Tax Services
Sample of Tax Services
- Audit and tax debt representation before the IRS and state taxing authorities
- Business and individual tax preparation and filings
- Cost segregation (accelerated depreciation) submissions
- Employer 941/944 (payroll) tax debt issues & trust fund recovery penalties
- Tax planning – Using proprietary methods and tools to avoid/minimize tax liability from flow-through Businesses to individual returns
Business and Individual Tax Prep Services (We Offer Both)
Business Tax Services
Business tax compliance includes adjusting entries, balancing accounts and closing the books for the period in preparation for the inevitable tax return and relevant schedules. Tax positions/treatments should reflect and be consistent with the type of activities of the business and in accordance with the Internal Revenue Code.
Individual Tax Services
Compliance for individual taxes means that your return(s) are filed (accurately) and timely within the meaning of the Internal Revenue Code. Tax compliance also means that your tax obligations are settled in full. Your return(s) and the tax positions you take should reflect your lifestyle and personal situation.
Tax Preparation versus Tax Planning (We Offer Tax Planning)
Tax Planning
- Active engagement where a plan is created to reduce or minimize tax liability through activities that occur during the tax year (not after the tax year)
- The plan is only as good as the willingness of the taxpayer to implement these recommendations during the tax year
- Typical plans include credits, deductions and income deferral
- Plan is monitored throughout the year for adjustments – actual figures are compared to plan and changes are made
Tax Preparation
- Tax preparation is only concerned with “settling up” with the IRS to determine if any additional tax is owed or if the taxpayer overpaid during the tax year – A refund
- Other than some suggestions (to open an IRA as a way to obtain additional deductions), there are very few ways to mitigate or reduce your tax exposure during the tax prep cycle
- Even if recommendations do exist, your tax preparer will (rarely) have the time to offer or help you implement these savings during tax season
Tax Debt Representation
As an Enrolled Agent, Mike Faremouth can represent businesses and individuals in all matters involving unresolved tax debt issues and/or audits both at the federal and state level.
For tax debt representation, we are focused on providing solutions to Clients for two distinct issues – Payroll tax/trust fund recovery penalties and audits.
