Tax Planning – Effective tax planning can minimize any surprises at tax time by effectively estimating tax liability and uncovering potential pitfalls. It can also allow for opportunities to strategize around lowering taxes through uncovering additional deductions, structuring dealings and ownership, and taking advantage of new tax law changes.
Transactional Tax Planning – There can be large tax consequences resulting from the purchase/creation or sale of assets such as real estate, businesses, and individual estates. Taking time to review the transaction can increase the return on investment several percentage points and often as much as 50%.
Estate and Trust – Clients work very hard their whole lives to accumulate wealth. The tax burden and probate costs can be a heavy burden on a family. Working closely with a good tax accountant and tax attorney is important to help preserve your nest egg for your heirs.
Business Succession Planning – The tax rate on the sale of a business can be over 50% by the time it funnels down to the stockholder. Effective planning can significantly lower the tax and turn a good deal into a great one.
Depreciation Engagements – Depreciation is the amount that you can deduct from the purchase price of an asset in a given year. Good planning can accelerate a high amount of depreciation in to years that you expect a high level of income. Oftentimes a deal that is a break-even from a cash flow standpoint can result in a large profit when an effective depreciation strategy is implemented.
Tax Credit Analysis – The government often uses tax credits to encourage certain economic behavior like investing in green projects, research & development, or hiring someone living in an impoverished area. Most small businesses do not take full advantage of the credits that are available to them. A study to review credits can be a very effective investment for a business.
Entity Type and Ownership Structure – Choosing the right corporate structure like C-Corp or LLC can be one of the most financially important decisions you make in business. There are taxes, liability exposure and other costs to consider. Setting up the ownership structure can have a major impact too. Clients have to consider the pros and cons of using multiple types of stock such as common and preferred as well as loans in and out from the owners.
Tax Return Preparation – Actual preparation of the income tax return as well as other returns such as sales tax, personal property tax, value-added reporting, and payroll are all very important. The proper preparation can save you time, help to minimize tax penalties and notices, and aid in obtaining financing.
Tax Audit Representation – People get audited for several reasons. Oftentimes, what’s known as a “red flag” (e.g. successive business losses) can trigger an audit. Spending time to identify potential red flags and then managing the taxes to reduce the risk can be a good investment of time. When an audit does occur, it’s usually worth having an impartial expert there to help you through the time consuming and expensive process. A good CPA knows the best way to interact with the taxing authority; what issues to argue and which ones to pass on.
Expert Witness – Our firm can assist you in court by offering our litigation support services. Consider hiring our firm to provide you with financial reports and testimony you need to give you the ammunition your attorney can use.
State and Local Tax Planning – Many companies will do business in new states or cities with little concern to the licensing and tax costs. Theses taxes can be complicated with many small nuisances and accountants often neglect doing proper planning in this area. Reviewing the state and local taxes from a holistic perspective can often save several percentage points.
