Challenge
A local bank primarily serving middle market clientele had a standard outsourcing relationship with a service provider that handled their tax provision and tax returns but wanted more insight into how to use their provision and different calculations to look at different planning scenarios and ideas. The bank did not have an internal tax department and was looking to work with a provider that could deliver high-touch service and specialized tax knowledge to their organization and industry.
Solution
Grant Thornton utilized a Rightsourcing approach based on the bank’s specific needs and business objectives and allowed for complete transparency and a vision for the bank’s operational goals. The bank’s information was setup in our technology systems for their tax provision and compliance calculations, and then further built upon this with data visualizations to provide better insight. Our team met weekly with the chief financial officer to discuss different ways to apply insights where necessary for tax savings and other decision making. Grant Thornton met frequently with the chief financial officer to apply newly gained insights for tax savings and strategic decision making.
Results
Through the Rightsourcing approach, the bank realized significant cash tax and operational savings during the first three years and projects additional savings in subsequent years. The bank continues to have weekly consultations with our tax team to handle any tax concern that arises and focus on future business objectives.
Contacts:
Michael Colagiovanni
Principal, Tax Services
Grant Thornton Advisors LLC
Mike Colagiovanni is a partner in the Tax Services practice of Grant Thornton’s Cleveland office, specializing in corporate taxes, including income tax accounting and financial reporting matters. He is the Central region leader of Tax Accounting and Risk Advisory Services (TARAS).
Cleveland, Ohio
Industries
- Manufacturing, Transportation & Distribution
- Transportation & distribution
- Retail & consumer brands
Service Experience
- Tax
Robert D. Clarke
National Tax Leader, Tax Digital Consulting
Grant Thornton Advisors, LLC
Rob is based in Tampa, FL and is the national tax leader for Tax Digital Consulting, which focuses on helping clients undertake the digital transformation journey with consultative services and solutions.
Tampa, Florida
Industries
- Healthcare
- Manufacturing, Transportation & Distribution
- Technology, media & telecommunications
- Retail & consumer brands
Service Experience
- Tax
- State & Local Tax
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