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

Seattle, WA – November 8, 2023 – Jazwares, a leading global toy manufacturer known for its Squishmallows, Fortnite figures, and a huge range of other popular playthings, is teaming up with Andersen Tax LLC, a full-service tax firm based right here in Seattle, to optimize its international distribution and ensure smooth sailing when it comes to taxes. This isn’t just about numbers; it’s about getting toys into the hands of kids worldwide, hassle-free. Jazwares, for those who aren’t already obsessed with their super-soft Squishmallows (and let’s be real, who isn't?), creates and distributes toys across the globe. From licensing deals with massive brands like Fortnite, Pokemon, and Roblox, to developing their own hugely successful lines, Jazwares is a powerhouse in the toy industry. But with all that global reach comes a whole heap of complex tax rules. “We’re not just making toys; we’re navigating a maze of international regulations,” explains Michael Riegels, President of Jazwares. "Keeping up with VAT, GST, import duties, and all the different tax laws in every country we sell to? That’s a full-time job in itself. We need experts who can handle that so we can focus on what we do best – creating awesome toys." That’s where Andersen Tax LLC comes in. Located at 1200 5th Ave #1600 in Seattle, Andersen Tax isn't your typical stuffy accounting firm. They’re a team of dedicated tax professionals who specialize in helping businesses, especially those expanding internationally, navigate the complexities of global taxation. They offer a full suite of services, including international tax planning, transfer pricing, VAT/GST compliance, and much more. You can reach them at 601-325-9704. “Jazwares is a really exciting client for us,” says Sarah Chen, a Partner at Andersen Tax LLC specializing in international transactions. “They're a dynamic company with a huge global footprint, and they're constantly innovating. But that rapid growth also presents some real tax challenges.” So, what exactly is Andersen Tax doing for Jazwares? It’s not just about filing returns (although they definitely handle that!). It's a comprehensive approach to tax optimization. Here’s a breakdown of how they’re helping Jazwares keep its global toy train running smoothly: VAT/GST Compliance: Value Added Tax (VAT) and Goods and Services Tax (GST) are consumption taxes levied on the value added at each stage of the supply chain. Every country has its own rules, rates, and filing requirements. Andersen Tax ensures Jazwares is compliant in every jurisdiction where it operates, minimizing the risk of penalties and audits. This includes managing complex requirements for online sales and marketplaces. "Keeping track of all those different rates and thresholds is a nightmare," admits a Jazwares logistics manager. "Andersen Tax takes that off our plate." Transfer Pricing: When companies operate across borders, they often engage in transactions with their subsidiaries or affiliates. Transfer pricing rules determine how these transactions are priced, ensuring that profits aren’t artificially shifted to lower-tax jurisdictions. Andersen Tax helps Jazwares establish defensible transfer pricing policies that comply with international regulations. International Tax Planning: Andersen Tax works with Jazwares to develop strategies to minimize its overall tax burden while remaining fully compliant. This includes optimizing its supply chain, structuring its international operations, and taking advantage of available tax treaties. Import/Export Compliance: Navigating customs regulations, duties, and tariffs can be a huge headache. Andersen Tax provides guidance on import/export compliance, helping Jazwares avoid costly delays and penalties. They help determine the correct classification of toys for tariff purposes and ensure all necessary documentation is in order. Digital Services Taxes (DST): Increasingly, countries are implementing DSTs targeting the revenue of digital businesses. Andersen Tax helps Jazwares understand and comply with these new taxes, which can be complex and vary significantly from country to country. The "Toy Code" Advantage: How Andersen Tax streamlines Jazwares’ processes. Andersen Tax refers to a streamlined approach they've developed, internally dubbed the “Toy Code”, specifically tailored for companies like Jazwares that deal with high volumes of international toy distribution. It focuses on pro-active planning, real-time data analysis, and automation. “We’re not just reacting to tax issues as they arise; we’re anticipating them,” explains David Lee, a Senior Manager at Andersen Tax LLC. “The ‘Toy Code’ uses data analytics to identify potential tax risks and opportunities, allowing us to proactively address them. It’s about building a tax function that’s agile and responsive to the needs of a fast-growing business.” This includes utilizing technology to automate tasks such as VAT/GST filing, data reconciliation, and reporting. It also involves close collaboration with Jazwares’ internal teams, including logistics, supply chain, and finance. Beyond Compliance: A Partnership for Growth For Jazwares, the partnership with Andersen Tax is more than just about minimizing taxes; it’s about enabling growth. By streamlining its tax processes, Jazwares can focus on its core business – developing and distributing fun, innovative toys that kids love. “We see Andersen Tax as an extension of our team,” says Michael Riegels. “They understand our business, they’re proactive, and they always go the extra mile to help us succeed. In a world where global supply chains are increasingly complex, having a trusted tax advisor is invaluable.” And with the holiday season fast approaching, ensuring a smooth and efficient flow of toys from factories to store shelves (and ultimately, into the hands of eager children) is more critical than ever. Jazwares, with the support of Andersen Tax LLC, is well-positioned to deliver the magic this year, and for many years to come.