Business Taxation

Services related to business taxation normally fall into one of several categories: compliance (filing your tax), representation (correcting letters from the IRS or any state), recurring services (such as bookkeeping) and tax planning (this is for strategy and tax optimization). 

Compliance

This is the annual (or quarterly) task of filing your tax reports. For our corporate clients, this includes small business s-corps or c-corporations, and for our partnership clients, this includes Multi-Member LLCs and regular partnerships. 

Sole proprietors, single-member LLCs, DBAs, and other single-person entities must file the business along with their personal tax. This is a point of confusion for many, so reach out below if you have questions about LLCs. 

In either case, we can get your taxes filed – please do, however, reach out early & make sure you have your numbers ready. If your numbers are not ready, let us know so we can handle your books for you. 

Representation

Representation services include support with letters from the IRS or the state as well as audits. Letters may arrive from various government agencies for a variety of reasons: missing payroll reports, missing tax filings, delinquent annual reports, mistakes on a return, or any number of routine and non-routine issues. 

Audits or examinations are more thorough requests from a government agency. The most common reason for an audit is for the IRS to check a certain expense line item (or series of expense line items). Contact us below for assistance with either of these types of representation tasks for your business. 

Tax Planning

Probably the most frequently-asked for service related to business tax is tax planning. The reason for so much demand for tax planning is because our tax system is so confusing & complex that it requires hiring a professional to help navigate & ensure you are not overpaying tax. 

Another reason for demand in this is because most business taxpayers have a tax preparer that is not necessarily a tax planner. These are two very distinct professions: tax preparation requires the accurate filing of tax returns, which is a backwards looking task for filing already-existing financial reports in proper tax format. Tax planning on the other hand requires forward looking advisory, which involves far more critical thinking and in many cases, far more experience & knowledge of current changes in tax code. 

Another big difference between tax planning & tax preparation is timing: most tax planning is best done far before a major deadline, so reach out right away for tax planning to ensure we have enough time for implementation. 

Summary

Please contact us anytime regarding any of these common business taxation requests & we will address your questions right away.