We are a full-service tax preparation firm, offering Individual, Business, Estates and Trusts and Tax-Exempt entities services.
The Tax Cuts and Jobs Act was passed by both the House and Senate on December 20, 2017. Most provisions of the Act become effective January 1, 2018. Here is a look at many (but not all) of the provisions of the bill that affect individuals. All these provisions are set to expire (and revert back to current law) in 2025, if Congress does not extend prior to 2025.
If you call the IRS for assistance, you likely will not get the assistance you need. The IRS projects that it only is able to answer about 50% of the calls it receives from taxpayers. And those that do get through likely wait at least 30 minutes to reach an IRS agent. And to make matters worse, the IRS recently decided it would only answer what it terms “basic” questions, declaring “more complex” questions “out of scope.”
We provide federal and state tax return preparation, tax planning, tax projections, and tax consultation services for businesses.
In addition, we provide business entity choice consultation. Selecting the correct business structure is a one of the most important decisions facing business owners. Each structure has different legal and tax consequences. No single structure is appropriate for every business or owner. We can help you choose the right structure based on your needs and plans for the future.
Estates and trusts are taxed at either the entity or beneficiary level depending on whether income is allocated to principal or distributable income and whether it is distributed to beneficiaries. Estates and trusts file Form 1041, U.S. Income Tax Return for Estates and Trusts.
Most organizations exempt from income tax under section 501(a) are required to file Form 990, Return of Organization Exempt From Income Tax. This includes charitable, religious, scientific, literary and other organizations exempt under IRC section 501(c)(3).