The tax profession is undergoing major changes. Preparer registration, increased penalties, disclosure statements, more frequent audits, not to mention the incredible amount of tax law changes, make it a challenging time to be in business. I appreciate all of you who have been awesome clients for years and some for even decades. And I look forward to working with you again this year.
If you would like information to assist in the preparation of this year's return, click here.
Most of you have surely seen, read, or heard talk about the fiscal cliff. Thankfully, Congress finally came to an agreement and passed legislation. Most of the tax legislation that passed affects the tax rates and deductions for 2013. Other than the Alternative Minimum Tax (AMT) being patched, there were no major changes which will affect your 2012 tax return.
For a more detailed explanation of this legislation, see the Section New Fed Laws. We can help you navigate the tax changes smoothly. The secret to saving taxes, reducing credit rates and making your company more valuable to prospective buyers and staying clear of the taxing agencies is good accounting and tax compliance.
With the federal government, states and counties facing serious budget deficits, all of them are becoming more aggressive in seeking out companies and individuals that neglect their tax obligations. Failing to file a return not only results in extra penalties and interest, but in some cases you can lose your professional license.
Many lenders will not consider providing financing to a company or individual that cannot demonstrate compliance with sales, property, and income tax. And if you can't get your balance sheet to balance, or if it doesn't make sense, good luck in getting a loan.
This is where my firm can help. I've got a great crew ready to assist you with tax compliance and accounting. Not only can we can understand and interpret the alien statutory language, we can explain it in a language you will understand. Give us a call.