Year-round, proactive tax planning can help individuals and small businesses effectively manage their tax burdens and take full advantage of available tax deductions and credits. There are various simple and complex strategies one can adopt to minimize the tax liability within the available tax codes.
Income Tax Filing:
Individuals required to file their tax return in the US based on the residential status and income received. You may have to file resident tax return, non-resident return, dual status (part year resident) or expat tax returns based on your individual status. We analyze our client situations and advise them accordingly.
US taxpayers required to disclose their foreign financial accounts with IRS and Treasury as part of compliance requirements. The violation may cause severe implications i.e., civil/criminal penalties. FATCA reporting requirements supplement the existing Foreign Bank Account Report (FBAR) that was long established under the provisions of the Bank Secrecy Act of 1970.
Streamline Filing Procedure:
Taxpayers who were not compliant on foreign income reporting and filing required international disclosure forms such as FBAR/FATCA/PFIC/Form 5471/Form 8865 etc., are eligible to participate in Streamlined Filing Procedures, provided their violation was non-willful. This will assist to go back and correct the past non-compliances, maintain the accurate tax record, and have peace of mind.
Gift Tax Filing:
The gift tax return is the IRS’ way of keeping track of who gifted what to whom — and how much it was worth — in the previous calendar year.
If you gave cash, property, or other valuable gifts to anyone during tax year, you may have an obligation to file a gift tax return. The gift given other than cash, must be valued at the fair market value for reporting. Third party appraisal report may be required to attach with Gift Tax return. The filing due date is same as your individual tax i.e., 15th April.
ITIN Certified Acceptance Agent (CAA):
Generally, ITINs (Individual Taxpayer Identification Number) are required for the secondary taxpayer and dependents, who may not be eligible for a Social Security number. For applying an ITIN either taxpayers are required to mail application forms with original document such as passport to the IRS or they can certify the original documents through CAA and apply for an ITIN. Certifying the original documents saves taxpayers from mailing original documents to the IRS.
IRS and states audit representation:
Taxpayers may receive audit notice from the IRS for various reasons such as under reporting income, claiming deductions, discrepancy in reporting, non-disclosure of required forms, claiming tax credit, etc. When you receive notice, firstly you need to understand the reason for an audit. It would be wise to hire a tax audit representative to defend yourself from the IRS. Without tax audit representation, you may pay additional taxes in addition to interest and penalties. Moreover, tax representative may ease your pressure, avoid making further errors and increase your chances of favorable outcome.
Tax Planning and Advisory Services:
Year-round, proactive tax planning can help businesses to effectively manage their tax burdens and take full advantage of available tax deductions and credits. Advanced tax planning is smart business planning and crucial for the financial success.
Business and Non-Profit Tax filing:
Tax filing to corporations, non-profit organizations, and individuals. We take a holistic approach to tax preparation and provide specialized tax planning by industry. Our deep expertise enables our clients to address complex tax challenges with confidence. We optimize all the tax scenarios within the tax code and ensure that, our clients take full advantage of tax credits and deductions. When businesses operate with multiple states, the tax reporting and compliance becomes complex and really challenging. We assist our clients to look at the business credits available such as R&D credit, which can be used to offset the tax liability.
Bookkeeping is required for every business to record and maintain all transactions accurately. This will also help business owners to see how business is performing and make informed decisions. Moreover, IRS expects to maintain the records to substantiate revenue and expenses. You may focus on your core services and use Real Tax Ally services for bookkeeping.
We can offer following services as part of bookkeeping:
Monthly financial reporting
Reconciliation of bank, credit card and assets
Accounts receivable and payable reporting
Providing management report
Assisting during IRS audit
Keep businesses aligned with tax laws
Every business must ensure employees are paid on time and be compliant on payroll filings. It’s worth to hire payroll experts rather than spending your time.
As part of payroll process, we offer payroll services based on client needs and ensure federal and state payroll tax returns filed on time and taxes are deposited to respective authorities. Employees will be given access to their paystubs through cloud account.
Sales and use tax filing:
Sales tax filing become more complex when you sell goods to different states. We offer sales filing services monthly, quarterly, and annual filing based on the size and volume of businesses across the industries.
International tax compliance:
Since every tax jurisdiction becoming aggressive in tax collection, international compliance is crucial for every taxpayer be an individual or small businesses. IRS bringing tougher regulations on foreign income reporting. Apparently audit on international affairs increasing over the years. The international compliance includes, foreign financial accounts (FBAR/Fincen) reporting, foreign entity disclosure such as Form 5471, Form 8865, Form 8858, Form 5472, Form 8621 (PFICs), FATCA forms, etc. The penalty for non-compliance is huge. We ensure our clients are compliant in all foreign disclosures.
Business Formation and Structuring:
The challenge every new business owner face isn’t the passion for starting their business. It’s taking care of all the compliance requirements so that there aren’t problems later with the state or the IRS. We can offer complete formation services with right entity structure; you won’t miss a step when bringing your new business to life. You can form an LLC, C-Corp, S-Corp, or Non-Profit organization with any state based on your requirement.
Every entity must appoint registered agent in the state where business was registered. Registered Agent is responsible for receiving government correspondence such as legal documents, and compliance-related documents on behalf of the company.
A Virtual Office is a service that gives you a business address, a place to receive mail without having to pay for full-time office rental. Our team will send you all the scanned correspondences to you through secured portal.
US Residency Certificate:
US taxpayers (Individuals and businesses) required to provide residency certificate to foreign tax jurisdictions to claim income tax treaty benefits. We assist taxpayers in filing required documents to IRS for obtaining the residency certificate.
Cost Segregation Services:
Business must consider adopting tax savings opportunities to increase cash flow reduce your taxable income, and finally grow your business is a key aspect of strategic tax planning. Cost Segregation helps to defer tax liabilities and optimize near term cash flow by separating building components into proper asset classifications and recovery periods. This is applicable for commercial or residential real properties.