Our Services

Being audited by income tax authorities is an extremely unpleasant experience. Tackling this monumental and complex task on your own could be time consuming and counterproductive. It can yield an extremely unfavorable outcome in terms of an unexpectedly large amount of income tax bill.

We are one of the industry leaders in providing IRS and state audit support.

By assisting you we conduct all meetings and correspondence with revenue agents and officers on your behalf. We eliminate your direct contact with them, if that is what you desire. Based on the information provided by you, we prepare for examiners necessary presentation of working papers.

During the audit process and thereafter after we will provide you with our recommendations on the appropriate courses of income tax actions, based on numerous years of experience and an excellent track record.

Our team of professional accountants offers wide range of services including:

• An Ongoing Bookkeeping
• Setting up of new companies
• Training and on-call support in QuickBooks
• Consulting

Our service is exactly what you are looking for, if you are:

• A small to medium sized business organization in the NYC area
• Starting new business and want to make sure that everything is handled correctly from the beginning
• Spending too much time on record keeping instead of generating new business
• Cannot afford a full-time bookkeeper
• Need supervision of your company’s accounting staff

Another business specialty of our company is preparation of income tax returns for corporations, sole proprietorship and partnerships.

We understand the values, aims and objectives of any business and have developed strategies to implement them. The optimization of income tax structures is our ultimate concern.

We can advise you as to applicable tax laws and regulations, and you can consult with us on the preparation of your United States corporate income tax returns such as Form 1120, Form1120S, 1065, and accompanying shareholder K-1 forms, and any required State and local income and franchise tax filings. In addition, we can help your shareholders with the preparation of their personal income tax returns, and any required state filings.

Our dedication is to educate our clients and to keep them informed about changes in U.S income tax laws, which, in turn, affect the amount of income tax they will pay.

We invest the time and resources to meet with our clients as often as required to ensure optimum tax savings strategies are in place.

US Tax Liability of Foreign Corporations

A foreign corporation including non-profit corporations must file Form 1120-F if, during the tax year, the corporation:

• Overpaid income tax that it wants refunded
• Engaged in a trade or business in the United States, whether or not it had income from that trade or business
• Had income, gains, or losses treated as if they were effectively connected with that U.S. trade or business
• Had income from any U.S. source (even if its income is tax exempt under an income tax treaty or code section)

Trusts and Estates

We work with numerous trust and estate attorneys who deliver responsive, integrated legal services in the range of practice areas affecting individuals and families – sophisticated estate, tax and charitable planning; business succession and retirement planning; probate litigation, and income taxation.

Individuals with significant wealth face a myriad of challenging income tax issues in the areas of annual income tax planning and compliance, gift and estate planning and business and investment transactions.

These matters interact with each other considerably, and coordination is critical. Coordinated planning avoids overpayment and duplication of taxes or efforts, and produce better results than piecemeal approach for individual transactions.

Our team of professionals possesses up to date diversified knowledge and experience. Our professional staff members provide clients with excellent, courteous and timely service, based on most recent developments in the area of income tax laws and regulations.

Every employer is responsible for staying in compliance with federal, state and local payroll rules and regulations. One little misfiling could cost employer thousands of dollars in penalties and interest. With payroll services provided by our company you leave the burden of compliance complications to us.

We can help you in the following areas:

• Payroll setup
• Calculation and preparation of payroll checks on bi-weekly basis
• Preparation and filing of quarterly and annual returns
• Preparation and filing of Forms 1099-Misc for independent contractors
• Preparation of year-end employee filings, such as Forms W-2

Our firm issues tax memorandums on various topics including:

Opinion on Residency Issues

Many non-residents of the United States mistakenly become tax residents because they are unaware of the rules put in place by the IRS. The IRS treats a tax resident as a U.S. person for tax purposes. Therefore, if too much time is spent in the U.S. for any purpose, your worldwide income could be potentially taxable in the U.S.

If you plan on staying in the U.S. for an extended period of time, we will provide a comprehensive tax memorandum which outlines all the potential tax issues you would face.

Disposal of Assets

If you are planning on gifting or disposing of your assets, we can advise on the most beneficial scheme for income tax purposes on how to proceed with the disposition.

We offer our professional advice in choosing the proper business entity type for your business. Upon careful review of your situation we can recommend the type of entity that best suits your unique needs and purposes.

Below please find information on basic types of entities.

Sole Proprietorship

This the simplest form of business organization. It is operated by a single individual. The owner is considered to be a self-employed person. Sole proprietorship can be started with few formalities, and the process is relatively inexpensive.

Depending on requirements of your state or local government, a business license or permit may be required. Fees are required for licensing varies by state or agency. From an income tax standpoint a sole proprietor and its owner are typically treated as one.

Business activity is reported on an individuals Form 1040, Schedule C.

Even though such type of business entity is simple and inexpensive to set up, it carries a disadvantage of absence of limited liability.

General Partnership

A partnership is defined as a joint venture of two or more persons to carry out a business for profit.

The partner or partners may be required to obtain a business license or permit, and may be required to file a partnership certificate with a public office. Partners are not considered employees of the company, but are self-employed individuals and personal and partnership assets may be at risk. General partnership does not have limited liability.

In general, a partnership is not required to pay separate income taxes. Only to file an income tax return, indicating each partner’s rateable share of the partnership’s items of income, deductions, credits and other items. Each partner, in turn, is responsible for paying his or her share of personal income tax on allocated to him partnership’s items.

Limited Partnership

Essentially, this is a partnership made up of one or more general partners and one or more limited partners.

One of the differences between a general partner and a limited partner is that the limited partner is not personally liable for partnership’s debts, unless those are personally guaranteed. Limited partners can only be financially responsible to the extent of their investment.

A limited partner may not participate in management of the business. If a limited partner does participate, he or she may incur personal liability as a general partner. This entity structure often used to raise money from outside sources without getting involved new active members in the business.

Regular Corporation (‘C’ Corporation)

A corporation is a separate legal entity. It is created under state law.

A corporation has its own name and identity, and all assets and liabilities generally belong to the corporation.

The only advantage of incorporating a business is to provide limited liability to personal assets in the ordinary course of business.

Corporate net income is subject to tax, and if income is distributed to shareholders as dividends, shareholders typically must pay tax on what they receive as dividends.

S Corporation

This type of entity has the same limited liability as a C corporation. However, its business owners typically pay income taxes in the same manner as a sole proprietor or a partner.

S corporation, as an opposite to C corporation, does not pay federal income tax.

Even if an S corporation is not subject to its own corporate level tax, it must still file an annual informational tax return.

Very similarly to partners in a partnership, shareholders of S corporations are generally required to pay tax on their share of corporate income, whether or not it was distributed to them.

S corporations typically cannot be used, if there is presence of a foreign or corporate shareholder.