Tax Preparation & Planning
Effective tax preparation and planning can help you to minimize your future tax liability. Taxes may be a certainty in life, but worrying about them doesn’t have to be. For individuals, we can save you time, money and stress by preparing and filing your returns, while claiming every allowable deduction and credit. For businesses, we can help by minimizing your tax liability, while ensuring that you stay in compliance with all federal, state and local regulations.
Accurate and timely filing of returns is only the beginning of an effective tax strategy, however. Every personal or business financial decision, from buying a house to selling investment holdings, from expanding staff to replacing aging equipment, can have significant tax implications. Successful tax planning rests on understanding all of these impacts before the decision is made, so that you can act at the most advantageous time. Let us show you how.
Our country’s ever-changing tax code places heavy burdens on both individuals and companies, but it also holds extraordinary opportunities if you know where to look. Our experts are here to guide you along the path from basic tax compliance to a strategy for long-term tax minimization.
Accounting & Bookkeeping
If your business does not currently have accounting staff or if your business is outgrowing its current bookkeeping system, we can provide comprehensive bookkeeping and write-up services to ensure the smooth operation of the financial side of your business. As your business needs grow and change, we can provide input and planning assistance to make sure your accounting and financial systems keep pace with your business needs.
Business Consulting & Entity Selection
The way you structure your business has far-reaching tax and financial implications. Each business entity class—partnership, LLC, sole proprietorship, S corporation, etc.—has distinct advantages and disadvantages with respect to tax liability, personal asset protection, operational structure, and more. Selecting the best entity type for your company requires careful analysis of your business objectives.
We will thoroughly review your current transactions and business plan with you to help you find the ideal structure for your business. And because the best entity designation today might not suit your evolving needs in the future, we will also provide guidance on how to regularly reassess your business structure, and change it if appropriate.
IRS Representation
Whether you receive an audit notice or just a request for clarification about an item on your personal or business tax return, the thought of facing the IRS by yourself can be overwhelming. Unfortunately, many tax preparers are not prepared to represent you before the IRS. If a problem arises with a return they filed for you, you might be left on your own to resolve the issue.
We will advocate on your behalf and help you and your staff assemble any documentation that IRS agents might request, so that you are never fending for yourself.
By drawing upon years of experience handling audit procedures and tax rules, we can take the stress out of working with IRS agents, and ensure that your rights as a taxpayer are protected and that you pay the minimum allowed by law.
Tax ID Applications
ITIN
In our global world, a growing number of people are not eligible for a social security number (SSN) yet they require an individual tax identification number (ITIN). Whereas an SSN is only issued to U.S. citizens and legal residents, the ITIN was created for individuals who need an identifying number for U.S. tax purposes, regardless of their citizenship or immigration status.
Applying for an ITIN is a tedious process and can only be done directly through the IRS or with a Certified Acceptance Agent (CAA). It requires the validation of acceptable documents, such as a valid passport or foreign driver’s license, to verify the foreign status and identity of the applicant. Additionally, an ITIN application must be submitted along with a federal tax return, that’s been prepared to report the taxable income, for which the ITIN is needed.
As a CAA, we are able to certify to the IRS that an application is complete and, perhaps more importantly to the applicant, verify that original identity documents are authentic, thereby eliminating the requirement of having to submit original documents to the IRS (or having to obtain the necessary certified copies from the Issuing Agency).
Using our services will help avoid the burden of you having to be without your original identity documents (e.g. passport) for up to 8 weeks and remove the potential risk of your document(s) being lost, as they would otherwise normally need to be mailed overseas to the IRS, duly processed and then mailed back to you.
Individual tax payer identification number (ITIN) is a number for processing your federal income tax returns. The number is issued by the Internal Revenue Service (IRS) – an institute responsible to collect taxes. Individuals who need to file their tax returns but do not have or are not eligible to have a social security number (SSN) due to being undocumented immigrant studying or working in USA, should apply for an individual taxpayer identification number.
In order to pay the taxes, you need an ITIN, which will be issued to you regardless of your immigration status.
EIN
An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number that is the business – used to identify a business entity. Generally, businesses need an EIN and it is used on business tax returns, on financial documents, or to open a business bank account.
We facilitate the filing of your EIN application directly with the IRS, so you don’t have to navigate complicated IRS rules and processes on your own. We make it easy for you by filling out your EIN application, based on your answers to a few questions, handle the approval process, and send you the official documentation, complete with your confirmed identification number.
Payroll Services
Payroll administration poses ongoing challenges for business owners, due to constantly changing federal, state, and local tax laws and other regulations. Often, highly impactful changes to payroll management rules and procedures occur during times of economic distress, when your key personnel’s attention is divided between a wide array of issues.
Our payroll services professionals will work with your staff to implement sound payroll administration practices that can be swiftly adapted whenever the need arises. We closely monitor changes in payroll regulations, tax laws, and compliance requirements, ensuring that your business stays informed and compliant with any updates that could impact your payroll processes and employees.
By ensuring that payroll runs smoothly through every change in regulations, economic realities, and the size of your staff, we can help you stay focused on growing your business.
Sales Tax Services
Online sales tax collection, complying with state and local sales tax rules is more important and complex than ever. With regulations varying by state and even from one municipality to the next, sales tax compliance can quickly grow extremely complex, even for a small company with one location.
We will help you understand and meet all of your sales tax obligations, including calculating use taxes (if applicable) and filing timely and accurate returns. We can also help you determine whether changes in your operations might increase or decrease your sales tax liability.
Sales and use taxes are a primary revenue source for many states, counties, and cities, so government revenue departments strive to maximize collections. Working with an experienced sales tax partner helps ensure that you neither underpay nor overpay.