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Tax planning is a critical element for any small business owner, investor, or retiree. With more than fifty years of experience, Fran can offer services as a CPA and CFP to make those transitional periods smoother.
Electronic filing of returns is provided to all jurisdictions that allow that privilege. Touch-less and virtual conferences are available, with the transmission of documents through a safe and secure portal.
Fran has personally represented clients in more than two-hundred tax audits, many of which ended with “no change” results. Fran has had first hand experience with the Internal Revenue Service as she worked with them earlier in her career.
One of the most critical issues a business owner will encounter is the proper entity choice for their business. Entity options are many, but each have their own benefits and burdens.
In addition to being a licensed CPA in two states, Fran is also a Certified Financial Planning Practitioner. There are so many issues that crossover between the financial planning and tax planning area- college planning, retirement planning, business expansion are just a few.
Tax planning is a critical element for any small business owner, investor or retiree. Each of life’s transitions – new employment, getting married, purchasing a home, having children, starting a business – is filled with financial and tax concerns. With more than fifty years of experience, Fran offers services as a CPA and CFP to make those transitional periods smoother.
The preparation of income tax returns for all entities, including individual, trusts, LLCs, partnerships, S and C corporations in all fifty states. Although there are states that do not have individual income taxes, most of the state have some form of taxation on businesses, whether a franchise, gross receipts or other. Electronic filing of returns is provided to all jurisdictions that allow that privilege. Touchless and virtual conferences are available, with the transmission of documents through a safe and secure portal. Personal appointments are available on a limited basis, due to pandemic issues.
Fran has personally represented clients in more than two-hundred tax audits, many of which ended with “no change” results. Fran worked with the Internal Revenue Service early in her career, receiving approximately six-hundred hours of in-house training with the Service on technical and administrative issues, and was even trained as an instructor. Correspondence audits are much more frequent for taxpayers than one-on-one audits, and can be horrifying to taxpayers. Fran has literally handled thousands of these types of audits over her career, most with successful results for the taxpayer.
One of the most critical issues a business owner will encounter is the proper entity choice for his or her business. Entity options are many, but each has its own peculiar benefits and burdens. Forming a Limited Liability Company (LLC) at the state level, for example, does not dictate the entity type for tax purposes.
If the LLC is owned by a single individual, then the IRS places that entity type into a sole proprietorship default reporting, and all items of income and expenses will continue to be reported on the owner’s Form 1040 with with a Schedule C. This also means that all profits from the business will be taxable for Social Security and Medicare taxes in addition to the federal and state income tax.
If the LLC is owned by multiple members (MMLLC) then the IRS placed that entity type into a default partnership reporting. Calendar year partnership returns (which are by far the most common) have a due date of March 15th. Because the partnership return does not pay its own tax (the taxes are the responsibilities of the owners as the profit “flows-through” to them via Schedule K-1 from the partnership), there are heavy penalties assessed to the partnership if it is late with its filing responsibilities. The failure-to-file penalty is more that $200 per month times the number of partners/memebers for up to a maximum of 12 months.
If the LLC would rather be treated for tax purposes as a C corporation or a S corporation, then other documents must be filed with the IRS in a timely manner.
In addition to being licensed as a CPA in Colorado and Alabama, Fran has been a Certified Financial Planning Practitioner since the year 2000. So many issues crossover between the financial planning and tax planning area – college planning, retirement planning, business expansion, estate planning, rewarding key employees, to name a few. Fran has used her training as a CFP on a consultative basis for more than a decade, with full integration of tax consequences.