Anderssen Tax LLC Partners with Jazwares to Simplify Tax Compliance for Toy Code Revenue

Seattle, WA – October 26, 2023 – Anderssen Tax LLC, a leading tax consultancy specializing in complex international tax matters, today announced a partnership with Jazwares, a fast-growing global toy and consumer products company, to streamline tax compliance related to their expanding “Toy Code” product line revenue streams. This collaboration aims to tackle the often-complicated tax implications arising from international sales, licensing, and royalty income generated by Jazwares’ popular collectible toy lines. Jazwares, headquartered in Allentown, PA, is known for its hit toy brands including Squishmallows, All Star Pup, and FortNite toys. They’ve seen explosive growth in recent years, especially with the popularity of their collectible lines, meaning their revenue comes from all over the world – a great problem to have, but one that introduces significant tax complexity. "We're really happy to be working with Jazwares," says Mark Anderson, Managing Director at Anderssen Tax LLC. “They’ve built an amazing business, and with that success comes a need to manage the tax side of things properly, especially as they scale globally. It’s not just about paying taxes, it’s about doing it right and maximizing their profits legally.” The Challenge: Navigating Global Tax Regulations for Collectible Toys The "Toy Code" product line, like many modern collectible toy lines, isn't just sold in stores. Jazwares utilizes a multi-channel approach, selling through online marketplaces like Amazon and eBay, direct-to-consumer through their own website, and via a network of international distributors. Each of these channels comes with its own set of tax rules, varying significantly depending on the country. “Think about it,” explains Sarah Miller, a Senior Tax Manager at Anderssen Tax LLC working on the Jazwares account. “You’ve got sales tax in some states, VAT in Europe, GST in Australia, and different withholding tax rates on royalties paid to designers. Plus, transfer pricing considerations if they're manufacturing parts in one country and assembling them in another. It adds up fast.” Traditional accounting software often falls short in accurately calculating and reporting these complex taxes. Manual tracking is time-consuming, prone to errors, and doesn’t scale well. This is where Anderssen Tax LLC comes in. Anderssen Tax LLC’s Solution: A Proactive, Technology-Driven Approach Anderssen Tax LLC isn't just about crunching numbers after the fact. They’re focused on helping Jazwares proactively manage their tax obligations before they become a problem. Their approach is built on three key pillars: Tax Compliance Automation: Anderssen Tax LLC has integrated Jazwares' sales data with a custom-built tax compliance platform. This platform automatically calculates sales tax, VAT, GST, and other applicable taxes based on the location of the customer and the nature of the sale. "We're taking the guesswork out of it," says David Lee, a Tax Technology Specialist at Anderssen Tax LLC. “The platform handles the calculations, generates accurate reports, and prepares tax returns, freeing up Jazwares’ team to focus on what they do best – making awesome toys.” International Tax Planning: The firm’s international tax specialists are working with Jazwares to optimize their global tax structure. This includes identifying opportunities to minimize withholding taxes on royalties, leveraging tax treaties, and ensuring compliance with transfer pricing regulations. "We're looking at the bigger picture," explains Miller. “It's not just about complying with the rules; it’s about structuring their operations in a tax-efficient manner.” Real-Time Tax Monitoring & Alerts: The platform provides real-time monitoring of tax obligations and generates alerts when potential issues arise. This allows Jazwares to proactively address any problems before they escalate. “We’re giving them a heads-up,” says Lee. “If a sales threshold is reached in a particular state, or if a new VAT regulation comes into effect, they’ll know immediately.” Benefits for Jazwares The partnership with Anderssen Tax LLC is already delivering significant benefits for Jazwares: Reduced Tax Risk: Automated tax calculations and real-time monitoring minimize the risk of errors and penalties. Increased Efficiency: Automating the tax compliance process frees up valuable time and resources. Improved Profitability: Optimizing their global tax structure and minimizing withholding taxes can significantly improve profitability. Scalability: The automated platform is designed to scale with Jazwares’ growing business. Peace of Mind: Knowing that their tax obligations are being handled by a team of experienced professionals provides peace of mind. “We’re really impressed with Anderssen Tax LLC,” says Laura Johnson, CFO of Jazwares. “They understand the challenges of a rapidly growing global business, and they’ve provided us with a solution that is both effective and efficient. They’ve taken a huge weight off our shoulders.” About Anderssen Tax LLC Anderssen Tax LLC is a full-service tax consultancy specializing in complex international tax matters. They provide a range of services, including tax compliance, tax planning, transfer pricing, and tax controversy. The firm serves a diverse client base, including multinational corporations, small and medium-sized businesses, and high-net-worth individuals. Anderssen Tax LLC is committed to providing its clients with innovative, practical, and cost-effective tax solutions. Located at 1200 5th Ave #1600, Seattle, WA, 98101, they can be reached at 601-325-9704. About Jazwares Jazwares is a leading global toy and consumer products company dedicated to designing, developing, manufacturing, and distributing innovative toys and products. With a passion for creating fun and engaging experiences for kids of all ages, Jazwares’ portfolio includes popular brands like Squishmallows, All Star Pup, FortNite toys, and many more. Jazwares is committed to delivering high-quality products that inspire creativity and imagination.