The Dowell Group assists foreign parent companies by providing services to their U.S. subsidiaries with a wide range of accounting and financial services. We provide attestation services, like audits and reviews, as well as compiled financial statements. Many clients require that we perform income tax preparation to keep the U.S. subsidiaries in compliance with state and federal income tax regulations. As state and local governments search for more avenues of revenue and become more aggressive, we also help these U.S. subsidiaries and their foreign parents to minimize risk of compliance and to minimize their overall tax burden, whether it is income tax, sales tax, or payroll tax. We also provide very customized consulting and agreed-upon procedure engagements to satisfy the unique needs of our clients. Because ownership is overseas and physically removed by thousands of miles or even by cultural or language barriers, we often act as the financial “eyes and ears” of our foreign clients, providing oversight and analytics of the U.S. operations by being our clients “boots on the ground”, and then reporting our findings directly to foreign ownership. Our knowledge of overall business practices in the U.S. can be valuable in coordinating overall management operations. In many cases, we are part of a team that oversees the operations and compliance of the U.S. subsidiary, working closely with other legal, financial, or consulting professionals.
Audits and Reviews
Much of our interaction is with the foreign auditors of the parent subsidiaries, or with the controllers of the foreign parents. The accounting and tax regulations of foreign countries often include nuances or reporting needs that are different from those in the U.S., and we offer the flexibility and team-oriented approach to make sure the parent’s and subsidiary’s needs are met.
Often, we are engaged to prepare compiled financial statements, based on the client’s books and records. We can also:
- Prepare Federal Income Tax Returns
- Prepare State Income Tax Returns
- Oversee Accounting Records, Processes, & Tax Compliance
- Outsourcing the Entire Accounting Function
- Monitoring Internal Controls
- Delve Deeply Into the Returns to Look for Tax Reduction Opportunities
- Work with Fiduciaries on Preparing Estate & Trust Returns
Since there is often no substitute to a face-to-face meeting or hands-on approach, we have some engagements that include making visits to client sites, wherever they might be.