This service provides cost-effective shared District tax resources, helping our customers to manage their tax compliance requirements at minimal cost.
Service Value and Key Benefits
- Provide experienced and uniquely qualified tax professionals who know the Farm Credit System, its business and related tax issues
- Minimize customer costs and time needed to develop tax expertise to follow changing federal and state tax rules and laws
- Ensure proper filings
- Reduce exposure to tax audits and liabilities and related costs
- Provide consistent District-wide application of field knowledge
Detailed Description
Income Tax Service
- Preparation of federal and state income tax returns
- Preparation of monthly and quarterly income tax provisions
- Calculation and processing of estimated tax payments
- Reconciliation of general ledger tax accounts
- Federal and state tax audit consultation and assistance
- Assistance in responding to IRS and state tax notices
- Consultation on preparation of federal information returns – borrower and corporate
- Consultation on IRS and State back-up withholding and levy notices
- Coordination and expertise on legislative and regulatory changes
- Signature of the return by SunStream personnel
- Basic research and consulting on our customers' income tax matters
- Consulting services beyond the scope of that included in the income tax service are available
Outside Consultant Return Review Service
A final review and signature by an outside consultant will be available. The value of this service is in having an additional review of the return and the support of the consultant in the event of an audit or other questions concerning the return. This
service is the subject of a separate agreement directly between the customer and the service provider.
Sales Tax Service
- Preparation and filing of sales tax returns
- Consulting necessary in relation to filing those returns
- Preparation of necessary accounting entries in connection with returns
- Assistance in responding to state tax notices
Personal Property Tax Service
- Preparation of personal property tax returns