If you’re looking for a firm that will focus on your individual needs, and always treat you like a client who matters, look no further. Our firm is large enough to offer a full range of professional services, but small enough to give you the individual attention that you deserve.
We will thoroughly and conscientiously study your personal situation, and tailor our advice to your specific needs.
Tax Audit Representation
Audits create a real fear in people and it is not a fun process. It can also be dangerous territory for those not familiar with the process. IRS Audits can be very tricky as well as time consuming. They can also be expanded to cover other areas and other years if you are not careful. It is best to leave the audit process up to a professional who can look out for your interest and try to avoid potential problems. Good records are necessary for a successful audit outcome and sometimes these records need to be recreated.
With a professional tax representative you will very rarely have to deal directly with the IRS and at times it is in your best interest not to talk with them. Once you hire a tax representative the IRS is required to talk with and deal with the representative and in most cases cannot contact you.
If there is unreported income or disallowed expenses you could be faced with a large tax bill which is made larger with penalties and interest which sometimes covers multiple years. Because of this it is best to use a seasoned representative who has done his work many times before and who understands the process.
Non-Filed Tax Returns
For many reasons some taxpayers do not get around to filing their return and then they feel they cannot file following years as well. Over time this “snowballs” and becomes a larger and larger problem. Not only can this lead to potential criminal problems but the IRS sometimes will file a “Substitute for Return” which will not reflect deductions you are entitled to take and many times results in a very unrealistic and high tax bill that the IRS then tries to collect on. Agreements with the IRS cannot be entered into if you have unfiled returns which can leave you open to garnishments or having your bank accounts seized.
The balances owed on “Substitute for Return” can normally be reduced by filing a return for the year. In some cases this may even cause the balances to disappear if the deductions for those years are high enough. To do this, records may need to be recreated see Books and Records (Bookkeeping) help below. It can be a daunting task to get started on filing tax returns for multiple years and using a tax professional will help since this can be the first step in dealing with IRS collections.
Payroll-Tax Problems (Form 941)
For business owners not paying or filing payroll taxes can cause a big problem. Not only are the penalties very high but the IRS will try to personally assess the responsible party (normally the business owner) the part of the taxes that were deducted from the employees payroll checks which they call a “Civil Penalty.”
In addition current returns and tax payments need to be made or the IRS may force the business to close its doors so as to prevent the “pyramiding of taxes.” Normally an installment agreement can be worked out to prevent the business from closing. It is especially important to use a tax professional to help you through this process and to prevent your business from closing.
The IRS has been given the power to take money out of your bank accounts, garnish your wages or seize other property if you do not make arrangements to take care of your tax bill. They also can file liens which can have a negative impact on your credit and make it difficult to buy or sell property. Fortunately there are many ways to do this which can include Offers in Compromise, Installment Agreements or currently non-collectible status. However everyone’s situation is different so it is very important to use a knowledgeable tax professional to help you in this process.
Books and Records (Bookkeeping) help
Many clients have tried to “wing it” by using estimated numbers and figures which causes their return to not make sense to the IRS which opens them up for audits. When they come to me after receiving an IRS letter that questions a deduction many indicate they have no records to back up those figures. It is possible to recreate the records they need to provide for an audit even years later. Many times additional deductions are found that help to offset some of the items that cannot be “substantiated” during the audit.
Non-filers also run into the same issues. Some taxpayers are so focused on their business, and the process of making money that they neglect the record keeping part of their business. There have been many clients that we have helped to reconstruct records and file returns for multiple years to bring them up to date with their tax filings.
Effective tax preparation and planning can help you to minimize your future tax liability. We can help you proactively manage both your personal and your business tax issues, including understanding how upcoming business opportunities impact your tax status and vice versa. Not all tax planning opportunities are readily apparent. By having us on your team, you are more likely to benefit from those opportunities. We understand how the latest federal, state and local tax legislation and other developments affect you and your business and we are constantly identifying new ways to reduce federal, state or local tax liabilities.
General Business Consulting
Having been a CFO for several privately held companies in a wide variety of industries I can help provide guidance and direction for your business to help it grow and to avoid potential issues with your largest partner (your Uncle Sam). Sometimes a business is experiencing tremendous growth that presents unique problems and issues that need to be addressed to make sure the company does not run into a brick wall. Other times a business is struggling and the owners try to cut corners that lead to other problems and issues down the road. While my emphasis is on finance, accounting and tax I have extensive background in marketing, human resources and labor relations.