Tax Preparation and Planning

Tax preparation and planning

Preparation of your own tax return may seem like you are saving money by not hiring a professional. Often times, it will cost you higher in the long run. An inexperienced professional or a DIY income tax preparer may miss important and money saving tax credits/deductions that could potentially save you thousands in taxes. Many also miss out on important tax compliance deadlines relating to other income/dividends/interest etc. and end up paying penalties and interest which could be easily avoided.

While using smart tax software may seem like a great idea, many do not realize that it is not just filling out multiple tax forms and schedules that will ensure a quality return. The tax software only enables electronic transmission of the contents and the forms are built directly from IRS approved federal tax forms.

A professional understands the various connections across forms, any special deductions or tax credits. You hire a tax professional for their expertise, skills, and experience. A highly qualified tax professional ensures guiding you through complex tax law thus maximizing your tax savings.

Our tax solution

Our professional team of certified professionals keeps up with the changes in the tax law and our # 1 goal is always to maximize savings for our clients following all the tax law guidelines from IRS and other state agencies.

As part of taxation services, we provide various services to high net worth individuals, businesses, C Corporation & S Corporation companies. Below are the lists of our current offerings:

 

BUSINESS TAX PREPARATION AND PLANNING

We currently prepare tax returns for the following types of businesses:

Sole proprietors or single owner LLCs.

Partnerships or multi-member LLCs.

S Corporations

C Corporations

.

INDIVIDUAL INCOME TAX PREPARATION AND PLANNING

Our income tax return preparation services for individuals include following types of categories.

Individual taxation- Federal Resident returns -1040A, 1040EZ, 1040

Non-resident alien tax returns- 1040 NR, 1040 NR-EZ

Amended tax returns-1040X

State taxation all 50 states- Non-resident, part year resident and resident tax returns.

EXPATRIATE TAX PREPARATION

We provide taxation services to United States citizens working abroad and need specialized tax preparation services. We are very familiar with international tax law & we can file it electronically.

TRUST, GIFT AND ESTATE TAX  PREPARATION

In addition to tax returns for businesses and individuals, we are qualified to prepare trust, gift and estate tax returns for both federal and various states.

SALES AND USE TAX PREPARATION.

Today’s competitive environment requires a smart and efficient solution to manage sales tax across multiple jurisdictions, products and services. Our sales tax services division uses the most advanced technologies for your sales and uses tax needs. We can also perform nexus study.

INTERNATIONAL CORPORATE TAX PREPARATION

Many CPAs are competent in preparing regular tax returns. The international tax preparation requires a highly skilled and experienced CPA with international tax experience to provide you with the highest quality of service.

Penalties for failing to file, or incorrect filing each of the following forms listed below are $10,000. Additional penalties may also apply.

Forms 5471:  required to be filed for each controlled foreign corporation (CFC) in which you are a 10% or more shareholder

Forms 5472:  required to be filed for each 25% or more direct or indirect foreign owner of a U.S. corporation. In addition, this form is required to be filed for each corporation (domestic or foreign) owned by any such owner and with whom the U.S. corporation has transactions

Forms 8865:  required to be filed for each controlled foreign partnership in which you are a 10% or more partners

Forms 8858:  required to be filed for each wholly owned foreign entity for which a “check the box” election is in effect

In addition, to the above, there are various disclosures required for US taxpayers with international transactions, including those required for formation reorganization, liquidation etc. Failing to correctly disclose these major financial events may trigger monetary penalties & unnecessary costs.

Our team of CPAs can help you navigate your company through complex tax compliances and provide you with best and timely international tax preparation.