Through the BDO Alliance, we can ask questions or seek assistance from BDO and other member firms about a vast assortment of accounting topics, giving SBF the resources of a much larger firm while keeping our status as a medium-sized independent firm that focuses on highly personalized service.
To illustrate how the BDO Alliance broadens our capabilities, here are three recent examples:
1. Navigating complicated foreign tax reporting issues: Our firm prepares inbound foreign tax returns, and with the resources of the BDO Alliance, we’ve been able to broaden the scope of the services we provide involving complex and unusual foreign scenarios. As one example, we got advice in determining the best course of action related to a complicated foreign property sale that involved partnerships with both U.S. and international partners.
2. Confirming our research in which a solar energy credit was reported incorrectly by the prior accountant: We used the Alliance to help ensure that a new client was compliant and would avoid future penalties. Our in-house research told us a solar energy credit was given to the client’s business in error, but we wanted a second opinion. The BDO team agreed with us, giving us comfort that we made the right decision.
3. Helping a client in an opportunity zone take advantage of the working capital cash clause: With BDO Alliance resources, we wanted to make sure the structure of opportunity zone entities would allow our client to take advantage of the somewhat complex working capital cash clause. The BDO team assisted with additional research and provided guidance on how to treat the opportunity zone properly, providing added value to our client.
The BDO Alliance USA offers resources to Alliance members like SBF from BDO USA and its more than 250 independent Alliance firms across the country. It’s a relationship that’s already paying dividends for us and our clients.