Tax Strategy and Efficiency Planning

About

Tax Strategy and Efficiency Planning

Compensation & Benefits

Compensation is payment to an employee in return for their contribution to the organization, that is, for doing their job. The most common forms of compensation are wages, salaries and tips.

Compensation is usually provided as base pay and/or variable pay. Base pay is based on the role in the organization and the market for the expertise required to conduct that role. Variable pay is based on the performance of the person in that role, for instance, for how well that person achieved his or her goals for the year. Incentive plans, for example, bonus plans, are a form of variable pay. Some people might consider bonuses as a benefit, rather than a form of compensation. Some programs include a base pay and a variable pay.

Employees have certain monies withheld from their payroll checks, usually including federal income tax, state income tax, FICA (social security) contributions, and employee contributions to the costs of certain benefits (often medical insurance and retirement).

Employee benefits typically refers to retirement plans, health life insurance, life insurance, disability insurance, vacation, employee stock ownership plans, etc. Benefits are increasingly expensive for businesses to provide to employees, so the range and options of benefits are changing promptly. You might also think of benefits as company-paid and employee-paid. While the company usually pays for most types of benefits such as holiday pay, vacation pay, etc. some benefits, such as medical insurance, are often paid, at least in part, by employees because of the high costs of medical insurance.

Accountants on Air offers a compensation and retirement plan consulting that enables clients to leverage compensation and benefit programs to take their business to the next level. In an evolving regulatory landscape, our vast technical experience positions us to serve as a strategic partner, designing tailored solutions aimed to maximize your organization’s most complex and valuable resource.

IRS Representation

Many people use a tax professional to prepare their taxes. Tax professionals with an IRS Preparer Tax Identification Number (PTIN) can prepare a return for a fee. However, some of these Tax Professionals not fully perceive the legal approach to represent you with the IRS and they could end you with more liability than what you already have. If you could choose a good tax professional, you should know who can represent you before the IRS.

Receiving a letter from the Internal Revenue Service with notification of an upcoming audit or dealing with persistent collections calls from the IRS can be nothing short of heart stopping. At Citrin Cooperman, we understand this – and we can help.

Our team of experts is comprised of seasoned attorneys, certified public accountants, international tax specialists, and former IRS agents who have decades of experience dealing with sensitive and complex tax situations. With a wealth of insight regarding IRS internal policies and procedures, and an in-depth understanding of the tax code, we will help you navigate through a sea of uncertainty and negotiate the best resolution for your case.

Sales & Use Tax

Sales & Use tax compliance is becoming a severe issue. State and local governments are rapidly revising tax laws to increase revenue, while Congress is considering granting states the authority to make remote sellers charge sales tax.Tax levied upon customers when a retailer, or service provider fails to collect sales tax on goods and services sold.

In many states, citizens are required to pay sales tax on goods and services at the time of purchase. Most often, when purchases they are done are made physically in a retail store, or directly from a service provider. Then the retailer collects the sales tax and they are responsible for submitting the collected taxes to the state.However, there may be times when the retailer or business service provider fails to collect the required tax. In those cases the responsibility of paying the taxes due lies with the purchaser.Additionally, when a citizen makes a purchase of an item from within the state but the retailer is selling from another location, the citizen is required to pay the sales & use tax for the purchases made because they reside in and use the item within the state, thus, the sales and use tax.

Sales Tax is imposed on the gross receipts derived from both retail sales of tangible personal property, digital property, and sales of certain services to the final customer in Kentucky.

Use Tax is imposed on the purchase price of tangible personal property, digital property purchased for storage, use or other consumption in Kentucky. The use tax is a “back stop” for sales tax and generally applies to property purchased outside the state for storage, use or consumption within the state.

Our sales and use tax practice includes the following Services:

• Sales and use tax process review
• Reverse sales and use audit
• Sales and use tax automation
• Nexus evaluation and management

State & Local Tax

State & Local Tax Services designed to help U.S. businesses appropriately manage their state & local taxes, which in many cases make up one-half or more of the total tax burden. State and local taxes, which are quite complex and vary widely across jurisdictions, include sales/use, payroll/employment taxes, property taxes, and income taxes at both the state and local level.

At Accountants on Air we assists businesses of all sizes with planning and compliance in connection with State and Local tax requirements. We employ a full complement of SALT experts ready to provide you with planning and solutions to your SALT issues whether you are conducting business in one, several or all 50 states.

Our dedicated team of state and local tax professionals can help you understand and navigate the challenging tax world. While you focus on your business, we focus on the tax implications of your business by helping you take advantage of tax incentives and credits while helping you maintain compliance with the state. Whether you do business in one state or the 50 states.

Tax Advisory Services

Our Tax Advisory Services help you and your company establish long-term objectives and specific strategies, evaluate and implement current operations, and develop recommendations for the future. Prior Year Tax returns are the historical reporting of your financial transactions for the past year but we strive to work with you throughout the year to properly position your upcoming financial dealings to minimize your taxes.

Planning is a key component of Tax Advisory Services at Accountants on Air, which allows us to assist our clients meet their financial objectives. With the expeditiously changing economy and tax laws, sensible financial plans for today quickly become obsolete tomorrow. Through our continuing working relationship, we can ensure that the proper planning tactics are implemented before your financial transactions are completed. Utilizing proactive planning allows for additional tax savings opportunities that reactive planning does not. No matter what the transaction and circumstances, we will work with you to minimize your total tax obligations.

Gifts, trusts, estates and succession planning are important elements in achieving financial objectives and transferring wealth.

A complete financial plan will include an analysis of net worth, investment review, family gifting, trust, retirement planning and business succession planning. Our Tax Advisory Services department works in a collaborative environment with your other professional advisors to develop programs that will help you achieve your goals, minimize taxes, and maximize benefits to you and your heirs.

Estate and Succession Planning

Planning for the distribution of your estate can be a daunting task. Complex laws and tax rules surrounding trusts, estates and inheritances require careful planning and sometimes, tough decisions. Our professionals have years of experience in helping clients effectively arrange for their desired legacy to pass on to families and charities. We can look at your financial situation in the immediate and long-term to help you understand the impact of your decisions on your estate and your future beneficiaries.

Our Professional are well trained and have the expertise to provide the maximum overall benefits for our clients. Many of the services we provide relating to trusts and estates are interrelated to such an extent that decisions made with regard to one area can significantly impact another area. We offer a wide range of estate succession planning and related services including:

• Reviewing all estate-related documents (wills, trusts, etc.)
• Reviewing titling of assets to maximize estate tax efficiency
• Minimization of estate and capital gain taxes
• Maintaining liquidity
• Optimizing lifetime transfers between spouses
• Transferring assets into trust

Tax Planning and Compliance

A range of services designed to help you and your business report to tax authorities in a timely and accurate way, while minimizing tax liabilities on your family, your business or your company profits.

The tax law is highly complex, ever-changing and difficult to comprehend. Businesses and individuals are increasingly turning to tax specialists to ensure they remain in compliance while working to minimize tax liabilities. Accountants on Air offers tax planning and compliance services to companies of various sizes and industries, including corporations, partnerships and LLCs, high net-worth individuals and not for profit organizations.

Our professionals are dedicate themselves to learn about each client’s specific tax situation, challenges and objectives. This knowledge combined with our solid understanding of the latest tax laws and strategies results in the optimal tax solution for our clients. We also leverages the latest tax software and technology to promote increased accuracy, efficiency, and compliance with filing deadlines. Our broad range of tax planning & compliance services include:

• Personal financial planning
• Mergers and acquisitions
• Corporate reorganizations
• Estate planning and charitable giving strategies
• Retirement planning
• Tax incentive programs
• Non-profit organizations
• International tax planning and foreign tax issues
• Preparing and submitting income tax returns and computations