Corporate clients often need improved control over compliance issues and opportunities. Clay Thomas P.C. assists clients with limited in-house resources with multi-jurisdictional and regulatory compliance matters.

Our CPA firm offers the following financial services:

Tax Return Preparation

Our clients rely on our staff to prepare or review their tax returns. We render counsel in the field of corporate and international tax issues assist corporations, partnerships and other pass-through entities with timely updates regarding interpretations of IRS Notices, Treasury Bulletins, United States Tax Court rulings, and Congressional activities in the area of taxation.

Negotiating With Tax Authorities

No organization looks forward to negotiating with taxing authorities. It is a difficult and intricate matter and the relationship with the taxing authorities must be handled with due care. Our staff has assisted clients with resolving issues with federal, state, local, and international taxing jurisdictions.

SFAS 109 Services

SFAS 109, the Accounting for Income Taxes is one of the least understood pronouncements in financial accounting and it is something our staff does rather well. We are well prepared to assist clients with understanding the application of SFAS 109 and in the classification of their deferred tax liabilities and assets.

Indirect Tax Compliance

Many corporations have multiple locations and are therefore responsible for accurate sales and excise tax reporting in each different tax jurisdiction. Tax jurisdictions change rates rather often and our clients often find tracking and reporting constantly changing sales and excise tax to be onerous at best. The staff at Clay Thomas, PC unburdens the taxpayer by either tracking and reporting for our client or by assisting the client in installing controls and processes which make accurate reporting possible.

Tax of Oil and Gas Related Industries

Our clients in the oil and gas related industries rely on our ability to counsel them in determining their federal income tax since exploration and production accounting differs in many ways from generally accepted accounting principles. In addition, the United States Internal Revenue Code provides tax incentives and many special rules regarding the appropriate amount of income and deductions to be included in taxable income. Virtually every state with oil and gas production levies production or severance tax.

Payroll Services

Some business entities find that the payroll management is a complex process and accounting for payroll is a service that is better outsourced. Our clients often find that utilizing our professional payroll service allows them the opportunity to focus on the creating revenue for their companies without the burden of processing payroll and accounting for and reporting payroll taxes.