Question

To give greater value to your clients, you will need to share current tax updates and help them keep up with the constantly changing tax laws. In this discussion, you will list and share services with your peers that will keep your tax knowledge abreast of current tax laws.

CPAs and accountants are trained to understand the Internal Revenue Code and reference the regulations to get further guidance. Discuss what other services you can use to get more information and updates about the tax issues affecting your clients. What can small businesses do to keep up with the constantly changing tax laws? Where do you draw the line between what business owners need to know and what they should rely on their tax advisor to keep track of?

Answer 1

1.Estate & Trust Tax Preparation

Effective estate and gift planning facilitates the orderly transfer of assets to beneficiaries, provides security for surviving spouse, and can reduce or eliminate the tax due on the transfer of rbusiness and other assets. For business owners, providing for business continuity and succession of ownership is essential. guide through the complex process of getting financial affairs in order.

2.IRS Representation

During of experience dealing with many taxing authorities, achieved a level of competence that can ensure oclients they are being properly represented before the various federal and state tax agencies.

3.Payroll Services

As a business grows, it must hire more employees, which can result in increased payroll administration. assist business in implementing the controls necessary to ensure a reliable, efficient, and effective payroll system. Help business develop a payroll system and prepare all necessary payroll tax returns in a timely manner.

4.Sales Tax Services

Many of clients are responsible for collecting and submitting sales taxes in many different vicinities. Assist in the compilation of information and preparation of sales tax returns in an efficient and timely manner.

5.Tax Planning

Tax planning is an essential element of the tax preparation process. By making tax planning part of overall business strategy, Experience and access to the most current new developments in the tax laws to minimize both current and future tax liabilities.

6.Tax Preparation

Significant investment in computerized tax preparation and research software enables us to accurately and efficiently prepare returns for various types of entities including individuals, corporations, partnerships, trusts, estates, and not-for-profit organizations.

7.International Taxation

Experience with the taxation of residents working abroad and foreign citizens provided with an extensive base of knowledge in the area of international taxation.

8.Tax Planning & Preparation

Tax planning and preparation form a winning combination for successful individual and business clients. Whether an individual or a multi-tiered partnership, experienced staff can develop tax strategies that take advantage of new tax laws and legislation.

Small business doConstantly changing tax laws:-

Planning To Maximize Tax Savings

At the end of the day, with the tax cuts and the tax increases — its four yards forward and two yards back — certainly there are benefits for business owners, but owners are also losing previous deductions. To ensure that business owners maximize their tax savings from the new law — it is important to sharpen the pencil. The tax bill did eliminate a number of credits and incentives but it also kept in place some important ones as well. In addition to 179(d) mentioned above and bonus depreciation -- other key tax provisions for business owners to look at include:

Research and Development (R&D) Tax Credit

The R&D tax credit enjoys significant bipartisan support in Congress and also the administration. The new law preserves the recently enacted AMT turnoff for the R&D tax credit -- allowing companies to take the R&D tax credit against AMT. At alliantgroup, we have found this change in law has been a massive game changer with hundreds, if not thousands of companies across the country now being able to utilize the R&D credit for the first time.