Tax Compliance:
In today’s business environment, it is becoming ever more difficult to comply with the vast amount of tax regulations being created from our federal, state and local governments. Yet, amid the mass of legislation being pressed upon us, opportunities still exist to minimize taxes and thereby increase profits.
We at HRC understand taxes. Our goal is to allow you to keep as much of your money as you are legally entitled to. While keeping your tax burden as low as possible, you can rest assured your returns will be prepared in full compliance with our governments’ requirements.
Many of our business clients have realized it is better to pay us to handle tax compliance matters rather than "doing it themselves" incorrectly the first time and paying us to "fix" things later. Also, by handing off the tax compliance matters to us, it gives them more time to focus on running their business.
We are highly involved in the preparation of returns for both individuals and businesses in the following areas of taxation:
| • Income taxes |
| • Payroll taxes |
| • Property taxes |
| • Gift taxes |
| • Sales taxes |
| • Excise taxes |
| • Information returns |
Tax Planning:
No business decision should ever be made without analyzing all possible tax implications.
At HRC, we continually work with our clients to project future tax liabilities as an integral part of the decision making process. We will advise you of various options that are available to minimize your tax liability. Whether it’s assisting a cash-basis farmer in determining the amount of prepaid year end expenses to pay, assisting a real estate owner in a like-kind exchange transaction, or determining the type of business entity, saving your tax dollars is at the forefront of our service.
Our tax planning engagements include:
| • Year end planning for farm businesses and other taxpayers |
| • Projecting tax liability to compute quarterly estimates |
| • Tax planning for lease vs. buy decisions |
| • Benefits of Incorporating |
| • Benefits of electing "S Corporation" |
| • Selecting the most advantageous qualified retirement account |
Tax Representation & Negotiation:
The words "your return has been selected for examination" strike fear into the heart of many taxpayers. Representing our clients in tax audits is another service provided by our firm. This service is offered on a fee-basis, based on the extent of our involvement and the time required.
In many cases, our involvement in dealing with the government agency results in a more favorable result because of our knowledge of the tax laws and familiarity with examination procedures.
This area of our practice includes corresponding with various government agencies on behalf of our clients in response to tax notices or other inquiries about our clients tax filings.
Tax Research & Special Projects: In addition to the regular tax compliance work, our firm has the resources and competence to research complex and unusual tax issues that are not encountered in normal situations. Most of our tax research is completed using computerized services that are regularly updated, so as laws and rulings change, the information we are using to advise our clients is current.
There are a variety of "special project" tax situations that we have both experience and expertise in dealing with. Following is a listing of some of the more common ones:
| • Purchase and Sale of Business |
| • Retirement Issues |
| • Divorce Planning |
| • Business Succession |
| • Real Estate Transactions, including Like-kind exchanges |
| • Change of entity for your business (i.e. incorporating) |