Tax Planning

At TBC, we view tax planning as proactive. We are accessible to our clients throughout the year. Contact us any time with any issue that may affect your taxes.  We want to help you minimize your business taxes and reach your financial goals.  When you involve us early in the process we can guide you through the tax issues to be sure you are compliant and taking full advantage of deductions, credits and other tax incentives.  

 

We want to help you minimize your business taxes and reach your financial goals, therefore we are committed to communicating with you regularly and explaining how changes within the tax code will affect your business. We will keep you informed of important tax changes as they develop throughout the year.

Through strategic tax planning and an extremely sound understanding of tax compliance, we have helped our clients realize significant savings. Our tax professionals lead clients through the maze of federal, state, and local tax laws that make compliance such a challenge. We provide clients with careful monitoring and year-round guidance and advice to assist businesses in minimizing tax liabilities and maximizing opportunities. 

There are a number of reasons why you may be interested in computing your estimated taxes or wondering if you should adjust your withholdings. We want you to be prepared to meet your tax obligations and we can help you estimate the taxes that your business may incur.

With the frequent adjustments to the tax laws regarding business deductions and tax credits, our year-round tax planning services will help keep increased profits in your pocket.TBC offers a wide range of tax, financial and consulting services especially tailored towards helping you achieve your goals and an ultimate level of success.

Tax Preparation

We prepare federal, state and local tax returns and, when necessary, estimated taxes for the next year.  

We take a team approach when preparing your federal and state income tax returns to be sure that no opportunity is missed. We will take into consideration both your business and personal tax obligations on the federal and state level.  We stay on top of changes to tax law and keep our clients informed of changes that may affect them.  All these factors aid us in minimizing your taxes while complying with tax laws. We will see that your returns are prepared and filed on a timely basis.

Our firm strives to become an extension of your company, performing audit assistance and compliance analysis to ensure that only the actual amount of sales and use taxes due are paid. With the ability to prepare sales tax registrations and filings in most states, we also offer full sales tax audit representation. Whether you are a sole proprietor or a large corporation, we can develop sales tax strategies that take advantage of obscure sales and use tax laws and regulations. 

Cost Segregation Studies

TBC has the expertise to help businesses re-evaluate appropriate tax lives associated with construction projects.  

Do you want to maximize tax deferrals, increase cash flow or create an audit trail? An engineered based approach called a Cost Segregation Study can do just that. For many years, we have helped our clients re-evaluate appropriate tax lives associated with construction projects. The goal of a cost segregation study is to maximize depreciation by determining if certain costs typically classified as 39-year property can be attached to assets with a shorter depreciation life (5-year, 7-year, or 15-year).

Government Audit Representation

We have a long history of working with various taxing authorities on all types of issues.  We represent our clients throughout the audit. We try to avoid situations where the client has direct contact with the government auditors. 

Our tax services team has many years of experience communicating with taxing authorities.  Rarely do our clients have to talk directly with federal or state taxing authorities.  By having us represent you, you can avoid taking time away from your business.   

An audit by a taxing authority is very stressful. We want you to reduce your stress as we represent your business toward resolving issues.  The IRS or State auditor can come to our office to look over your records. This is less disruptive to your business.

Tax Research

Everyday, our professionals perform tax research to help our clients resolve their tax problems. With the complexity of the tax law and frequent changes, business owners can take advantage of our experience and research capabilities to identify your rights and legal solutions that may resolve your tax problems.

Our Tax Services team members share extensive tax experience in a wide range of industries and sectors, including construction and real estate, manufacturing, wholesale and distribution, health and medical practices,  auto dealerships, not-for-profits, professional services and more. Our areas of specialization include estate, gift and trust planning; bankruptcy; private equity; taxation for corporations, and partnerships and their owners; state and local tax; international and expatriate taxation; transfer inquiry; employee benefits; sales tax; unclaimed property; valuations; tax audit representation; research and development (R&D) credits; voluntary compliance, as well as other tax credits and incentives.

It is hard to keep up with all of the energy incentives available for businesses, let our resources help guide you before you make a major decision. For example, many business owners would like to transition to a clean-energy operation, our team of tax experts and business advisers can help you maximize the possibilities of renewable energy. We can assist in writing or reviewing a grant application, analyze your investment options and help you understand the federal and state tax incentives available while ensuring your assurance and tax needs are maintained.

Our tax professionals have extensive experience working with companies of all sizes during the merger and acquisition (M&A) process. We can help you in many ways from assisting with due diligence to reviewing possible risks and tax implications of the purchase or sale of a business.

Choosing a new business entity type can be stressful since selecting an incorrect one could have undesirable and ever-lasting financial and tax consequences. Our tax advisors can work with you to select the right one for your business by gaining a complete understanding of your business and ownership structure and helping you select the most appropriate entity choice for your operations that will position you to achieve the most advantageous tax benefits. In addition to advising you on which entity type to choose, we can also work with your attorney to review Secretary of State filings.

Government Reporting for Tax-Exempt Organizations

We understand the challenges of Tax Exempt Organizations and work closely with these types of clients to share best practices and identify the right solution for their specific situation. With over 40 years of experience of serving nonprofits, we understand their challenges, identify solutions, and provide practical advice on navigating the business landscape.  

Easy access to completed online Forms 990 provides prospective donors with a window into an organization’s financial picture. Furthermore, it gives access to the organization’s program focus, making not-for-profit activity much more transparent and easier to access than it has been in the past. In an ever-changing and complex government environment, our firm recognizes that it’s more important than ever before to help our clients satisfy their tax filing requirements in an accurate and timely manner. The penalties for noncompliance can be substantial. Our tax professionals are familiar with filing requirements and can help your organization avoid costly penalties. We have also assisted various organizations apply for tax exemption and understand the nuances of choosing the correct exemption code.

Are you aware that your income thresholds could subject your organization to an unanticipated financial reporting? Depending on your organization’s support and revenue threshold, the New York State Attorney General’s office could mandate a review or audit of your financial statements.   Are you prepared for this possibility?  Our team of tax professionals understands the rules surrounding tax exempt organizations’ filing obligations and can help ensure there are no unanticipated reporting failures.  Let us help you comply with all tax filing requirements.

Complex and confusing reporting requirements for Labor Unions can be time consuming and lead to frustration. TBC has years of experience preparing the LM-2 and other forms in the LM series.