Tax Preparation Services include:
Tax Advice and Tax Planning
Individual Income Tax Preparation
We prepare individual income tax returns for U.S. citizens living and working anywhere in the world as well as in any of the 50 states. We also provide individual income tax preparation services for non-U.S. citizens working in the United States, including all U.S. possessions and territories.
Partnership, LLC and LLP Income Tax Preparation
Any time two or more individuals come together and agree to conduct a business or income producing venture, those individuals have indirectly formed a partnership that generally requires the filing of an annual partnership income tax return. We prepare partnership, LLP and LLC tax returns for business and income producing activities in any of the 50 states. In addition, should your partnership, LLP or LLC sell product, provide service or maintain property outside of the geographic border of your primary state of operation, we can assist you in calculating the multi-state allocation formulas and preparing appropriate non-resident state tax returns.
Estate and Trust Income Tax Preparation
Most individuals either nominate a family member to be the executor of their estate or the manager of their trust, or they hire a bank trust department or lawyer to perform the same function. Unfortunately, nominated family members often have no actual tax or financial experience dealing with the complexities and nuances of handling the affairs of an estate or trust. Moreover, these family members are usually unaware of the lifelong fiduciary “trap” that they have volunteered to assume against claims from beneficiaries should, years later, it be merely suggested that something in an estate or trust was mishandled. Lawyers and trust departments can be very expensive charging by a percentage of the value of the assets under management. We deal with trust and estate issues on a daily basis and in a very cost effective manner. Not only can we prepare appropriate and timely estate and trust tax returns to meet disclosure requirements and government deadlines, we also have the independence and objectivity to act as the estate executor or trustee of your trust. If you choose not to use us as your executor or trustee, we can also provide an invaluable service to your chosen executor or trustee in guiding them toward full compliance with their fiduciary responsibilities.
Corporate and S-Corporate Income Tax Preparation
Businesses that have taken the extra step to “incorporate” their organization by filing appropriate legal documents with the Secretary of State for the primary location where their business operates have available to them certain tax benefits as well as specific reporting obligations. We have the resources and experience to optimize your corporate tax filing to calculate the lowest legal corporate income tax and pass the greatest legal tax benefits to shareholders of the corporation. We will accurately prepare your federal corporate income tax return as well as any appropriate state income tax return for business operations based anywhere in the United States.
Not-For-Profit Income Tax Preparation
Just because your organization is a registered non-profit, a charity or has a benevolent purpose that exempts it from taxation does not mean you are exempt from compliance with the tax rules. In fact, not-for-profit organizations in recent years have become the target of IRS review and severe government scrutiny. Not only must your organization prove it has not engaged in any activity unrelated to its not-for-profit purpose, the organization must also identify by name and address the sources and uses of the funds they collect and disburse. This makes the tax returns for non-profit organizations exceedingly intricate and thus one of the most complex types of tax returns to file. A misstatement or wrong answer to just one of the many annual questions to which the organization must certify can cause loss of your non-profit designation and subject the organization’s Board of Trustees to serious fines and penalties. We have the experience to guide your not-for-profit organization through the minefield of complex and ever-changing regulations in this politically charged environment.
Gift, Inheritance and GST Transfer Tax Return Preparation
Most people are familiar with the requirements to file “Income Tax” returns, but few are aware that there also exists the requirement to file “Transfer Tax” returns. Any time an individuals transfer the titled ownership of cash, property or investments from themselves to anyone else, it is possible a Gift, Inheritance or Generation Skipping Tax may be required. Not only can we help determine if such a filing is needed, we can also guide you through the complexities of how to minimize, defer or even eliminate any transfer tax obligation that might result.
Expatriate Tax Preparation
Our expatriate services can help reduce or even eliminate federal and state income taxes for U.S. citizens living, working or earning income from a foreign source operating outside of the borders of the United States. We can provide information and an understanding of the residency and physical presence requirements to give you the maximum foreign earned income exclusion and/or foreign tax credit to calculate the lowest legally permitted U.S. income tax. Our experience with the taxation of U.S. residents working abroad and foreign citizens working in the U.S. has provided us with an extensive base of knowledge in the area of international taxation. Further, our specialized experience with the travel industry and the destinations serviced by many international air carriers has provided us with an extensive understanding of tax issues in many parts of the world as well as issues systemic to airline, cruise ship and other travel related industries. We also have extensive experience working with missionaries working in distant and remote locations.
Tax Notice Review and Remediation
More and more the federal, state and local taxing authorities are immediately scrutinizing and “second guessing” tax returns at the moment they are filed. Through computer screening and routine comparing of items reported by taxpayers to third party sources of information, the tax authorities are constantly adjusting and “correcting” tax returns that have been filed. These techniques employed by the tax authorities can cause even the methodical taxpayer with the most accurate tax filing to receive one of these “change notices” proposing automatic adjustments to their tax returns. Failure to respond to these computer generated notices within the very short time frames allotted or responding in a manner different than the government mandated procedure, empowers the tax collectors to “lock in” their proposed changes and begin collection tactics against the taxpayer. This places any taxpayer unfamiliar with the “tax collection system” at an extreme disadvantage. Though the government reassures us that the accuracy of their adjustment notices is “improving”, there are still thousands of notices being sent to taxpayers that are inaccurate. If you have received any type of tax adjustment notice or letter from the government, please call. The notice must be responded to in both a proper and timely manner. The very worst thing you can do is to disregard the notice. Equally bad is to believe that you can deal with the government on your own and without professional guidance. Even if you choose not to call us, please contact any other qualified tax professional to review the accuracy of the notice and provide guidance on how to properly respond. A simple phone call could save you thousands of dollars and a lot of wasted time or frustration.
Professional counsel and representation can be vital during an audit. Our experience enables us to guide clients in their dealings with federal and state agencies. If you have had the unfortunate luck of being selected for an audit, the professional guidance we offer can put many of your worries at bay. We are ready and willing to help you answer any and all questions the IRS or state tax authorities may be asking you. During our years of experience dealing with taxing authorities, we have achieved a level of competence that can ensure clients their rights are being protected and that they receive the fairest possible treatment from the various federal and state tax agencies.