« He who excels at resolving difficulties does so before they arise » - SUN TZU
Tax Compliance
Some small businesses and individuals attempt to prepare their individual income tax returns by themselves. For the simplest of situations, that makes sense.
However, business or corporate tax returns are a completely different matter. Sole proprietorships and single-member LLCs may still report on schedule C of the Form 1040, but there are lots of opportunities to make mistakes and to miss perfectly legitimate deductions.
One mistake or missed deduction can cost you much more than what you might save by not using a qualified accountant and tax advisor.
If your business is organized as a multi-member LLC, Partnership, C or S Corporation, different tax forms are used. These are more complicated and less straightforward than the individual income tax forms. It takes experience, skill, and continuing education to effectively minimize your taxes.
Therefore, in addition to our bookkeeping and accounting services, we will handle your periodic tax issues and filings such as:
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Sales Tax
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Payroll reporting to the related tax authorities. Payroll services are outsourced to specialized companies
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Business annual tax returns: forms 1065, 1120, 1120S, 568, 990
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Individual income tax returns: form 1040 and subsequent (including non-residents)
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Business Tax Renewal
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1099 declaration
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Business Property Statement (form 571-L)
Extensions
American tax code allows you to request an extension to the IRS and your State, which grant you 6 months after the official deadline to file your return (until October 15th).
But remember, it’s an extension to file and not an extension to pay.
Your taxes (based on an estimate) should be paid before the deadline to avoid penalties and interests. If you simply cannot pay, you are better off filing the tax return and working out a payment arrangement.
Audit Representation
Most people become uncomfortable receiving mail from the IRS or a State’s Department of Revenue. Chances are, if you are in business long enough, at some point you will be audited, or at least questioned through mailed correspondence. You will also hear from the government if your business is late filing tax returns, sales tax returns, or payroll tax returns.
The worst thing you can do is to ignore the situation. The best thing is to seek immediate assistance from Taieb & Associates, preferably even before the tax delinquency occurs, but certainly when the first letter arrives in your mailbox.
As your IRS representative, we will ensure that the IRS acts within their guidelines and follows proper procedures when dealing with you. We will also make sure that your rights as a taxpayer are not violated and that the IRS does not force you to reveal information that you may not be required to. You will no longer have to deal directly with the IRS when you have us act on your behalf.
Taieb & Associates will function as your advocate and offer a multitude of services relating to representation before the Internal Revenue Service or other taxing authorities. We can promptly handle delinquent returns, notices of proposed changes, audits, preparation of formal protests and Offers-in-Compromise.
Tax Planification
Strategic tax planning is an on-going process. You can’t do this effectively by talking to a tax preparer once a year. We work closely with every client to resolve tax controversies that might arise during the year.
Our principal objective is providing businesses with creative and constructive tax planning for the future as well as each individual year in the compliance requirements of filing tax returns. Utilizing our experience and extensive resources, we will apply all allowable deductions, exemptions and credits to ensure we minimize your overall tax liability. During the year, we will advise you of changes in the tax law which will be of strategic benefit to your specific business or corporation.
Our team is regularly trained to the latest regulations by professional jurisdictions to adjust our clients’ strategy.
