A new SC&H client involved in a sale transaction had serious deficiencies in how it reported its taxes, so serious that the errors would have disqualified the company from its declared corporate structure. It was clear that the deal would not close without the issues resolved. That’s when Jim Wilhelm and his team were called in. Jim vetted the historical and present tax status and filing concerns, and undertook the challenge of repairing them under tight time constraints. Working with the IRS, Jim was able to address the deficiencies, correct them, and obtain IRS assurance that the remedy was a workable solution with no liability. With the acquirer now comfortable, the deal that otherwise wouldn’t have been closed did.
Successfully representing clients before various Federal and state taxing authorities through examinations and appeals, Jim leads SC&H’s income tax practice, which consists of 40 professionals and generates over 60,000 client engagement hours annually.
With 25 years of progressive experience dealing with Federal and state tax issues for businesses and individuals, Jim’s work has brought him in contact with numerous industries, including healthcare, manufacturing, service and retail businesses, private equity firms, and real estate.
Jim has broad, thorough knowledge and expertise across multiple business and individual income tax situations. In addition to guiding clients through mergers and acquisitions, ESOP implementations and tax due diligence engagements, he oversees many value-added tax projects. These include consulting with clients on issues such as succession and estate tax planning, employee benefits, and tactical tax planning. He also assists companies in analyzing their organizational structure to maximize tax benefits and provide better liability protection.
Jim is knowledgeable in transactional tax planning, including Federal, state and local income tax concerns, as well as real and personal property tax minimization strategies. Additionally, Jim’s client experience covers international compliance and strategies in areas such as transfer pricing, and foreign ownership and foreign operations tax issues.
Beginning his career with a regional firm, Jim gained a solid background in taxation and business consulting. His expertise had developed through various income tax experiences, including non-profit, IRS appeals and negotiation for various tax cases. He is a graduate of Towson University, where he earned a B.S. in Accounting, and he has been published in The Baltimore Sun, Baltimore Business Journal, The Daily Record, The Business Monthly and several trade organization periodicals, keeping readers apprised of current income tax regulations and strategies. Jim has twice been named SmartCPA in 2007 and 2010 by Smart CEO Magazine.
Jim is a member of the Maryland Association of Certified Public Accountants (MACPA), The American Institute of Certified Public Accountants (AICPA), and has served on several boards, including the TowsonGlobal Incubator, the Hunt Valley Business Forum, and the Towson Association. He has presented at numerous venues aimed at educating companies and individuals about income tax issues. Jim currently serves as board member and treasurer of the Fuel Fund of Maryland, a charitable organization dedicated to relieving energy costs for low income families, as well as to educating consumers in financial literacy and in how to manage their energy use to lower their costs. He is also an advisory board member of the Urban Land Institute (ULI) Baltimore.
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