HMSW CPA Accountants & Consultants
 
 
 

Tax Planning & Compliance

Managing your tax bill in today's complex puzzle of rules and regulations can consume your time, money and resources. Whether you are a business owner or an individual, taxes are a large portion of your annual earnings. By staying abreast of the latest tax laws and developing strategies to minimize or avoid taxes, we are able to bring significant value to the process of preparing and filing your federal and state tax returns.

We work closely with our tax clients to monitor and project their tax liability mapping strategies and detailed plans to reduce taxes before year end. We also guide and advise our clients through the process of establishing qualified pension and benefit programs that allow them to take advantage of tax deductions for retirement savings and wealth accumulation.

We provide the following Tax Services:

Tax Planning
Tax planning is critical for a number of reasons, some of the most prominent being: wealth preservation; to minimize income taxes – Federal, state and foreign; to minimize estate and gift taxes; to minimize property taxes; to minimize taxation on business transactions; and to minimize tax cost on investment portfolios during the accumulation phase and during the deaccumulation phase of a person’s investment cycle.  We work frequently with our clients and their other advisors to execute tax planning strategies, ranging from simple and straightforward to very complex.


Sales Tax Services
Many of our clients are responsible for collecting and submitting sales taxes in many different vicinities.  Preparing and filing sales and use tax returns each month is a deadline driven, time sensitive process that repeats itself every month.  We can assist your company in the compilation of information and preparation of sales tax returns in an efficient and timely manner.  We can also assist you in a sales tax audit.


Federal and State Tax Representation
During our years of experience dealing with many taxing authorities, we have represented our clients before the various federal and state agencies.  Our representation includes audit defense of tax audits for businesses, individuals, and estates & trusts; appeals; penalty abatement; non-filer defense; and many other situations businesses and individuals may find themselves in.  We also have expertise in negotiating settlements of tax liabilities via offers in compromise, installment payment agreements, and non-collection status situations.


Estate and Gift Planning
Preserving a lasting financial legacy requires proactive tax planning and well-thought-out elections for gifts, estates, and trusts.   Estate and gift planning helps ensure visions become realities.  Effective wealth transfer planning provides security surviving beneficiaries and facilitates the orderly transfer of assets during one’s lifetime and at death.  Thoughtful wealth transfer planning can reduce or eliminate the wealth transfer taxes on the transfer of a business and other assets through lifetime gifts and at-death transfers.  For business owners, effective estate planning can provide for business continuity and succession of ownership.  This kind of planning is complex.  Working with other members of your advisory team, we can guide you through this important process.


Business Entity Selection
Choosing the form of entity of your business (e.g. “S” Corporation, sole proprietor, limited liability company, etc.) is a crucial decision that can have longstanding tax implications, positive or negative.  We can assist you in evaluating the pros and cons of each entity type to help you determine the most advantageous form of business for your company.


Business Property Tax
Business property taxes are one of the largest recurring operating expenses associated with owning tangible assets.  Business owners are often unaware of what items or costs are taxable, what items are being assessed, or how their property is valued.  Understanding these issues can often produce property tax savings. 


Tax Preparation
At the core of almost all successful CPA tax practices is an efficient tax preparation function.  We prepare federal and state returns with the latest technologies and have experienced personnel to prepare your returns year after year.

 

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