As the saying goes, the only two things that are certain in this world are death and taxes. Ensuring that your annual tax returns are properly prepared and timely submitted is a ritual that the majority of Americans deal with each year. For businesses, there are varying types of taxes that need to be collected throughout the year, accounted for and paid to the government. Beyond business income taxes, there are sales taxes, payroll taxes and a variety of specialty taxes that must be reported to the government. This annual process is a daunting task that should not be taken lightly and Fuller Lowenberg & Co. is there to assist you.
Our team of certified and highly skilled tax preparers will help you navigate this onerous task to help ensure that your business is running properly and that your tax obligations to both the federal and state governments are properly accounted for.
Income Tax – Income taxes are, perhaps, the most costly expense that a business, along with its owners, may incur. Recognizing this, our team prides itself on preparing individualized tax planning strategies throughout the year thus ensuring that there are no unexpected surprises at year-end. We also recognize that improperly completed tax returns can raise red flags with governmental tax agencies which could result in a lengthy audit and possible legal ramifications. Among the various types of business income tax preparation services that we are experts in are:
- Partnership, LLC, LLP, PLLC
- Corporation – “S” Corporations; “C” Corporations
- Individual and Sole Proprietors
- Foreign Asset Reporting
- Homeowners Association – 1120H
- Forms 990 and 990-T
Sales Tax – Paying sales tax is a process that not only requires filing in the region that your company is located in but, also for the various regions you do business in. Along with preparing and remitting returns, you have to keep up-to-date on all of the notices and correspondence so as to ensure that you are meeting all guidelines. Fuller Lowenberg & Co. can lift this burden off your shoulders and let you focus on growing your business. Sales tax related services include:
- Preparation of single to multi-jurisdictional sales tax returns.
- Sales Tax Research – Determining an obligation to collect or pay sales tax can be a complicated. We can help review your business activity and situation to provide advice as to the appropriate reporting requirements.
- Sales Tax Nexus – We can be engaged to conduct a review of your business activities to determine nexus issues. Sales tax nexus or “connection” to another state may require a business to register, collect and pay sales taxes to that state. Failure to do so could result in substantial penalties.
Payroll Tax – With each new step in building and growing your company, your staff will likely grow as well. As such, the need for accurate payroll tax preparation increases exponentially with each new employee. Fuller Lowenberg & Co. can help you manage this process so that you have the peace of mind in knowing that your payroll taxes are accurately processed and remitted on time. Payroll taxes are the responsibility of almost every employer. Understanding your obligation under the federal, state and local laws is vital. Payroll tax related services include:
- Employee vs. Independent Contractor Analysts – understanding the fine line of classification can help alleviate the potential liability and penalties associated with getting in wrong.
- Preparation of Quarterly and Annual Federal, State and Local payroll tax returns.
- Preparation of W-2’s
- Preparation of Forms 1099
Specialty Taxes – Depending on where you live and the industry your business is located in, each state and region has different specialty taxes that cover a variety of different areas. If you have employees in other states, you have to know and work with the parameters of the laws where those employees live as well as the laws of where your business is located. Fuller Lowenberg & Co. has experience dealing with these specialty taxes including:
- Highway Use and Related Motor Vehicle Tax Returns
- Estate Taxes
- Gift Taxes
- Non-Resident Individual Income Tax Returns
Financial and Tax Planning
No one wants to know what they “could” have done to save taxes. Fuller Lowenberg & Co. can help by preparing estimates BEFORE the close of your tax year. Strategic planning and timing can save you a multitude of tax dollars by using the tax laws to your advantage. Additionally, by knowing what your tax burden will be allows you to make more reasoned and informed decisions about future investments aimed at improving and growing your company.