Case Study: a manufacturer of metal fabricated components for OEMs strengthens financial reporting and secures tax savings with Elliott Davis

a manufacturer of metal fabricated components for OEMs recovers $110,000 and gains $280,000 in state tax savings with Elliott Davis

A manufacturer of metal fabricated components for OEMs faced a challenge after receiving a letter of intent. The established company needed to quickly professionalize its accounting processes and financial reporting, evaluate past state tax returns for accuracy, and determine the fair market value of its equity. They engaged Elliott Davis for its accounting advisory and tax consulting services to address these needs.

Elliott Davis implemented a comprehensive solution including weekly, monthly, and quarterly accounting support, a review of state tax apportionment rights, and a business valuation. The results were significant: Elliott Davis helped professionalize the company's financial operations, secured an immediate $110,000 refund from amended returns, and identified $480,000 in additional state tax credits and savings. The valuation provided by Elliott Davis empowered the owners to negotiate their transaction with confidence.