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TAX SERVICES

Preparing your tax return on your own may seem like a way to save money but if you don’t know what you’re doing, it could end up costing you in overpaid taxes or might even incite an IRS audit. Don’t take risks with your tax return.  Our CPA firm employs powerful tax strategies to help clients minimize state and federal taxes and hold on to more of their hard-earned money.

We help our small business clients by:

  • Prepare federal, state and local tax filings (tax compliance)
  • Plan tax strategies to minimize tax liability and achieve goals
  • Determine where you are required to file state, local and international tax returns
  • Determine the impact of taxes on transactions, mergers, buy-outs etc.
  • Represent before IRS and state and local tax agencies

 

Tax Planning

Tax planning is an essential element of the tax preparation process and we are proactive with tax planning for all our small business clients.  We work hard in the 4th quarter to ensure no surprises in April of the following year.  By making tax planning part of your overall business strategy, you can use our experience and access to the most current new developments in the tax laws to minimize both your current and future tax liabilities.

 

Business Taxation

Wading through the different tax forms, trying to figure out how to structure your business, and keeping up with annual filings and adjustments can become a burden to even the most organized and structured of businesses.

We can handle any type of business tax return for any state and help you understand which returns you are under obligation to file. We will assist you with any estimated tax payments, as well as provide you the best structure for your business.

Our scope includes, but is not limited to, Corporation, S-Corporation, Partnerships, Fiduciary, Estates, Trusts, Not-for-Profit, Depreciation, and 1099s. We will look for every opportunity to save you money through our tax preparation and find you all possible expenses.

Multi-state tax filings for businesses.

 

Individual Taxation

Tax time can produce stress at home, in the workplace, and just in life in general. We understand that nothing can produce dread and anxiety quite like a possible audit from the IRS—especially if you file estimated tax payments.

We can help you with your individual tax obligations. If you have income from multiple states and sources, our experienced and friendly staff will take pride in ensuring complete accuracy of your returns with as much money saved or refunded as possible.

We will handle all of your taxes on the city, state, and federal level. We will help you with any forms, including foreign filings such as FBAR and investment income. If you have to report taxes on a quarterly basis, we can assist with your estimated payments to avoid an underpayment penalty. We will assist you with tax planning and can also simplify the payment process by providing vouchers or setting up automatic withdrawal and direct deposit.

Don’t let the prospect of getting your taxes wrong frighten you.

We work for you, not the IRS. Because of this, our firm is committed to saving you the most money possible through legitimate and careful tax planning. By centering your tax plan on legal methods that can greatly minimize your tax liability, we save you money while protecting you from costly errors.

New Business Formation Services

Opening your own business is exciting, thrilling, and a little scary. The uncertainty of whether your small business will be successful or not is in the forefront of the mind of every aspiring business owner. We can help you avoid the common pitfalls that many new small business owners make when starting their new venture, we are there for your accounting needs and available for all tax questions.

  • Identify sources of start-up capital and backup sources if needed.
  • Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and portability, should you need to relocate.
  • Select the right accounting software by evaluating your budget, needs and hardware.
  • Prepare and file your application for your Federal Employer Identification Number.

Non-Profit Organizations

We want to help your non-profit organization maintain their tax-exempt status. Below are a few guidelines to follow to be sure that this happens.

The IRS can make it difficult to maintain the tax-exempt status of your non-profit organization. Each year the IRS requires most tax-exempt organizations to submit the Form 990 and its relations, which includes:

  • Income Statement that contains very specific revenue and expense categories like donations, salaries, postage, rent.
  • Balance Sheet with specific categories like cash, accounts receivable, accounts payable.
  • Functional Expense Statement with all the expenses allocated to either program services, fundraising, or operations.
  • Individual Program Expense Statement that reports all of the expenses for each program or service like seminar programs or educational mailings.
  • Revenue Support Schedules that detail the organization’s sources of income in specific categories like charitable donations, membership fees, investment income.
  • The IRS uses these very specific revenue and expense classifications to determine if your organization will retain its tax-exempt status, making it important that your accounting system follows revenue guidelines. These include:
  • Reviewing and compiling your financial statements
  • Designing, installing, and maintaining your Accounting System
  • Weekly, bi-weekly, or monthly payroll preparation
  • Payroll Tax Preparation and Deposits
  • Providing training for your accounting personnel
  • Completing and filing your non-profit status application
  • Providing training for your board on non-profit financial statement usage and effective budgeting practices
  • Preparing and filing the 990 and 990T tax forms
  • Preparing your initial start-up documentation, including incorporation, federal employee identification number (FEIN), and payroll setup with federal and state agencies.

 

If you’re starting a new not-for-profit organization we can help you prepare your organization’s 501 (c)(3) application for tax-exempt status. This includes:

  • Articles of Incorporation containing the Exempt Purpose Statement as described in IRS Code section 501(c)(3) and defined in Treasury Regulation 1.501(c)(3)-1 Paragraph d and the Dissolution Statement described in Treasury Regulation 1.501(c)(3)-1 Paragraph b subparagraph 4 (“Organizational Test”).
  • Employer Identification Number
  • By-laws of the Organization
  • Minutes of Board Meetings
  • Names, Addresses, and Resumes of Board Members
  • Names and addresses of all Active Members
  • Inventory of Assets like cash, furniture, equipment, property, pledges, etc.
  • Inventory of Liabilities like mortgages, accounts payable, loans
  • Rent/Lease Agreements and Contracts
  • Revenue and Expense Statements for the last four years or as far back as possible if your organization has been in existence for less than four years.
  • Written Reason for Formation and History of the organization.
  • Organization Mission Statement or Statement of Faith or Beliefs for Churches and other Religious Organizations.
  • Organization Activities, Operations and Programs Documentation including your statement of purpose & operations, food programs, fundraisers, flyers/brochures/pamphlets
  • Financial Support Documentation including all sources of revenue like contributions, tithes, offerings, fundraisers
  • Fund Raising Program Descriptions
  • IRS Processing/Filing Fee

We Look Forward To Serving Your Needs