuring under a group tax sharing system.

For Customers Considering Introducing a Group Tax Sharing System

We advise clients who are looking at introducing a group tax sharing system that once they have made the transition, they cannot go back to how things were, so they really have to think about it carefully. We provide full support toward introducing the system to the client, including consideration of large impact financial issues such as tax loss carried forward and mark-to-market valuation, as well as simulation of tax payments and consideration of the impact on tax effect accounting.
Once the decision is finally made to transition, we provide advice on the schedule and processes involved and provide support for developing systems for their subsidiaries."

It often happens when a company or business is reorganized within a corporate group, that the structure chosen has a significant impact on tax and accounting.
In some cases, the choice of one structure may be favorable from a tax perspective but unfavorable for accounting purposes, and vice versa, but here Clifix has a wealth of experience to draw on. This means we can provide high-level advice incorporating both tax and accounting considerations and are able to recommend the best structure for each client's situation.

Clifix offers extensive knowledge and experience in international tax issues such as transfer pricing, foreign tax credits, tax haven taxation, recognition of permanent establishment (PE), and classification as a nonresident. In most cases clients consult us about these issues before making transactions, then we offer recommendations on how to reduce their tax risk in the most effective manner possible in the light of their particular business.
We are also a member of Baker Tilly International, currently the 10th largest accounting network in the world. We can obtain information through this network on overseas related matters and have the option of outsourcing work through the network as needed.