Tax Related Services
Tax planning for businesses and individuals
The best way to save on taxes is to have a tax efficient structure. We can help you determine what business structure is best for your business. We can also aid you in ordering your personal and business affairs with the goal of minimizing taxes in the long term. Our firm places a strong emphasis on planning for successful retirement and succession planning including, for businesses, intergenerational transfers of ownership.
Personal and business tax returns (E-File available)
Our firm is capable of preparing individual and business tax returns from the most simple to the extremely complex. Let one of our experienced CPAs prepare your tax return.
IRS audit preparation and assistance and filing back taxes
We understand how upsetting it is to receive an audit notice or tax notice from the IRS or other taxing authority. Our firm can assist you if you are in this situation. We will work with you to determine the best approach to your audit. Often, we take over the stressful communications with the taxing authority and, in many cases, further tax notices can be stopped while we work directly with the taxing authority. Our CPAs have experience in a very wide variety of tax disputes from simple individual tax audits, failed tax payments, or erroneous notices to more complex problems involving S-Corporation compensation, employment taxes, business and farm audits, and worker classification audits
Estates, gift and trust income taxes
Many people do not realize that, if they give a large gift to a close friend or family member, a Gift Tax Return may be required. Many people also have questions about what the tax consequences are if they received a gift or inheritance. Although often such transactions don’t produce an immediate tax liability, there are many considerations, such as what the recipient’s basis is in the property received, which may affect future tax liabilities.
If you are an executor of an estate or trustee of a trust, we can assist you to understand the income tax consequences for the entity as well as to prepare Federal and State fiduciary income tax return products.
If you are just starting out in business, or even if you have had a business for a great deal of time, you may have questions regarding the sales taxability of a product that you are purchasing or selling. Sales tax questions are very detail-based and often don’t seem to follow easy-to-understand rules. For example, a manufacturer in Pennsylvania may be exempt from paying sales tax on some machinery purchases used directly in manufacturing, but may not realize that other similar equipment they use does not qualify for that exemption. Clients selling goods or services often have questions about whether they must collect sales tax on a particular type of transaction. Our experience is that some careful research upfront can help avoid a very expensive and painful experience which could occur if you make a bad assumption that comes to light years down the line during an audit.
Multistate Individual Tax Issues
Have you worked or lived in more than one state during a particular tax year? If so, your state income taxes could have become much more complicated. For example, if you moved during the year, you may need to file part-year returns in more than one state. Perhaps you have wages or business income from a state which is not your residence, which could require calculating a resident tax credit. Give one of our CPAs a call to discuss how we can help you.
State Nexus for Business
If you are a business owner or manager, you may have found that in our increasingly more mobile economy that you have taken on jobs in more than one state, have employees who live and work outside of your primary state, or sell, deliver or install goods in multiple states. If this sounds familiar, you may have nexus in more than one state and you may have obligations such as paying income tax or collecting sales tax in other states.
Nexus is a concept having to do with the amount and type of business activity in a particular state that makes your business subject to that jurisdiction’s taxing authority. Each state has detailed rules which determine if your activities create nexus in that particular state. If this sounds like your situation, one of our CPAs can help you to make sure your tax obligations are reported and paid. If you are a small business with limited activities out of state, we can help guide you; specifically, with proper planning and knowledge, we may be able to guide you to limit the amount or type of activity in each state in a manner to prevent your business from becoming subject to another state’s taxes. Sadly, in some cases for businesses with small out-of-state profit potential, it may be more economical to not take work in another state, so as to not incur the compliance costs such as registration to do business, the costs incurred to collect and remit sales tax, and filing income taxes.