Tax and Accounting
There are many advantages of good accounting, but most first-time business owners do not put enough emphasis on their financial reporting until well after trouble starts. Accounting does not directly contribute to the bottom line, but the work of your accountant is extremely important to the business’s financial health.
Good financial records are also important in your personal life, especially when it comes to tax matters. Accurate information simplifies decision making every day, so take a moment to evaluate the status of your tax and accounting systems and you will understand just how helpful we can be.
Business Tax Filings
Tax preparation services for businesses for corporations (Form 1120 or 1120S), partnerships (Form 1065), and proprietorships (Form 1040, Schedule C) should be more than just filling in the blanks. Your accountant should be working with you ahead of time on these matters to make sure you are taking advantage of all tax saving opportunities available to you.
Your taxes are based upon things happening all year – do not settle for a preparer that is only around at tax time. Our office is experienced in a wide variety of tax situations and can offer expert assistance and advice no matter how complex life may get. Plus, as an actual accounting firm we are available year-round to answer any questions you may have.
Not-for-Profit filings are getting more complex, with new forms and filing requirements popping up every year. Darrel Whitehead CPAs have a long history with Non-Profits in several states and can make sure you are correctly registered and reporting. In addition, we offer assistance with preparing year-end closing entries and can advise you on matters concerning unrelated taxable income.
Employee Benefit Plans
Employee Benefit Plans are a great way for small (and not-so-small) companies to deffer taxes and retain employees, but they come with additional reporting requirements and stiff penalties. We can help prepare the annual reporting for many employee benefit plans including pension, 401(k), and health and welfare plans, along with assisting in the annual census and accounting for the plan.
Trusts and Estates
You don’t have to be the bad guy. Nothing causes arguments like money, and estate distributions or residual trusts can be some of the biggest instigators in family discord. Pass the buck and let our firm take the position of disinterested party for your situation. We can handle the tax filings necessary for estates and trusts with proper reporting to all of the beneficiaries for any taxable proceeds.
IRS Audits and Notices
An IRS examination (audit) can be a stressful situation, but we have your back. Weather it is a desk review or a field review our service can include helping you assemble any needed information, acting as your representative before the IRS agent, researching technical issues, responding to IRS inquiries, and advising you about pertinent matters that may arise during the examination.
It’s more than just the once-a-year filings, we are here for you day in and day out…
Payroll Tax, W-2s and 1099s
Weather you are looking for a full payroll service or just want someone to look over your filings and verify the figures, our services can include preparation of quarterly and annual returns for employee withholding and employer taxes as well as year-end W-2, W-3 and 1099 forms.
Business Property Tax
If you are a business, you are required to file an annual business property tax return. This informational return (form 571-L) is due each April with a late penalty assessed after May 7th.
Our sales tax services can include helping you prepare monthly and quarterly returns, advising you about taxability issues and helping you respond to any sales tax audit issues that may arise.
And when it’s time to take a look into the future…
Tax planning typically takes two forms. First, we can project your year-end tax liability based on expected annual income and deductions or based on “what if” scenarios for income and deductions. Using this information, we can advise you about how to adjust, if necessary, your estimated income tax payments or your wage withholding. Second, we can advise you about the taxability or deductibility of transactions that you may be considering, but have not yet completed. For example, the purchase or sale of investments, a home, business, or tangible property has tax implications. We can advise you about the taxability of these matters so you can make informed decisions.
Estate Planning and Tax Services
We assist clients with estate planning to reduce estate taxes through the process of a lifetime transfer plan, from a simple gift-tax form for reporting a one-time transfer to annual reporting of multi-tiered complex trusts and annuities. We have extensive experience in handling these issues for our clients and have the knowledge to keep your estate plan on track.