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Business Services

As a business, we know how to manage a business and help it flourish. As people, we also know how to take care of clients and meet their needs. We’re here to serve the financial needs of our business owners, whatever they may be. Continue reading to learn more about the comprehensive collection of business services available to our big and small business clients.

Our Business Service Offerings Include Tax Preparation and Consulting

Several responsibilities that come with running a business tend to be complex and mundane. A dog walker may turn her hobby into a business, or a handyman may decide it’s time to make some money from his talent. Most people certainly don’t look forward to the tax and accounting duties that come with that venture. However, these duties are the backbone of a successful business. Many financial experts consider hiring a professional to provide business services a prudent decision.

Year-end tax preparation and periodic tax consultations go hand-in-hand when establishing the lowest-possible tax liability. Furthermore, open and clear communication between businesses and their tax preparers are vital for competent business tax preparations. Our service-based philosophy is especially conducive to the communications that are critical for competent business tax preparation.

It’s certainly important to note that there is a variety of tax professionals that can offer the right business services for you. Although, choosing the right professional can be confusing, we can help. Let’s discuss the roles each of these experts can play in making your business a success.

Accredited Tax Preparer

 The IRS certifies tax professionals who wish to focus their services on only tax preparation. “To become an [Accredited Tax Preparer],” according to the Accreditation Council for Accountancy and Taxation, “they must pass the ATP examination, which is offered twice a year at testing centers around the country.” They also note, “Their expertise covers comprehensive 1040 issues, including supporting schedules, self-employed returns and ethics.” Above all, these professionals are knowledgeable tax preparers.

Enrolled Agent

 The IRS certifies and regulates Enrolled Agents. The National Association of Enrolled Agents explains, “[Enrolled Agents] are granted unlimited practice rights to represent taxpayers before the IRS, and are authorized to advise, represent, and prepare tax returns for individuals, partnerships, corporations, estates, trusts, and any entities with tax-reporting requirements.”

Our experienced and reputable enrolled agents manage your taxes throughout the year. As a result, this business service is imperative for many owners who are working to accomplish their long-term goals. The National Association of Enrolled Agents also notes, “Enrolled agents are the only federally-licensed tax practitioners who specialize in taxation and have unlimited rights to represent taxpayers before the IRS.” Consequently, enrolled agents are tax specialists.

Certified Public Accountant (CPA)

 The Board of Accountancy certifies and regulates accountants. Not only does an accountant need to pass a comprehensive exam to be certified, but also, he or she must complete continuing education hours regularly. The California Board of Accountancy Mission and Vision statement certainly demonstrates an understanding of what business services should offer. It reads as follows:

“To protect consumers by ensuring only qualified licensees practice public accountancy in accordance with established professional standards.

All consumers are well-informed and receive quality accounting services from licensees they can trust.”

CPAs are generally specialists in accounting services, while many particularly specialize in tax services.

Tax Attorney

A tax attorney is only required when a taxpayer or business owner is a defendant in a court proceeding, such as tax fraud or evasion. Although, many do offer services commonly done by other tax advisers. These professionals become attorneys by going to law school and passing the bar exam. Then they acquire education and experience in the IRS procedures and tax code. As a result, their unique perspective and expertise are especially helpful in extraordinary circumstances. However, they often come with a hefty price tag.

Tax preparation and consultation services for business at Tax Champions can include a combination of the above roles. Therefore, we’ll assemble a team of tax professionals that serve the specific needs of your business. We help you effectively grow your business as you envision.

Contract and Tax Estimation Services for Business

While employees don’t generally need to send tax payments to the IRS throughout the year, their self-employed counterparts do. Everyone makes tax payments throughout the year; however, employees have this done for them by their employer. As an employer, you must collect and make their tax payments for them throughout the year. You must also do the same for yourself and your business, by law.

The amount to send every quarter isn’t always straight-forward. For example, tax estimations for farmers and fisherman have special tax rules to abide by. Furthermore, the IRS doesn’t bill for these payments, so it’s a somewhat tricky task. Therefore, it’s up to you to carefully review the IRS guidelines and calculate the appropriate amount to send.

In addition, accurately calculating this tax can be frustrating and time-consuming. We include tax estimations in our services for business because we understand that your energy can be better spent elsewhere.

The IRS explains who should pay estimated tax:

  • Individuals, including sole proprietors, partners, and S corporation shareholders, generally need to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed.

 

  • Corporations generally have to make estimated tax payments if they expect to owe tax of $500 or more when their return is filed.

Finally, tax payments should be paid by the deadline, four times per year. The IRS assesses a penalty for sending in estimated tax payments that are too low. Although, this penalty doesn’t apply if the total amount of tax you owe after filing your return is $1,000 or less.  Additionally, the IRS makes an exception if the total tax paid was at least the total tax paid for the previous year.

Dependable Business Services Include Tax Planning for Business

Money-management expert and popular national radio personality, Dave Ramsey suggests hiring a tax professional to strategically structure your business for the most favorable tax results. “An expert can give you advice about which small business structure is best for you,” he says, “so you can keep more of your heard-earned money."

One of the many important tasks that a business owner must oversee is the structuring of their business for tax purposes. Does your business plan call for a sole proprietorship, a limited liability, or a corporation? Both, the novice and experienced business owner may find the correct answer for their business complicated.

Our many services for business include business structuring, which is also sometimes referred to as tax planning. The following is a list of the most common business structures.

Sole Proprietorship

One individual is responsible for the business. There’s no legal distinction between the individual and the business.

Partnership 

One or more individuals take responsibility for the business. Partners are not employees. Partners contribute to the business and share in the profits and losses of the business, as explained by the IRS.

Corporation 

The IRS says, “A corporation generally takes the same deductions as a sole proprietorship to figure its taxable income. A corporation can also take special deductions.”

Perhaps the most prominent difference between a sole proprietorship and a corporation is the separation of the business and individuals. Both parties are separate entities. Corporations often have considerably more complex tax returns than other taxpayer categories.

S Corporation

S corporations are similar to corporations. In a corporation, individual(s) take responsibility for the business. In contrast, S corporations “elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes,” says the IRS.

This strategy allows corporations to avoid double taxation, which can occur with corporations. If the business services you hire include tax planning, ask about the pros and cons of corporations and s corporations for your business.

Limited Liability Corporation (LLC) 

An LLC is similar in many ways to a sole proprietorship, partnership and corporation. In contrast to these structures, however, the owner(s) of an LLC aren’t vulnerable to risks, such as lawsuits and business debts.

Correct business structuring is vital to the success of your business. Experts like Dave Ramsey and many more recommend hiring help for your business when making these important decisions.

Payroll is One of Our Many Key Business Services

Balance Small Business sums up the definition of payroll adequately here:

  • The calculation and distribution of paychecks (physical or electronic) to employees each payday, as in “I finished doing payroll yesterday.”
  • The financial records for employee wages and salaries, withholding, deductions, bonuses, pay for time not worked (holidays, vacations, sick time, etc.) and other items on employee paychecks
  • It can also mean the record of total earnings of all employees for a company in a fiscal year.

Having employees that work for your business increases these duties, as payroll and employment taxes must be considered. Employment taxes are withheld from employees’ paychecks and sent to the IRS on their behalf. That responsibility falls on the employer. The IRS takes this responsibility very seriously.

For that reason, your team should consider including payroll tasks in their hired business services to avoid serious financial headaches later. Failing to pay employment taxes certainly rubs the IRS the wrong way. They find that this failure is akin to stealing money, as it should only to be held in your care until the payment is made to the IRS. Hence the name of the penalty for not paying these taxes on time: trust fund recovery penalty. It either belongs to the employee or the IRS. The business owner has no legal right to use it in a pinch.

Small and big businesses who aren’t able to pay their employment taxes on time become a significant target for the IRS for this reason. The IRS assesses its highest penalty on unpaid employment taxes: 100 percent. The IRS explains, “The amount of the penalty is equal to the unpaid balance of the [employment] tax.”

Why Tax Champions’ Business Services are Right for Your Business

We specialize in the financial management of small and big businesses. Our work is routinely done thoroughly, accurately, and completely. Furthermore, client care is a top priority. After being in business for over 35 years ourselves, we understand how to actualize your long-term goals while managing critical day-to-day tasks.

Choosing a company to serve your business needs is an important decision. It’s our pleasure to provide you with whatever you need to accomplish this important task. But first of all, we invite you to get to know us better. Learn more about the Tax Champions experience or take a look at our Better Business Bureau profile. You’ll find that we maintain an A+ rating with no complaints. In addition, we have no complaints with the Board of Accountancy nor the IRS.

To get started, the first step is to contact us. We offer several options for communicating with us. If you’d like us to reach out to you, submit your contact information in the blue box on the right side of this page. If you prefer to discuss your business by chat, you may use the chat box on the bottom. Finally, we would love to hear from you by phone. Our toll-free number is 888.518.8964.

We’re available to take your call during standard business hours and evenings. We’re also available to take your call on weekends and holidays. We understand that your schedule may not be able to accommodate standard business hours. We strive to make your business services communication with us as accessible as possible.

Free Initial Consultation for All Business Services

No matter how you choose to contact us, our friendly and knowledgeable staff will discuss your needs. We’ll also discuss what you envision for your future and the future of your business. We’ll then share how we can help you accomplish your goals. If you find that we’re a good fit for your business, we’ll draft an engagement letter with mutually agreed upon details and get started on your case immediately.

We look forward to the opportunity to become a part of your team.

Sources

[1] Accredited Tax Preparer (ATP). (n.d.). Retrieved from //www.acatcredentials.org/acatcredentials/atp

[2] California, S. O. (n.d.). Welcome to the California Board of Accountancy (CBA). Retrieved from //www.dca.ca.gov/cba/

[3] Estimated Taxes. (2019, June 3). Retrieved from //www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes

4] Forming a Corporation. (2019, July 29). Retrieved from //www.irs.gov/businesses/small-businesses-self-employed/forming-a-corporation

[5] Murray, J. (2019, May 27). Understand How "Payroll" Works, the Proper Way to Keep Records. Retrieved from //www.thebalancesmb.com/what-is-payroll-398399

[6] Partnerships. (2019, May 30). Retrieved from //www.irs.gov/businesses/small-businesses-self-employed/partnerships

[7] Ramsey Solutions. (2018, November 24). Small-Business Taxes 101. Retrieved from //www.daveramsey.com/blog/small-business-taxes

[8] S Corporations. (2019, May 30). Retrieved from //www.irs.gov/businesses/small-businesses-self-employed/s-corporations

[9] Tax Champions: Better Business Bureau® Profile. (n.d.). Retrieved August 8, 2019, from //www.bbb.org/us/ca/ventura/profile/tax-consultant/taxchampions-1236-92012281

[10] What is an Enrolled Agent? (n.d.). Retrieved from //www.naea.org/educating-america/what-enrolled-agent

 

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Walter Wotman, CPA

Founder & Managing Partner

Walter Wotman, CPA is the author of "Tax Champions Guide to Tax Resolution." Amazon #1 Best Seller in the Personal Finance category. He is one of America's most experienced tax negotiators with over 35 years of experience helping thousands of clients settle difficult back tax issues.

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