Accounting Services
Sales Tax Audit
Sales tax audit is conducted by the State Board of Equalization (BOE) of any size business. Given the complexities of California's Sales and Use Tax Law, coupled with the aggressive approach of state tax auditors, you should be certain you have knowledgeable and experienced professionals representing and protecting your interests when your company is facing a California sales tax audit.
You should always ask yourself if your current representative, whether the representative is an outside consultant or someone from within your company, specializes in dealing with the California sales tax laws, regulations, interpretations, policies, and procedures.
Because our resources are focused 100% on meeting the California sales and use tax needs of our clients, we have the above qualifications. If you are looking for a firm that prides itself on being experts in California sales tax audit defense, who will aggressively and professionally defend and protect your interests, you have found that firm.
We have been doing sales tax audits since 1985 and have helped a large number of taxpayers during and after an audit process to where the audit was never done again.
We teach you how to keep your books and record so when an audit comes, you will come out of the audit with a "NO CHANGE" result.
Income Tax Audit
The IRS and the State randomly pick taxpayers for a routine audit and sometimes based on a criminal investigation. In any case you need to have someone who is familiar with the regulations and procedures of any audit. Us as
Enrolled Agents ( E.A ) specialize in representing taxpayers in front of the IRS, our training and education is only to deal with the IRS in times of any income tax audit. Be sure to look up the E.A before hiring him/her and make sure there is no disciplinary action against the E.A.
Bookkeeping
We offer a wide range of monthly accounting, bookkeeping and tax services to our smaller clients. From the information we receive from you we do the following:
- We will process your employees payroll checks on a weekly, bi-weekly or other frequency.
- We will pay your payroll taxes for you electronically per payroll period.
- We will reconcile bank account and will notify you of your errors or
arithmetic errors made in your account.
- We will prepare, file and pay your sales tax returns.
- We will then issue a set of financial statements that would reflect the operation of your business and would be a tool for you to evaluate and track your business income very closely on a regular basis.
- Based on all of the above, we can consult with you and give you advice that would best fit your business.
Paperless Bookkeeping
We offer our monthly bookkeeping in paperless format. All documents are
digitized and delivered to you on a CD or DVD. We also keep a copy for four
years.
Online Record keeping
We take over all your bill payments and receivables, we will then scan everything you have including copies of your Tax Returns, Bank Statements, Credit Card Statements, Financial Statements, etc and we will store them in our encrypted and secured servers.
- No more keeping hard copies
- No more filing cabinets
- No more paying wages and payroll taxes and worksmen comp for someone to do all these for you.
We become your full charge bookkeeper for a fraction of what you are used to paying. Prices vary depending on the size and number of transactions.
You need to lookup any records of your business, everything will be there in your own secured storage and we keep your data for any period of time, recommended 4 years. Please call and inquire more details on this service.
This is what makes us different than other accountants.
Check our easy Three Steps Digital Accounting
Tax Return
Preparation - Individual
We prepare Individual Income Tax Returns for all 50 states, and any and all unfiled prior year tax returns all year round, we are here 12 months a year, we are not a seasonal business. We file all your current year tax returns electronically and get a confirmation in 24 hours from the IRS and the State.
Tax Return
Preparation - Business
We prepare Federal and State Corporate, LLC and Partnership Tax Returns for all 50 states. If you keep your own books, we prepare these from your books and records, and if we do your monthly bookkeeping, then we prepare these from the books we keep for you.
Payroll Tax
- Did your business or company stop paying payroll taxes?
- Did you start getting these certified letters from the IRS and the State threatening to shut your business down?
- Did you get a notice or a call from your bank that Is your bank account being levied?
- Is there a tax liens issued by the IRS and the State against your business?
IRS takes the Payroll Taxes very serious and they take very aggressive position to collect these funds, by freezing your bank and just showing up in your place of business requesting full payment, etc etc. The IRS can and will hold you personally liable for part of these unpaid payroll taxes called the
"TRUST FUND MONEY".
We can help you in this process by making arrangements with the IRS and the State to make payments on the owed balance of payroll taxes and help you and advise you as how to keep yourself up do date with payroll taxes.
Payroll Services
We process your employee's payroll checks for you, we can either print and
deliver it to you the next business day or you have the option of printing the checks in your own office.
We will then process the payroll taxes on your behalf from your bank account electronically, and file the quarterly forms with the IRS and State, and will issue the W-2s at the end of the year.
With this service we render your annual workers comp insurance audit.
Internal Control Review
Our Firm will evaluate and analyze your internal control system, and will make recommendations for long term solutions and improvements in areas of weakness. Bijan Kohanzad is a Certified Fraud Examiner www.acfe.com
Pay Client's Bills
we pick up the bills from the clients office, we sort the bills, we will then either write the checks for the bills or pay them online and then scan the bills and destroy the bills, so there is no need for any filing cabinet or space rent for the filing cabinets or pay wages
to anyone to take care of the bills, and then at the end of the year we give
copies of all the bills and the checks on a CD to our clients. So the all
documents will be on one or two CD or DVD and of course we keep copies of all the work we do for 4 years.
Unified Tax Return
It is a federal crime not to file tax returns if you had reportable and taxable income for any given tax year. However the taxing agencies, such as IRS or the FTB would work with you and cooperate in a payment plan for any unpaid taxes, and in some cases we are able to reduce the principal balance owed, certain rules apply.
If you have lost any of your record such as W-2, 1099, 1098, we can get them rather quickly online or by a telephone call from the IRS in addition to other financial record that was reported to the IRS and try to reconstruct your information to properly file your returns and bring you into compliance with the IRS and the State to avoid any potential criminal charges.
Offer In Compromise
Offers in compromise is a process in which you can reduce your taxes owed to the Internal Revenue Service or State by negotiating with them. This process is often called settling your taxes for "pennies on the dollar."
You can only settle with them if the taxing agency believes that it can never collect from you the amount owed.
We have done OIC for the past 24 years, and we know how to get this process done for you because we know how to prepare the forms and we know where and whom to send these forms to. If you are not familiar with the process, you can never get this done right. In times you would be sending the forms to them over and over and its not guaranteed that they will respond to you. Don't take any chances of having your offer in compromise rejected, just because you have had bad and poor representation, let the professionals like us do it for you, we are licensed by the IRS and we know how they work.
Innocent Spouse
Are You An Innocent Spouse?
- Did the IRS increase your taxes based on your spouse's unreported income or disallowed deductions?
- Did you sign a return with your spouse and not even looking whats in that tax return?
- Did your spouse forge your signature?
- Did your spouse make money through illegal sources?
- Were you not involved in his business affairs and did not know how the income was being made?
- Were you separated, divorced or living apart during the tax year?
- Is the IRS making you pay the tax?
If your answer is "Yes" to any of the questions listed above, you may qualify for reduction or complete elimination of your taxes under the Innocent Spouse relief. In addition, you will not be responsible for any penalties and interest which can often be much greater than the taxes owed.
To have your Innocent Spouse claim considered, you must file your request for this relief on a timely basis. It is important that you or your tax accountant obtain all your information concerning the circumstances surrounding your claim and be prepared to argue your case. There are virtually thousands of different cases and facts which could lead the IRS to determine that you are an Innocent Spouse. A successful determination of Innocent Spouse means that your credit record will be clean again, tax liens will be removed and that your wages and bank accounts will be safe from the tax collector.
IRS Payment Plan
If you owe taxes and are unable to pay in full , we can work out a payment plan arrangement with the IRS and the State to pay your taxes. We meet with you to get all the information we need to see what payment plan works the best for you and what you are comfortable with prior to us contacting the taxing agencies.
Tax Planning consulting services and retirement planning
As an Enrolled Agents, we work closely with our clients to give them the tax advice and planning that they need to
minimize their tax liability and increase profitability and cash flow in their business.
We utilize the tools available only to us through 24 years of experience helping
thousands of taxpayers, and planning for retirement with the current tax write offs allowed by the IRS tax codes.
Business Formation
When starting up a new business it is crutial to select the correct business entity. Depending on the nature of your business you will need one or more business entities to
maximize tax shelter and asset protection. We are experienced in suggesting and forming the best business entities for your business.
There are different types of business entities:
- Sole Proprietorship
A sole proprietorship, also known as a sole trader or simply a proprietorship, is a type of business entity that is owned and run by one individual and in which there is no legal distinction between the owner and the business. The owner receives all profits (subject to taxation specific to the business) and has unlimited responsibility for all losses and debts. Every asset of the business is owned by the proprietor and all debts of the business are the proprietor's. This means that the owner has no less liability than if they were acting as an individual instead of as a business. It is a "sole" proprietorship in contrast with partnerships.
Income tax returns combine business income and personal income. The biggest disadvantage to a sole proprietorship is the unlimited liability for business debts held by the individual business person. In addition, income tax rate may be higher than the corporate form of business organization.
This type of entity is normally for a smaller business with a low volume of income amount with very few employees. DBA ( Doing Business As ) statement is filed with the county recorder of your county. The sole proprietor is fully responsible for all the liabilities of the business
- Corporation
A corporation is a formal business association with a publicly registered charter recognizing it as a separate legal entity having its own privileges, and liabilities distinct from those of its members. There are many different forms of corporations, most of which are used to conduct business.
Corporations exist as a product of corporate law, and their rules balance the interests of the management who operate the corporation, creditors, shareholders, and employees who contribute their labour.
An important (but not universal) feature of a corporation is limited liability. If a corporation fails, shareholders normally only stand to lose their investment, and employees will lose their jobs, but neither will be further liable for debts that remain owing to the corporation's creditors.
- Limited Liability Company (LLC)
A limited liability company (LLC), also known as a company with limited liability (WLL), is a flexible form of enterprise that blends elements of partnership and corporate structures. It is a legal form of company that provides limited liability to its owners in the vast majority of United States jurisdictions. LLCs do not need to be organized for profit.
Often incorrectly called a "limited liability corporation" (instead of company), it is a hybrid business entity having certain characteristics of both a corporation and a partnership or sole proprietorship (depending on how many owners there are). An LLC, although a business entity, is a type of unincorporated association and is not a corporation. The primary characteristic an LLC shares with a corporation is limited liability, and the primary characteristic it shares with a partnership is the availability of pass-through income taxation. It is often more flexible than a corporation and it is well-suited for companies with a single owner.
It is important to understand that limited liability does not imply that owners are always fully protected from personal liabilities. Courts can and sometimes will pierce the corporate veil of corporations (or LLCs) when some type of fraud or misrepresentation is involved.
- General Partnership
General partnerships refers to an association of persons or an unincorporated company with the follwoing major features:
- Created by agreement, proof of existence and estoppel.
- Formed by two or more persons.
- The owners are all personally liable for any legal actions and debts the company may face.
It is a partnership in which partners share equally in both responsibility and liability.
- Limited Partnership
A limited partnership is a form of partnership similar to a general partnership, except that in addition to one or more general partners (GPs), there are one or more limited partners (LPs). It is a partnership in which only one partner is required to be a general partner.
The GPs are, in all major respects, in the same legal position as partners in a conventional firm, i.e. they have management control, share the right to use partnership property, share the profits of the firm in predefined proportions, and have joint and several liability for the debts of the partnership.
As in a general partnership, the GPs have actual authority as agents of the firm to bind all the other partners in contracts with third parties that are in the ordinary course of the partnership's business. As with a general partnership, "An act of a general partner which is not apparently for carrying on in the ordinary course the limited partnership's activities or activities of the kind carried on by the limited partnership binds the limited partnership only if the act was actually authorized by all the other partners.
Like shareholders in a corporation, LPs have limited liability, meaning they are only liable on debts incurred by the firm to the extent of their registered investment and have no management authority. The GPs pay the LPs a return on their investment (similar to a dividend), the nature and extent of which is usually defined in the partnership agreement. General Partners thus carry more liability, and in cases of financial misfortune, the GP becomes "the generous partner".
Limited partnerships are distinct from limited liability partnerships, in which all partners have limited liability.
- Limited Liability Partnership
A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liability. It therefore exhibits elements of partnerships and corporations. In an LLP one partner is not responsible or liable for another partner's misconduct or negligence. This is an important difference from that of a limited partnership. In an LLP, some partners have a form of limited liability similar to that of the shareholders of a corporation. In some countries, an LLP must also have at least one "general partner" with unlimited liability. Unlike corporate shareholders, the partners have the right to manage the business directly. As opposed to that, corporate shareholders have to elect a board of directors under the laws of various state charters. The board organizes itself (also under the laws of the various state charters) and hires corporate officers who then have as "corporate" individuals the legal responsibility to manage the corporation in the corporation's best interest. An LLP also contains a different level of tax liability from that of a corporation.