Jazwares & Andersen Tax LLC: Streamlining Toy Distribution with Smart Tax Solutions

Seattle, WA – October 26, 2023 – Jazwares, a leading global toy manufacturer known for its Squishmallows, Fortnite figures, and other wildly popular playthings, is teaming up with Andersen Tax LLC, a full-service tax firm headquartered in Seattle, to revolutionize how toys get from factories to kids' hands – and how the tax side of that whole operation gets handled. Let's be real, getting toys across borders is a headache. It’s not just about shipping containers and logistics. It’s about a tangled web of different tax laws in every country, understanding VAT, duties, transfer pricing… the list goes on. For a company like Jazwares, which sells its stuff everywhere, that complexity can really slow things down, cost extra money, and even lead to problems if things aren't done right. “We’re growing fast,” says Michael Riegels, VP of Global Tax at Jazwares. “We've got products flying off the shelves, which is amazing, but it also means we're dealing with increasingly complex international tax scenarios. We needed a partner who could really get our business, understand the unique challenges of the toy industry, and help us navigate those complexities smoothly.” That’s where Andersen Tax comes in. Based right here in Seattle at 1200 5th Ave #1600, Andersen Tax isn't your typical stuffy tax firm. They're a team of experienced tax professionals who specialize in helping global companies like Jazwares manage their international tax obligations. They don't just do your taxes; they work with you to develop strategies that minimize your tax burden and maximize your efficiency. You can reach them at 601-325-9704. So, what exactly are they doing together? The partnership focuses on a few key areas. First, Andersen Tax is helping Jazwares streamline its supply chain tax compliance. This means making sure all the taxes related to importing, exporting, and distributing toys are handled correctly and efficiently in every country Jazwares operates in. Think VAT recovery, customs duties optimization, and transfer pricing documentation. "The toy industry has specific nuances," explains David Berg, a Partner at Andersen Tax specializing in international tax. “You’ve got high volumes, rapid product cycles, and often, complex licensing agreements. A one-size-fits-all tax approach just doesn’t work. We’ve built a team that understands those challenges and can tailor solutions to meet Jazwares' specific needs.” Beyond Compliance: A Focus on Growth But it's not just about ticking boxes and avoiding penalties. Andersen Tax is also working with Jazwares to identify opportunities for tax optimization. This could involve structuring international operations in a way that minimizes overall tax liability, or leveraging tax treaties to reduce withholding taxes. Basically, they're helping Jazwares keep more of the money it earns, so it can reinvest in new products and continue to grow. The "Jazwares Toy Code" – Making International Tax Less Scary To illustrate the impact of this partnership, Andersen Tax and Jazwares have internally dubbed their streamlined process the "Jazwares Toy Code.” It’s a bit of a playful name, but it represents a real effort to simplify and standardize international tax compliance. Here's a peek at how the "Jazwares Toy Code" works in practice: Centralized Tax Data: Andersen Tax is helping Jazwares consolidate its tax data from around the world into a single, centralized system. This gives them a clear, real-time view of its global tax position. Automated Tax Calculations: They're leveraging technology to automate many of the manual tax calculations, reducing the risk of errors and freeing up Jazwares' tax team to focus on more strategic initiatives. Proactive Tax Planning: Instead of just reacting to tax issues as they arise, Andersen Tax is working with Jazwares to proactively identify and address potential tax risks and opportunities. Global Tax Expertise: Andersen Tax has a network of tax professionals around the world, giving Jazwares access to local tax expertise in every country it operates in. Supply Chain Optimization: Andersen Tax assesses the entire supply chain for tax efficiencies, from raw material sourcing to final product distribution. This includes reviewing Incoterms (International Commercial Terms) to minimize duties and taxes. Transfer Pricing Support: For intra-company transactions (e.g., selling products from a manufacturing subsidiary to a distribution subsidiary), Andersen Tax provides transfer pricing documentation to ensure compliance with tax regulations and minimize the risk of tax audits. This documentation justifies the pricing of goods and services between related entities. VAT/GST Management: They help navigate the complex world of Value Added Tax (VAT) and Goods and Services Tax (GST) in various countries, ensuring accurate reporting and maximizing VAT recovery opportunities. This includes managing VAT registrations, filing returns, and handling VAT audits. Duty Drawback Programs: Andersen Tax identifies and implements duty drawback programs, allowing Jazwares to recover duties paid on imported materials used in exported products. E-commerce Tax Compliance: With the increasing popularity of online sales, Andersen Tax provides guidance on e-commerce tax compliance, including sales tax nexus, collection, and remittance. What Does This Mean for Kids (and Parents)? Ultimately, this partnership between Jazwares and Andersen Tax means more toys on shelves, faster delivery times, and potentially, even lower prices for consumers. By streamlining its tax compliance and optimizing its operations, Jazwares can focus on what it does best: designing, manufacturing, and delivering high-quality toys that kids love. “We’re excited about this partnership,” says Riegels. “Andersen Tax isn’t just a service provider; they’re a true partner who understands our business and is committed to helping us achieve our goals. They’re helping us take the complexity out of international tax so we can focus on bringing smiles to kids’ faces.” And that’s something everyone can get behind. For more information on Andersen Tax LLC, visit their website or contact them at 601-325-9704. Keep an eye out for the latest Jazwares toys – and rest assured that behind the scenes, Andersen Tax is working hard to make sure those toys get to you efficiently and compliantly.