US TAX PROJECTS
US TAX PROJECTS
The 2021 sales tax changes midyear update is your guide to navigating the complicated world of tax compliance and preparing for the future. As state and local governments move forward and businesses begin to reopen after last year’s COVID-19 outbreak, it’s more important than ever to stay informed about legislative changes and emerging trends.
We provide technical skills in a wide range of business tax issues to analysis and perform tax compliance to our small business clients.
We work on transaction tax matters, including compliance, audit defense, consulting, mergers and acquisitions, and related tax accounting matters.
Sales & Use Tax Compliance & Audit Defense Project
We review sales and use compliance and provide state tax consulting, including: nexus studies, technical research, exposure quantification, voluntary disclosures, audit defense.
We have access to variety of state and local sales and use tax laws, regulations, policies and procedures, as well as tax planning, restructuring, due diligence, audit defense, reverse audits and state controversy work.
We also review the client’s general ledger to ensure the proper tax codes are appropriately aligned with inventory transactions.
Our Sales Tax Team will be responsible for tax reports generation and delivery (weekly/monthly). We can also assist in data gathering for tax audit support for partners. Responsible for accounting operations for the company. Participate in the formation and implementation of company financial plans. Preparation of all monthly financial reports including Work in Progress reports. Maintain and analyze General Ledger.
Tax Controversy & Audit Defense
In situation of tax audit and defense, we perform varied daily job duties as we travel to different businesses and examine a vast array of documents. We perform the following duties in tax audit matters.
Examine tax documents, receipts, and financial records of all types to perform thorough audits. This includes traveling to various businesses and individual clients to examine their tax records.
Analyze financial data to determine the correct amount of taxable income, applicable deductions, and nontaxable expenses.
Interpret federal, state, and city tax laws and regulations, and apply them to auditing procedures. We also explain these codes and regulations to taxpayers and clients.
Collect delinquent taxes and tax reports from individuals and businesses.
Write detailed reports of their findings for every audit we complete.
Make recommendations for tax compliance and tax payments to the clients and business owners they audit.
Notices and Audit Assistance
Our experienced case resolution specialists provide personalized support if a client receives a notice from the IRS or state or gets audited. Your assigned tax specialist analyzes the issue(s) and assemble required documentation. They’ll formulate a plan to get things resolved in your client’s favor.
We assist our clients and formulate a plan in the following:
Interpret letters from the IRS and the state, and help with correspondence
Give guidance on next steps and representation as necessary
Research the statuses of returns with the IRS
Reconcile CP2000s and other inquiry letters
Address issues with IRS forms including Schedules A, C, and E
Assist with denied credits
Resolve tax debts and rejected ITINs
Your expert will make phone calls, wait on hold for answers, and work with all parties involved until the audit or notice is resolved - no matter how long it takes
Sales Tax Registration
Many states have enacted economic nexus laws that require remote sellers to collect and remit sales tax if they exceed certain thresholds. If you have a physical presence in a state, you are not a Remote Seller and are required to register in that state regardless of the amount of sales.
If you are a remote seller and your sales of products for delivery into a state meet or exceed the threshold for a state, you are required to register to collect and remit sales tax for that state.
Economic nexus laws apply to any business that makes sales into states in which they have no physical presence but meet the state’s sales and/or transactions thresholds.
Items to note when reviewing the requirements:
Many states base their threshold on sales OR transactions, while some states base their threshold on sales AND transactions.
A state may base its sales threshold on gross sales, gross revenues, retail sales or taxable sales. Many states do not distinguish between taxable and non-taxable sales when determining if a threshold is met.
If you know that you will be making sales into a state, you may choose to register to collect and remit that state’s sales tax at any time.
Business License Registration
Our Team of expert will assist you in obtaining business license in the city and county where your business resides.
Business licenses are permits issued by government agencies that allow individuals or companies to conduct business within the government's geographical jurisdiction. It is the authorization to start a business issued by the local government. A single jurisdiction often requires multiple licenses that are issued by multiple government departments and agencies. Business licenses vary between countries, states, and local municipalities. There are often many licenses, registrations and certifications required to conduct a business in a single location.
Typically, a company's business activity and physical location or address determines which licenses are required to operate lawfully. Other determining factors may include the number of employees and the business, such as sole proprietor or corporation. Government agencies can fine or close a business operating without the required business licenses.
Payroll Taxes Project
• Reviews timecards for hourly employees to make sure there are no errors.
• Ensures that all benefits and insurance premiums are deducted from paychecks.
• Tracks vacation and sick hours to ensure that they are accurately listed on paystubs.
• Makes sure all payroll accounts are balanced.
• Prepares any necessary tax documents, and makes sure that all hours, benefits, and deductions are logged appropriately and that all payroll accounts remain balanced.
• Ensure small business compliance with payroll tax reporting and withholding responsibilities.
• Registration of fresh employment tax authorizations.
• Handle system improvements as fresh business prerequisites crop up and enhance means of correcting possible noncompliance.
• Execute and plan improvements of procedure in relation to payroll tax to enhance, promote effectiveness, efficiency and precision.
• Guarantee that tax returns are accomplished and precise to reduce tax obligations.
• QuickBooks Accounting Project
Business & Individual Tax Compliance & Preparation Project
• Interview clients to obtain additional information on taxable income and deductible expenses and allowances.
• Review financial records such as income statements and documentation of expenditures to determine forms needed to prepare tax returns
• Use all appropriate adjustments, deductions, and credits to keep clients' taxes to a minimum.
• Prepare or assist in preparing simple to complex tax returns for individuals or small businesses.
• Compute taxes owed or overpaid, using adding machines or personal computers, and complete entries on forms, following tax form instructions and tax tables.
• Furnish taxpayers with sufficient information and advice to ensure correct tax form completion.
• Check data input or verify totals on forms prepared by others to detect errors in arithmetic, data entry, or procedures.
• Answer questions and provide future tax planning to clients.
