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Services

GO PAPERLESS

 

1. They can reduce the business cost associated with paper, printers, copiers, fax machines, ink, and toner cartridges. 

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There’s no need to have printed papers anymore. That’s exactly the broad sense of the term “ going paperless”. It is really frustrating for companies to invest a lot of money in paper, ink, toner, and all printed-related machinery and after a while, all the ink of the receipt fades away. It’s a lot of investment from the company’s side in order to keep the receipts and be in compliance with federal law, for everything to be ruined by an outdated system, right?.

 

2. They can free up office space by eliminating filing cabinets and storage rooms.   

Time is money, but nowadays so is space. Renting prices just keep getting higher and higher, architects are constantly looking for creative solutions to deal with the lack of space in big urban centers. Some people even call it a generic world crisis. In this scenario, companies can’t waste space – especially if they want to grow. 

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Receipts normally need to be kept for 5 up to 10 years depending on which country regulation your company is under. Storage room is a lost space that could be used for something more productive and that adds real value, for example, meeting rooms or silent pods. 

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That is why digital archives are becoming more and more popular. Besides their many benefits, they are easy to be searched in and also free up office space – leading to cost savings as well. Think about it, it might be time for your company to start optimizing the space wasted in their office.

 

3. They can save trees from being unnecessarily cut. 

Last but not least, going green is no longer a choice. If your company wants to not only survive but also succeed in the long term, it’s time for it to start thinking green and a first step that can be taken is reducing unnecessarily paper use. 

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If printed expense reports are no longer necessary, they cost you and your company money and time, and are not environmentally friendly, why would you keep using them? Spread the word: it’s time to step up your game and go digital & green. 

Tax Preparation

 

The process of preparing tax returns, Federal and state income tax returns for compensation. Tax preparation is done by certificated tax preparers. 

 

The tax form or forms used to file income taxes with the Internal Revenue Service (IRS). Tax returns often are set up in a worksheet format, where the income figures used to calculate the tax liability are written into the documents themselves. Tax returns must be filed every year for an individual or business that received income during the year, whether through regular income (wages), interest, dividends, capital gains, or other profits.

Offer In Compromise

 

Do you owe the IRS big bucks? If you do, it might be worth a discussion with the IRS. Potentially, they may either reduce the total amount of tax owed or reduce the interest rate on that money or set an amount for a payment plan and stretch it out over a period of time where you can actually make the payments.

 

An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can't pay your full tax liability, or doing so creates a financial hardship. You must take into consideration your unique set of facts and circumstances:

  • Ability to pay;

  • Income;

  • Expenses; and

  • Asset equity.

IRS generally approves an offer in compromise when the amount offered represents the most they can expect to collect within a reasonable period of time. Explore all other payment options before submitting an offer in compromise. It is important to hire a certified tax professional to help you file an offer.

Non-Profit

 

A nonprofit organizationis an organization whose purposes are other than making a profit. In economic terms, a nonprofit organization uses its surplus revenues to further achieve its purpose or mission, rather than distributing its surplus income to the organization's shareholders (or equivalents) as profit or dividends.

 

This is known as the distribution constraint. The decision to adopt a nonprofit legal structure is one that will often have taxation implications, particularly where the nonprofit seeks income tax exemption, charitable status and so on. 

Back Years Taxes

 

Many clients that come to us haven't filed tax returns that are now past due. We have had clients who haven't filed a tax return in 5 years or more, but now have received a letter from the IRS or need to get back into compliance because they want to get a loan.

 

Preparing past due tax returns is easier than you think. We will start by obtaining Wage and Income transcripts from the IRS for the years that we do need to prepare a tax return. The transcripts show us all of the income that was reported to the IRS under your social security number, and will include W-2's, Interest Income, 1099's, and other relevant documents.

These transcripts are usually sufficient to give us a very good start on your tax returns. Once we have a first draft done based upon these records, we can work with you to determine what other deductions, expenses, and credits can be added to the return to improve your bottom line.

Tax Audit Support

 

No company wants to be the subject of an audit. Unfortunately, the Franchise Tax Board is conducting more audits than ever as a means to replenish diminishing budgets.  The IRS audits about 3% of individual tax returns with income under a million dollars. 

 

If you receive a letter from the IRS or the Franchise Tax Board we will review your tax return and the IRS letter with you, to make sure that you have a full understanding of how to reply to the IRS.

 

 We will outline the type of records you will need in order to reply to the notice or letter.  In the case of an audit, we will provide you with an outline of how to prepare for the audit, and provide a list of the types of documentation you will need to take to the audit.  If you owe additional money as the result of an audit, we will explain your options in making payment arrangements with the IRS.

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