Pacira Pharmaceuticals Inc.
Providing practical, actionable advice that saved Pacira time and money.
In 2010, Pacira Pharmaceuticals Inc. (NASDAQ: PCRX) retained VPTax as a consultant on tax issues. The focus of VPTax was corporate taxation – providing practical, actionable advice that saved Pacira time and money.
Results:
VPTax helped Pacira:
- Reduce its tax bill for the Delaware franchise tax, delivering significant savings.
- Develop a strategy for documenting and reporting research and development (R&D) tax credits, to support tax savings in future years when Pacira becomes profitable.
- Cut the cost of tax advice. The expertise of VPTax partners reduced the time required for research of tax issues and lengthy meetings with high-paid accounting firm staff.
- Prepare property tax returns & managed the audit of prior property tax returns, eliminating the need for costly third-party contingent fee consultants.
In 2011, Pacira expanded VPTax’s role at the company, asking VPTax to manage their tax returns, in place of the Big Four accounting firm that previously had that responsibility.
Lauren Riker, Executive Director of Accounting and Reporting says: “VPTax has a very high level of expertise and a broad knowledge base of tax issues, so I am able to get an answer quickly, and get it explained at a level where I can talk to our CFO and our Audit Committee about the issues involved,”
“It’s one-stop shopping for all my tax needs, it’s lower cost than a large firm, and VPTax partners are available on the other end of a phone line whenever I have a question.”