Our Services
We offer a wide range of tax compliance, planning and accounting services for individuals and businesses of various industries. Seasoned and knowledgeable having practiced in both public accounting and private industry environment, we have successfully assisted with every issue facing taxpayers today. Our analysis are fact based and realistic, which will not expose our clients to risky tax positions.
Income Tax
Our level of expertise in individuals and industries give us insights to better anticipate issues impacting taxpayers today. We are reliable and experienced accountants with proficiency in tax preparation. Our team of professionals keep tabs on revisions to the tax laws, so our methods are always up to date and ensure you won’t be subject to any tax penalties. We’re also familiar with available tax credits and deductions that can save you hundreds or even thousands at the end of the year.
Sales Tax
Determining point of sale from retail to ecommerce among different localities can be overwhelming. You want to maximize every dollar you earn from your business, and applying the right tax rates can help boost your sales revenue. We can help you navigate and stay compliant on policies impacting your business.
Planning
We can assist with optimizing your tax benefits and stay informed. Changed or unforeseen transactions can have financial burden, but anticipating policy changes can reduce costly assessments. Our thorough analysis and depth of knowledge can help you plan appropriately.
We offer quality tax preparation and proactive tax planning strategies with the goal of reducing tax obligations for our clients. It is ideal to stay informed for best- and worst-case scenarios.
R&D Study
On Sept. 8, 2023, the IRS issued Notice 2023-63 interim guidance on the treatment of research costs. The Notice responds to some technical questions from taxpayers on required capitalization requirements under Section 174. The Notice also requests comments be submitted by Nov. 24, 2023 but will take comments submitted after the date into consideration.
There are still efforts underway to repeal or push back Section 174 amortization. At this time, however, businesses should be on the lookout for proposed regulations in 2024 and planning for tax year 2023 as if the R&E amortization rules will remain in effect when they file their 2023 tax returns.
Congress created two important incentives for a business to invest in research activities in the United States:
1. The ability to elect to deduct such expenditures currently (I.R.C. §174)
2. The permanent ability to claim a credit for increasing research expenditures (I.R.C. §41)
Eligible research costs include those paid or incurred for research conducted by the taxpayer as well as research conducted on the taxpayer’s behalf.
If your business invests in developing new products, processes, or software, an R&D tax credit study could help to offset the impact of the R&E amortization rules on your 2023 income taxes. We work with the top third-party subject matter experts to maximize our clients' R&D benefits. To learn more about how your business may qualify for this tax-saving credit, don’t hesitate to contact us.
Small Business BOI Report
The Treasury Department announced on March 2, 2025 that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either. The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. Treasury takes this step in the interest of supporting hard-working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest.
General guidelines:
As of January 1, 2024 most domestically registered small businesses with less than 20 employees and $5 million gross profit (net of CGS) reported on 2023 Forms 1120, 1120-S, or 1065 must register their Beneficial Ownership Information (BOI) with U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN) by January 1, 2025. New entities forming after January 1, 2024 have shorter compliance deadlines.
Companies who fail to comply may be subject to civil or criminal penalties including civil penalties of up to $500 per day of violation, or criminal penalties including imprisonment for up to two years and/or a fine of up to $10,000. There are currently 23 types of business meeting the exemption from filing BOI reports, but most small businesses must comply. Separate reporting requirement may apply to certain foreign investment companies.
We can assist with filing your BOI reports and stay in compliance. Please inquire of our checklists and questionnaire to meet the FinCEN reporting requirements.
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