consumeriq

What are Business Tax services?

Business tax services are the processes of determining the type of business, then steps involved with protecting that businesses assets from unnecessary taxation.  Business tax services begin by determining the type of entity your company is based on the services you provide, then ongoing work to ensure that the company stays compliant with the federal and state tax regulations surrounding the chosen entity.  Lastly, Business tax services involve ongoing work to ensure that the company does not cross any legal or competitive lines that may lead to lengthy and costly audits.    

How do Business Tax services work?

The business tax services process is one of the more unique services in that your collaboration with a CPA specialist will be critical.  The process consists of four components that should be reviewed on an ongoing basis to ensure conformity and compliance.    

     1)  Initial Review

          a)  Business Plan

          b)  Legal Business Entity

          c)  Financial Position

               i)  Revenue Generation

               ii)  Group Benefit Plans

     2)  Needs & Services Proposal

          a)  Service needs

               i)  Bookkeeping, Annual Reviews

          b)  Opportunity for Business write off and procedures

     3)  Monthly Collection

          a)  Receipts

          b)  Mileage

          c)  Other unique circumstances

     4)  Quarterly Updates & Annual Review

          a)  Accounting Reviews

          b)  Receipt & Expense organization

          c)  Updates for changes in business

          d)  Submittal and proof of reports

Why are these services Important?

Business tax services are important for a number of reasons; the most critical among them is to ensure that your company is paying appropriate taxes.  Regulations are in place, but there are a multitude of business setup choices and many grey areas that can easily put business owners in jeopardy of audits.  Paying the appropriate taxes is necessary and shortcuts are not worth the hassle of audits and other legal actions that can follow.  Finding and using a knowledgeable CPA may add some expense, but the benefits far outweigh the risk or the expense.