Tax evasion is illegal, tax avoidance is perfectly legal and should be expected by the CPA firm.
When it comes to tax planning and preparation, it is imperative to use a CPA firm that implements a full range of tax savings strategies. Our comprehensive practice offers expertise in countless areas of taxation. Our CPA/Accounting professionals have decades of combined experience in small to large markets. This provides us the know how to advise and assist in many industries.
Business Tax Preparation
We transfer the valuable experience and professional knowledge we gained working with Fortune 500 companies to the small and medium size business markets.
Whether your business is in its first year of operations or grossing over $20 million in annual revenue, Simpson & Simpson will apply tax strategies that reduce your tax liabilities while keeping your company tax compliant.
We ensure your company’s tax return will not be completed without asking comprehensive questions that ensure your business will attain the most beneficial tax position given your company’s goals and vision. We believe in educating our clients on the most recent tax compliance requirements and how current trends can be applied so that better financial/tax decisions can be made and implemented.
Simpson & Simpson has knowledge in many industries including construction, retail & distribution, restaurants, media & entertainment, commercial/residential real estate, software/technology, sales & marketing organizations, law firms, manufacturing, financial services, and more.
Individual Tax Preparation
Sometimes individual tax returns are straight forward and can be filed by the individual with no assistance or they can become complicated and time consuming. It can be compared to automotive maintenance/repair on a vehicle. Many people can change their oil but need a professional mechanic to replace their transmission. Or, they simply may not want to spend the time/energy to change the oil themselves.
Likewise, if the individual only received a W2 and has a couple of itemized deductions, he or she might want to prepare the tax return themselves to save on tax preparation fees. However, if the individual owns a business, investments, and/or is involved in multiple employment activities, the return can become more complicated and a CPA is strongly recommended.
We can assist with a variety of tax situations including but not limited to:
- Conservation Easements
- Rental Properties
- Wholesale buying and selling of houses/rehabilitation of real estate properties/assignment of real estate contracts
- Structuring the sale of a business/buyout of a partner
- Employee Stock Purchase Plans (Restricted Stock Units – RSU’s, Employee Stock Purchase Plans – ESPP’s, Non-Qualified Stock Options – NQ’s etc.)
- Traditional/non-traditional IRA distributions
- Pension, annuities
Even though most non-profit organizations are tax-exempt, it is important to prepare the Form 990 informational return accurately and to provide all the needed disclosures. We make sure to provide professional, thorough documentation so that the return will be less likely to receive IRS scrutiny. Even though it is not very common, a non-profit organization can lose its tax-exempt status if not following the guidelines properly. The completed Form 990 helps the IRS and the public to evaluate the non-profit organization’s financial performance. It also shows the compensation of board members/staff, missions and programs carried out, and other items.
Past year returns, amended returns, and IRS problem resolution
Having un-filed tax returns and tax issues can be an overwhelming problem to overcome. Simpson & Simpson will assist in relieving the burden and help you and your family get back on track.
Through an authorized power of attorney, we can represent you before the IRS, make the necessary calls, pull any missing tax documents, prepare your accounting records quickly and get your returns filed. We will handle any questions thrown your way and give it our utmost to lower your tax liabilities.
Gift & Estate Tax Return Preparation
The key to reducing your estate taxes is to have an established estate tax plan many years in advance, Simpson & Simpson can assist.
For 2014, 8.5% of overall estate tax returns were audited. This is a significantly higher audit percentage compared to individual tax returns which have an audit chance of 1%. Estates that had assets between $5 million and $10 million had an approximate 1 in 5 chance of being audited. And, it keeps going up from there (Source: Internal Revenue Service Data Book, 2014).
If a gift is more than $14,000 (cash, property) per year to any one person, you must report the gift on Form 709. Unless, the gift is made to your spouse. If the gift is made directly to a school/institution for someone’s tuition or medical expenses, the gift is excluded. Just because a gift tax return is filed, that does not mean that individual will owe tax. There is a lifetime exclusion of $5.49 million (2017 limit) that includes gifts made and estate cash/property transferred.
An estate tax return (Form 1041) is required if the estate generates more than $600 in annual gross income. The estate is a separate tax entity from the person who passed away.