Tax Compliances&
Financial Planing
Overview
Each one of our clients’ needs is unique and that is why we understand that the key to success in tax preparation is teamwork. We know the greatest value is taking the time to listen to our clients and make sure our plan incorporates business financial goals as well as personal financial plans.
More Info
Strategic & Financial Planning Services We Offer
1. Business Tax Compliance
We are experienced in all levels of compliance and can prepare your federal and state small business schedule C, Partnership 1065 tax returns, S-Corporation 1120-S tax returns, Corporation 1120 tax returns and Non-Profit 990 tax returns. Our team of tax accountants work with our clients throughout the United States. We specialize in many industries focusing on the tax credits and tax laws specific to those industries.
The complexity of business tax compliance requires a high level of training and experience. Getting to know our clients and their businesses is what makes our team exceptional in its delivery of accurate, timely and value driven compliance services.Â
The results of careful tax planning and compliance not only impacts the owners, but also impacts limited partners and investors of the business. With proper strategic plans, we can make sure everyone benefits from mergers, acquisitions, succession plans and dissolutions.
2. Individual Tax Compliance
If you are overwhelmed thinking…
How much tax do I owe?
What kind of information should I give?
We understand how important this is to our customers and the value we can add when we make sure these concerns are addressed.
During your tax service with our firm, you can expect:
- Up-front pricing with no surprise fees
- Timely, pre-scheduled work so you can rely on requested due dates
- Scheduled meetings or phone calls at the beginning or end of tax preparation based on your needs
- Current Tax Questions Answered
- Summary of your current fiscal year and tips for next year
- Quality review prior to final submission to verify accuracy
- Follow-up on tax planning needs identified during preparation
- Working with us ensures that your individual income tax and business information will ensure that your reporting is consistent and accurate.
Partner with us and you’ll see that the tax savings opportunities we find and the peace of mind we provide our clients far outweigh the costs of service.
Current Individual Tax Topics:
Your Title Goes Here
How do I set up my rental through Airbnb, VRBO or Home Away?
Most rental properties are set up on a schedule E and the income is considered passive, meaning it is not subject to income from self-employment. The depreciation of the space must be calculated for a deduction each year. Other typical expenses may include:
-
- Mortgage interest
- Property taxes
- Sure
- Supplies (Example: coffee, toilet paper, cleaning supplies)
- Repairs and maintenance
- Landscaping and Cleaning
- Travel expenses
- Merchant and bank fees
- Occupancy taxes
- Utilities
When losses are created by rental properties, the tax code contains additional regulations to determine the deductible against ordinary income.
How do I set up my new business and know what is deductible?
Starting your own business is an exhilarating experience; it’s the compliance requirements that aren’t so much. Unless you have established a specific business entity, the default for reporting your business income is Schedule C of your 1040 income tax return. Organization is key to correctly preparing your tax return. Gather the following documents:
- Business bank statements
- Business credit card statements
- Payroll reports
- Asset purchases
- Mileage logs and vehicle information
Deductions can vary greatly from one type of business to another. It is important to ask your tax accountant and keep records when in doubt.
We offer our clients personalized tax deductions over the years and tailored to their business. The tax code is huge and, if applied correctly, can lead to a host of tax saving opportunities.
3. Tax Audit Representation
We specialize in IRS and State audits of business tax returns, individual income tax returns, and sales tax accounts. Our firm has successfully represented hundreds of business and individuals on correspondence audits, office audits, field audits and taxpayer compliance measurement program audits.
IMPORTANT ADVISE
According to the 2017 IRS Data Book, individual income tax returns with adjusted gross income over $500k increased audit chances from .6% to 1.56% in 2017.
The audit rate for S-Corporations and Partnerships is .3% in 2017. Audits may have hit a 10-year low in fiscal year 2017, but they are not going away.
Mail audits are mailed requests for additional documentation to support a specific form or deduction on your tax return. These audits are common and can usually be resolved by faxing or mailing back to the IRS with a copy of the proof needed to support the tax return. In some cases, these answers may require recalculating the forms or the entire tax return. This may require tax audit representation to prepare missing tax forms, supporting letters of explanation from the tax code, or a reconciliation of the IRS tax estimate to ensure accuracy.
The nature of the audit is more complex and many times taxpayers require CPA representation to explain how to prepare for the audit and respond on behalf of a taxpayer. In order for our team to represent you or your business in the audit, we must obtain a signed power of attorney and file a file with the IRS for the tax years under audit. Taxpayers are often very relieved to know that we can help them with most of the audit without their presence.
Field audits are exhaustive and time consuming, often including visits to the taxpayer’s home and workplace. Knowledge of the Internal Revenue Code is preferred when your business or personal income taxes are under this type of scrutiny audit to understand the type of information the IRS needs to determine whether a specific tax position taken by a business or individual is defensible.
Tax Compliance Measurement Program audits are intensive audits, but are considered mostly random. The IRS is analyzing each line of the tax return to build or adjust its database of information for a specific business industry or type of taxpayer. These audits are very time consuming and require a great deal of organization.
Your Title Goes Here
How are tax returns selected for audit?
The Discriminant Inventory Function is a computer score attached to everyone’s tax returns that rates the tax return for the potential for change based on the IRS’s past experience with similar returns. The UIDIF score rates the tax return for potential unreported income. The highest scores in any of these databases earn the audit tag. There are still classes of taxpayers that tend to come under greater scrutiny, such as higher income earners and self-employed taxpayers who file a Schedule C.
Proper tax guidance can provide business entity structures that reduce risk auditing and accounting processes that reduce risk.
How can you reduce your chances of a tax audit?
While you can’t always avoid an audit, if you know the proper methods for documenting deductions and the proper ways to report deductions, your deductions will come under less scrutiny. We provide our clients with methods to always be prepared for an audit without spending more time than necessary. We believe that taxpayers should be well informed to take the deductions that are rightfully theirs without the intimidation of the DIF or UIDIF audit selection system. We alert our clients to deductions that could be subject to scrutiny if they are unusually large or outside the norm for the industry. We then provide the requirements to support the deduction so that our client can benefit from the deduction without the agony or intimidation of a potential audit.
We understand the anxiety a taxpayer incurs when the IRS starts knocking on the door. Partner with us and we’ll provide you with the tools and guidance to properly organize, prepare, and file an accurate response to the IRS on your behalf. The more extensive the audit, the more audit responses require an understanding of the tax code and IRS audit procedures. The IRS offers many opportunities for payment plans, penalty waivers, and extensions. Knowing your rights and how working with IRS programs can ease an overwhelming tax bill. Proper tax audit representation will save you or your business precious time and give you peace of mind.
4. Family Financial & Tax Planning
We make sure our clients have an experienced team of CPAs working with attorneys, financial advisors, and insurance experts to provide a holistic experience and plan when we partner with our client. Many clients have come to rely on tax compliance time to revisit all of the plans that have been implemented or need to be implemented. Our goal is to make sure that we touch on these needs so that too much time doesn’t go by.
Your Title Goes Here
Your content goes here. Edit or remove this text inline or in the module Content settings. You can also style every aspect of this content in the module Design settings and even apply custom CSS to this text in the module Advanced settings.
Let our tax accountants guide you and your business to its full financial potential and independence.
- Business success planning
- Purchase-sale agreements
- Family estate planning
- Debt management
- Education financing
- Accounting and Tax Compliance for Family Limited Partnerships and Trusts
- Planning and implementation of family limited partnerships and trusts
- Retirement planning
- Private Foundations
- Strategies that we guide and implement for our clients.
Shifting income and/or expenses to different years to benefit from a lower tax rate or to create additional deductions
- Creation of a defined contribution or benefit plan to defer income tax obligations
- Contribute to a deductible IRA, SEP IRA, or Roth IRA
- Restructuring of a company in favorable tax entities
- Dividing income among multiple family members or legal entities
- Retirement planning with a health savings account (HSA)
- Scheduling the sale of capital goods/investments
- Annual gift program to reduce potential estate tax liability
- Contribute to a state-sponsored 529 college plan
- Implementation of various trusts in your plan: charitable balance, leap creation, dynasty, credit haven
Testimonials
Very Professionals and excellent service.
SUNNY BEAUTY SALON
Accurate service and professionals people.
Emir Designer
They are amazing accounters.
