About SourceCorp Professional Services
Celebrating our 25th year in business, SourceCorp Professional Services is the leading provider of specialized tax services in North America. Headquartered in Fort Worth, Texas, SourceCorp empowers accounting firms by providing LIFO Accounting, R&D Tax Credit Studies, Cost Segregation Studies, and Green Building 179D Certification/Analysis. With a specialized team of nearly 70 professionals and with offices located throughout the country, accounting firms realize unparalleled experience, services, and trust. SourceCorp serves many of the nation’s most prominent CPA firms, Associations, and Fortune 1000 companies.
Our Mission:
Our passion is to empower our accounting firm partners and team members by building lasting relationships, providing outstanding resources, and taking responsible action so that everyone achieves their goals.
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 Pasteur Institute in Paris, France announces that Luc Montaigne has discovered a virus later called HIV.
• 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.
SourceCorp 1983
As an automobile dealership business manager, Dorothy Green notices that dealers and their accountants were having difficulties calculating LIFO figures for their tax returns. Throughout the U.S. there were many variations in the methods of calculations used by auto dealers and their CPAs. Complying with IRS rules was difficult and confusing. Out of this confusion came the idea of forming a company to perform the computations in a way that would be both accurate and in full compliance with IRS rules. As a result, LIFO Systems was founded. Based on extensive research and with the input from CPAs and attorneys, the company developed a LIFO method that became the industry standard for its accuracy and approach in calculating LIFO for the automobile industry. Not only was the system capable of accommodating the constant technological change found in the automobile industry, but was examined by the IRS hundreds of times over the years without question.
SourceCorp 1992
The IRS introduces the Alternative Method for automotive LIFO. LIFO Systems responds by offering a service and software product to meet the challenge. Its Windows-based Alternative Method Software includes a constantly updated database containing all research necessary to comply with IRS guidelines.
SourceCorp 1997
LIFO Systems introduces a LIFO consulting service for retailers, wholesaler/distributors and manufacturers. LIFO Systems partners 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. This strategic partnership provides a way for businesses already on LIFO to maximize their tax benefits through the Inventory Price Index Computation (IPIC) method.
SourceCorp 1998
LIFO Systems becomes a division of SOURCECORP, a public company based in Dallas, Texas. With this strategic integration, the company helps CPAs by offering additional and needed specialized tax services. These offerings help clients attract and keep talent, provide sustainable growth, improve service mix and profitability, and increase the value of the CPA’s practice.
SourceCorp 2001
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.
SourceCorp 2003
Former experts from Ernst & Young and KPMG join SourceCorp to head up 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.
SourceCorp 2006
Industry specialists from around the country join SourceCorp to help launch the R&D Tax Credit Team. With long-term relationships and decades of experience under its belt, SourceCorp is able to integrate these specialized tax services through existing firms by helping them implement additional growth plans, effectively integrate business offerings and safely take advantage of the tax savings available through these offerings.
SourceCorp 2008
SourceCorp Professional Services introduces a new service to assist CPAs and their clients toward environmental sustainability. The Green Building Tax Deduction Certification/Analysis helps taxpayers realize substantial cash flow benefits if they have constructed new energy-efficient commercial buildings or reconstructed existing commercial buildings.