Our work with small- and mid-sized businesses includes tax planning, return preparation, bookkeeping, audit and appeal, and intergenerational succession planning. We work with businesses in almost every sector and have the flexibility to staff support for everything from ‘solopreneurs’ to multinational ventures.
The first step of business tax planning is to examine the tax structure of a business—LLC (partnership), S Corp, consolidated corporate returns, etc. as well as investigating the impact of international parents, subsidiaries or brother-sister companies. For new businesses we can help guide you to an optimal tax structure and assist with initial entity formations. For existing businesses, we review the structure in place and see if it still fits the tax needs and objectives of the business as it’s grown and matured.
In many businesses a critical aspect of tax planning involves retirement account eligibility and optimal structuring. 401(k), ROTH 401(k), SEPs, cash-value pension plans, profit-sharing Keoghs, ESOPs—each of these and more are tools that can be more or less effective depending upon employee makeup and retirement goals. We can help navigate your business through this maze of options, clarify costs and benefits and evaluate the best path forward for you and your staff.
In return preparation, we work equally well with outside (or in-house) bookkeepers or when we are involved as the bookkeeper. The information relating to your business’ operations will be compiled and we’ll apply and analyze the tax rules applicable to both report accurately and search for any tax advantages available to your business. Returns include US federal income tax returns, all 50 states (including multi-state allocation aspects) and local/municipal business income tax returns.
Businesses, particularly as they grow larger, are often challenged on audit. These audits can be complex and technical, and we can help you keep them from distracting you from your core functions by representing you on audit and appeal, and, if necessary, at Tax Court. In cases of collection, we can work to negotiate installment agreements and requests for an abatement of penalties in appropriate circumstances.