Business Tax Compliance
Tax compliance can be challenging for companies. If you are a start-up or a mid-size company, the compliance demand can take you away from what you do best – growing your business. A&C offers a solution to address the compliance needs of corporations, S corporations, partnerships, and other business entities. Our tax specialists and tax technology resources will enable your business to achieve?accurate tax compliance and minimize your exposure with taxing jurisdictions.
Preparing tax forms:
A&C is qualified and experienced in preparing Forms 1120, 1120S, 1065 and 1041, along with other forms that require tax technical specialization.
A&C reviews and signs final tax return as compiled by you.
IRS audit support:
A&C gathers data to respond to IRS Information Document Requests, computes book/tax differences, identifies and prepares some or all tax adjustments for deriving taxable income. In support of internal departments, A&C professionals can be deployed for tax calculations requiring technical knowledge or extensive data manipulation, freeing up in-house resources to focus on core business activities.
A&C prepares complex or data intensive tax return forms requiring tax technical specialization or time to gather and manipulate data.
A&C reviews and signs final tax return as compiled by in-house resources.
A&C prepares quarterly and annual tax provisions (for non-attest clients). Provision computations may be leveraged for preparation of quarterly estimates and extension payments.
Other return preparation:
A&C prepares stub period returns due to acquisitions or divestitures, as well as partnership returns.
IRS audit support:
A&C gathers data to respond to IRS Information Document Requests.
A&C gathers support for established R&D credit and transfer pricing contemporaneous documentation approaches.
Personal Income tax planning and compliance – Form 1040
The highest marginal rate is currently 39.6%. Taxes are often the largest single cash flow expense for high-income taxpayers. Our tax professionals ensure that your return is prepared accurately and in a timely fashion. A&C assists you in planning ahead so that you will be prepared for upcoming tax expenses and will be able to implement strategies and ideas that best suit your cash flow requirements.
Due Diligence – Mergers and Acquisitions
Our specialists can assess and identify potential tax exposures and their impact on a stock or an asset transaction. Understanding the tax implications of a proposed deal and determining optimal tax structure are critical to minimizing federal, state, local and foreign tax exposures.
Proactive tax planning
Although federal tax code has remained substantially unchanged, high-net-worth individuals will want to keep an eye on policy developments to focus on tax planning. Discussion over the deficit suggests that modifications in the tax code may be a major legislative focal point in the longer term.
If you are being audited by the IRS or any state or local agency, A&C will assist you with any questions or concerns regarding your audit. A&C can provide representation on your behalf and work with IRS agents while you are being audited.
OVDP and FBAR Compliance
The IRS announced that it would be implementing a New Streamlined Filing Compliance Procedures for Non-Residents and US Residents to help people hiding offshore accounts get current with their taxes. The 2014 Streamlined Compliance Program offers reduced penalties for non-willful violations for US residents and no penalty for non-residents. It applies only to taxpayers who non-willfully failed to report non-U.S. financial accounts on Form FiNCEN 114 (previously Form TD F 90-22.1) Report of Foreign Bank and Financial Accounts (FBAR), Form 8938, Statements of Specified Foreign Financial Assets and for taxpayers who failed to report income from those accounts and assets on their U.S. income tax returns; however, the reduced penalty is applicable only for non-willful violators. The IRS has extended the Offshore Voluntary Disclosure Program (OVDP) for willful violations. A&C has successfully assisted taxpayers navigate the complex amnesty programs.