In order to help my clients improve their tax position, I look into possible tax credits like the TEC 45(g) credit (this credit expired after 12/31/17 and has yet to be renewed) as well as other tax benefits. A project may qualify for the Research and Development credit. I also perform tax preparation of both income and non-income taxes and provide representation in tax audits, including detailed work papers and responses to tax information requests.
In addition, I prepare forms 1120, 1120S, and 1065, as well as federal non-income taxes and state sales/use, fuel, and property taxes.
Ensuring tax compliance consists of preparing all returns in an accurate and timely manner. It also involves creation and maintenance of a tax calendar, which lists all deadlines and enables me to prepare returns on schedule. In addition, I prepare the necessary work papers to sustain positions taken on the return.
Types of Returns
I have experience filing a wide range of business returns, including Forms 1120, 1120S, 1065, and Schedules C and E personal returns. I also have extensive expertise in state and local taxes for business and non-business returns, and non-income taxes for businesses including sales/use, property, business license, and certain excise returns.
Business tax planning is important to ensure that the taxpayer qualifies for various credits and exemptions. Most credits require advanced planning and backup from engineers or other experts. I partner with specialists on these projects.
Businesses are audited more frequently than individuals, and business returns are usually more complex than individual returns. Consequently, taxpayers should seek professional assistance when they get a notice from a tax authority.
State and local taxes are becoming more of a challenge for individuals and businesses. For example, taxpayers who do business in another state or jurisdiction usually have a filing requirement (technically “nexus”). Failure to file may result in substantial penalties.
Benefits of Working with a Professional
A key benefit of the tax services I provide is meeting tax filing requirements with a minimum of tax cost. Tax authorities rarely make taxpayers aware of benefits. Individuals and entities need an experienced professional who can ensure that they meet their filing requirements at minimal cost.
Credit grantors now check for unpaid taxes, and even a small amount can cause problems. I know of a situation where unpaid taxes of $130 held up the issuance of $500,000,000 in bonds. What’s more, tax audits that go badly may have a negative impact on a taxpayer’s credit rating. This may also create problems with tax benefits. Plus, tax audits often take up significant portions of management’s time, which ultimately hurts business operations.