a woman sitting at a table with lots of papers
a woman sitting at a table with lots of papers

Corporates

Preparation and filing of corporate tax returns: Assisting businesses in accurately preparing and filing their corporate tax returns, ensuring compliance with applicable tax laws and regulations.

Tax compliance and reporting: Ensuring that businesses meet all their tax compliance requirements, including timely filing of tax returns, payment of taxes owed, and reporting of relevant financial information to tax authorities.

Calculation of tax liabilities: Calculating the amount of corporate income tax owed based on the applicable tax rates and taxable income or profits of the business.

Deduction and credit optimization: Identifying and maximizing available deductions, credits, and incentives that can help reduce the overall tax liability of the business, such as research and development (R&D) tax credits, investment tax credits, and other industry-specific tax benefits.

Tax accounting methods and elections: Assisting businesses in selecting and applying appropriate tax accounting methods and making relevant tax elections to optimize tax outcomes, such as depreciation methods, inventory valuation methods, and revenue recognition methods.

Compliance with tax regulations: Staying updated with the latest tax laws, regulations, and reporting requirements to ensure that businesses remain in compliance and avoid penalties or legal issues.

Tax planning and strategies: Providing strategic tax planning advice to businesses, exploring opportunities for tax savings, and recommending tax-efficient strategies to optimize the business's overall tax position.

State and local tax preparation and filing: Ensuring compliance with state and local tax obligations, including filing of state income tax returns, sales tax returns, property tax returns, and other applicable state and local tax filings.

Tax correspondence and communication: Handling tax-related correspondence, inquiries, and communications with tax authorities on behalf of the business, ensuring timely and accurate responses.

Individual

Preparation of individual tax returns: Assisting individuals in accurately preparing and filing their personal income tax returns, ensuring compliance with applicable tax laws and regulations.

Tax compliance and reporting: Ensuring that individuals meet all their tax compliance requirements, including timely filing of tax returns, payment of taxes owed, and reporting of relevant financial information to tax authorities.

Income tax calculations: Calculating the amount of income tax owed based on the individual's taxable income, deductions, exemptions, and applicable tax rates.

Deduction and credit optimization: Identifying and maximizing available deductions, credits, and tax incentives that can help reduce the overall tax liability of the individual, such as deductions for mortgage interest, student loan interest, medical expenses, and education-related credits.

State and local tax preparation and filing: Assisting individuals in meeting their state and local tax obligations, including filing state income tax returns, local taxes, and other applicable state and local tax filings.

Handling tax forms and schedules: Assisting individuals in understanding and completing various tax forms and schedules, such as Schedule A (Itemized Deductions), Schedule C (Profit or Loss from Business), or Schedule D (Capital Gains and Losses)

FATCA and FBAR Reporting and Filing

FATCA Compliance: Assisting individuals or businesses in complying with FATCA requirements, which include identifying and reporting financial accounts held outside the United States to the IRS (Internal Revenue Service).

FBAR Reporting: Helping individuals meet their FBAR reporting obligations by reporting foreign bank and financial accounts exceeding the specified threshold to the Financial Crimes Enforcement Network (FinCEN).

Account Identification: Identifying and assessing whether an individual or business has reportable foreign financial accounts that fall under FATCA and FBAR requirements.

Record-keeping: Assisting with the maintenance of accurate and comprehensive records related to foreign financial accounts and transactions for FATCA and FBAR purposes.

Reporting and Filing: Preparing and filing the necessary forms and reports, such as Form 8938 (Statement of Specified Foreign Financial Assets) for FATCA and FinCEN Form 114 (Report of Foreign Bank and Financial Accounts) for FBAR, ensuring compliance with reporting deadlines.

Compliance Reviews: Conducting reviews and assessments of existing accounts and transactions to identify any potential compliance issues related to FATCA and FBAR reporting.

Penalty Mitigation: Providing guidance on mitigating potential penalties associated with non-compliance or inaccuracies in FATCA and FBAR reporting.

Regulatory Updates: Staying up to date with the evolving FATCA and FBAR regulations, ensuring compliance with any changes or updates to the reporting requirements.

Consultation and Advisory: Offering expert advice and consultation on FATCA and FBAR matters, including guidance on account reporting, foreign asset valuation, and compliance strategies.

Tax Preparation and Filing

Ikshana

Follow us