- Business Tax Planning & Preparation
- Effective and timely tax planning and preparation is an integral component to the success of a business owner. In order to have successful tax preparation and planning, it is critical that an in-depth knowledge and understanding of the current tax rules and regulations be understood. Keeping abreast of changing tax law is a challenge as rules and regulations are constantly in flux.Despite the rigors of sustaining a depth and understanding of the most current tax provisions, the ability to be skilled in the ever-changing tax law landscape also presents an opportunity. Armed with current and relevant tax knowledge from their tax professional, the business owner can be aided by employing strategies to take advantage of any new tax law or to mitigate the adverse consequences of the changing rules and regulations.
Our emphasis is in assisting closely held business enterprises and their owners, as well as business executives and investors. As an advocate for our client, we constantly strive to provide thoughtful and creative tax planning strategies with those strategies reflected in the preparation of timely and accurate tax returns. Our consistent long-term relationships with our clients attest to our success in providing tax services that businesses not only need but value.
- Estate and Trust Tax Planning & Preparation
- Trust and estate tax work is filled with complexities. Over recent years there has been dramatic legislation that has altered the rules and regulations that govern the filing of both trust and estate tax returns. Proper understanding and implementation of the complex estate and trust rules is critical for successful compliance.With dynamic changes in the trust and estate area the importance and relevance of planning has become increasingly critical. We work directly with our client’s estate attorneys in order to ensure that our client’s goal and values are reflected in their trust and estate documents and that planning opportunities are appropriately implemented to minimize tax.
- Individual Tax Planning & Preparation
- The United States “Revenue Act of 1913” imposed federal income tax following the ratification of the 16th Amendment to the Constitution. The first tax return for 1913 was on a four page form with one of the pages being instructions to the tax return. The complexity and complications of tax return preparation and compliance has certainly evolved from those early days.The taxpayer today is faced with massive volumes of rules and regulations that are prescribed by the IRS, State and local taxing authorities. Moreover, the complex rules and regulations in place are not static but are often subject to significant modifications and changes over time.
For individuals with tax returns involving any complexity, it is extremely difficult for the taxpayer to be versed in all the nuances of tax law which could ultimately subject them to dramatic tax consequences. It is our job to make certain that our clients are able to accurately file their tax returns in the context of the tax provisions governing their return filing and to take advantage of the tax deductions and tax credits entitled to them. Our goal is to minimize our client’s tax burden by appropriate tax planning strategies. As famously quoted by Judge Learned Hand, “Anyone may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one’s taxes.”
We take pride in helping our clients assess the financial decisions and transactions that have a tax consequence. We work closely with our clients to understand their business and personal financial affairs. It is this client-centered focus that allows us to maintain strong relationships with our clients. With an understanding and commitment to our clients, we strive to use our knowledge and resources to help minimize current tax liabilities and plan for future tax savings.
Each tax return and the planning that may have preceded it as an opportunity to help our clients to the most tax efficient outcome possible. We are available throughout the year to consult with our clients as those needs arise and evolve over time.
- Taxing Authority Representation
- The US tax system is considered one of “voluntary” compliance. The voluntary nature of the tax system puts the burden on the taxpayer to calculate the appropriate amount of tax owed. With a so-called voluntary system, the Internal Revenue Service and other taxing authorities impose severe consequences for the failure to properly comply with the tax rules and regulations that have been promulgated. The IRS views the difference between the amount that should have been remitted by taxpayers and that amount which is actually received as the “tax gap.”The IRS is vigilant in ensuring that the tax gap is minimized as much as possible. The pursuit of reducing the tax gap by the taxing authority can take many forms. The taxpayer may receive a computer generated tax deficiency notice or may become involved in a full scale audit examination.
We have extensive experiencing in dealing with tax controversy resolution. We represent our clients in resolving complex issues by acting as an intermediary between the taxing agency and the taxpayer. We understand that when a taxpayer is faced with taxing authority scrutiny that this is often accompanied with a great trepidation. We do our very best to be sensitive to our clients during these times and work with them effectively to resolve the dispute.