Founded as LIFO Systems in 1983, SourceHOV | Tax is a leading provider of specialized tax services. We work with accounting firms throughout the country to bring R&D tax credits, cost segregation, EPAct §179D, and LIFO to their clients. With a team of 65 professionals and offices throughout the country, SourceHOV | Tax serves many of the nation’s most prominent accounting firms, associations, and Fortune 1000 companies.
Our mission is to build lasting relationships with our accounting firm partners, providing best of class service to help them meet their business goals. We help their clients save money and create cash flow that can stimulate their businesses.
Timeline of major news events and popular culture happenings that took place in 1983:
- Regular unleaded gasoline costs $1.16 per gallon.
- Tom Brokaw becomes the host of NBC Nightly News.
- Thriller by Michael Jackson becomes the No. 1 U.S. Album.
- The Dow Jones industrial average closes above 1,100 for the first time.
- The long-running television series M*A*S*H broadcasts its final episode.
- The space shuttle Challenger lifts off from Cape Canaveral on its first flight.
- The movie "Return of the Jedi" grosses a record $6,219,629 on its opening day.
- Tom Watson wins his fifth British Open golf championship.
- The Baltimore Orioles shut out the Philadelphia Phillies, 5-0, in Game 5 to win baseball's 80th World Series.
As an automobile dealership business manager, Dorothy Green noticed that dealers and their accountants had difficulties calculating LIFO figures for their tax returns. As a result, LIFO Systems was founded. Based on extensive research and with the input from CPAs and tax attorneys, the company developed a LIFO method that became the industry standard for its accuracy and approach.
LIFO Systems introduced a LIFO consulting service for retailers, wholesaler/distributors and manufacturers. LIFO Systems partnered with PricewaterhouseCoopers’ Washington National Tax Service as well as other national, regional and local firms to make the LIFO inventory method available for businesses of all sizes.
LIFO Systems became a division of SOURCECORP, Inc., a public company based in Dallas, Texas. With this strategic integration, the company began offering additional specialized tax services. The company changed its name to SourceCorp Professional Services.
Long founded on relationship marketing and to meet the dynamics of an international marketplace, LIFO Systems becomes SourceCorp. This same year, the Dealer Discount Consulting offering is introduced (sometimes referred to as the “net inventory” method). By identifying and removing trade discounts and advertising credits from the cost of ending inventory, SourceCorp helps hundreds of dealers increase current year Cost of Goods Sales and defer income recognition until vehicles are sold.
Top talent from Ernst & Young and KPMG joined SourceCorp to head its newly formed Cost Segregation Team. These professionals previously worked with commercial property owners and their CPAs from across the nation to increase cash flow from constructed buildings, purchased properties and renovations by accelerating depreciation expense deductions.
Industry specialists from around the country joined SourceCorp to help launch the R&D Tax Credit Team. The R&D tax credit reduces past, current and future years’ federal tax liabilities, creating an immediate source of cash.
SourceCorp introduced a new service for building owners that incorporated sustainable design. The EPAct §179D Tax Deduction helps owners of commercial buildings or primary designers of government and state properties to realize a substantial tax deduction if they have constructed new energy-efficient buildings or retro-fitted existing buildings.
SourceCorp partnered with Export Tax Management to introduce IC-DISC, a strategy that can save substantial tax dollars for companies that export products made in the US.
The parent company SOURCECORP, Inc. merged with HOV Services, LLP. Combined, the companies represent a $500 million consulting and outsourcing organization with operations in five countries. The merged company was named SourceHOV.
SourceCorp Professional Services rebrands to SourceHOV | Tax to reflect the parent company affiliation.