While the deal market has cooled over the last year, we are still seeing significant M&A activity in certain markets. As we advise our clients during the due diligence process, we are reminded of the advice we always give – DON’T WAIT UNTIL DUE DILIGENCE TO PAY ATTENTION TO TAX!
- Be sure that you have your financial accounting and tax records maintained regularly and in accordance with GAAP.
- File all taxes on time – don’t forget about:
- Delaware franchise taxes
- Foreign Bank Account Reporting
- Forms 5471 and 5472 for any Foreign Ownership or Foreign Subsidiaries
- State & local nexus analysis
- Documentation for any significant positions
If your company is preparing for a potential exit, now is the time to consult with an accounting or tax advisor to ensure that the process will be as smooth as possible. Reach out to us at admin@gillontax.com, and our experts will guide you through the pre-due diligence process.