TAX PREPARATION SERVICES
We are tax professionals and have made a name for ourselves as an accounting firm that care about our client’s success. Unlike traditional accounting practices, our main focus is saving the client money in taxes, and so we provide tax consulting services in addition to tax preparation services. Everything that the client does should be focused on what the tax ramifications are for the client’s business and personal taxes.
We prepare & e-file federal and state tax returns for various types of entities including individuals, corporations, partnerships, S-Corps, LLCs, trusts and estates, including including 1040, 1040X, 1120S, 1120, 1041, 709. We will also file amended returns and late returns.
We look beyond ordinary tax preparation and compliance work to develop tax planning opportunities and offer pragmatic and insightful tax strategies.
In addition, we have experience solving complex tax issues common to businesses that are similar to the client’s business.
No return is too complex.
How will I benefit from tax consulting?
Our Tax Consulting Services are designed to take full advantage of the Internal Revenue Code, and minimize the client’s tax exposure.
We can provide a tax analysis each quarter that will detail different strategies to save money for you. The detailed analysis will compare the prior period to the current period in numbers and graphically. The reports are designed for you to determine the necessity of different tax strategies that will be employed by our firm.
Some of the relevant services we provide are: Interpreting United States Tax Court rulings and legislative changes, as well as determining the practical applications of newly issued Internal Revenue Service regulations.
We know that maintaining and avoiding various IRS enforcement sanctions are vital to you. We will continue to keep you aware of changes in tax laws and enforcement policies, structuring transactions to avoid private inurement issues, minimizing unrelated business income and the related income tax, as well as other needed services. You will also continue to benefit from our in-depth knowledge of taxation issues and our experience in working with a diverse client base.
Filing Late Returns
Something that is important; if you know that you owe the IRS money with your tax return, and you cannot pay the tax, file the return anyway; filing the return will start the Statute of Limitations that the IRS has to collect the tax.
Every day, the massive computer center at the Internal Revenue Service (IRS) is getting more sophisticated, and it could be just a matter of time before the IRS can catch up to you. This is not a situation to take lightly. Failing to file your tax returns is a criminal offense in California. If you do not file your tax returns, you could be prosecuted and punished with potential jail time.
In some extreme instances, you may be facing up to one year in prison for each year that you did not file. Why risk potential jail time and losing your freedom for failing to file your tax returns? It simply is not worth it!
While there are many reasons why you may not have filed a tax return, you need to be aware of the following:
-
Failure to file tax returns may be construed as a criminal (misdemeanor and potentially a felony!) act by the IRS.
-
This type of criminal act is punishable by one year in jail and $10,000 for each year not filed.
-
Needless to say, it’s one thing to owe the IRS money, but another thing to potentially lose your freedom for failure to file a tax return.
-
The IRS will not entertain any type of tax settlement or payment plan to settle your back taxes until you have filed all legally required tax returns The IRS will not entertain any type of settlement or arrangement until all legally required returns are filed and the taxpayer is in full filing compliance.
-
To qualify for an IRS payment plan or Offer in Compromise tax settlement to resolve your back taxes, you need to file all delinquent tax returns with the IRS.
-
If you’re among the Americans who have opted to not file your tax returns because you don’t have the funds to pay the taxes owed, what you may not know is that the IRS will often file an “SFR” (Substitute for Return) on your behalf if you fail to file your taxes. This is the IRS’s version of an unfiled tax return.
-
Additionally, the IRS prepares these substitute for returns in the best interest of the government, resulting in the IRS overstating what taxes you owe and, consequently, what you owe in penalties and interest. The only deductions you’ll see are standard deductions and one personal exemption. You will not get credit for deductions which you may be entitled to such as exemptions for spouses, children, interest and taxes on your home, the cost of any stock or real estate sales, and business expenses, etc.
This is why it's important that you file your latest tax return, as well as any prior delinquent unfiled tax returns, as soon as possible to give yourself a chance to state what you truly owe, which will ultimately save you money and help you avoid significant long-term consequences. Regardless of what you have heard, you have the right to file your original tax return, no matter how late it’s filed.
We will give you the peace of mind that you deserve by helping you get in compliance with the law. If you voluntarily file your delinquent tax returns, then you will most likely avoid further problems with the IRS. You may have to pay back interest and penalties, but this consequence is far better than losing your freedom.
On the other hand, if you wait for the IRS to file your returns for you, the tax returns are filed in the best interest of the government, not you or your family. Usually, your tax return will include few or none of the tax deductions to which you are entitled. Which would you prefer: having control of your non-filed tax returns or succumbing to what the IRS thinks is best for you?
