The professionals at Smith & Co., LLP have extensive education and experience in providing income tax preparation and planning services. Our objective is to assist clients in the accurate and timely filing of their federal and state income tax returns with an emphasis on tax minimization and identification of potential tax planning opportunities.
Areas of Tax Preparation: click to read more
- Individual Federal and State Income Tax Preparation.
- Corporate, Partnership, Trust, and Limited Liability Company Federal and State Income Tax Preparation.
- Estate and Gift Tax Preparation.
- Nonprofit Tax Preparation.
- Non-resident Income Tax Preparation.
Areas of Tax Planning: click to read more
- Managing the tax effects of portfolio income.
- Planning for the transfer of wealth during life and at death in the most tax advantageous manner (minimizing gift, estate, and inheritance taxes).
- Planning for Charitable Gifting during life and at death in the most tax advantageous manner (addressing issues of control and income when appropriate).
- Business Succession Planning.
- IRA Distribution Planning.
- Entity Formation Planning for new business and joint ventures.
- Application for Tax Exempt Status - Charitable Organizations and Private Foundations.
- Income Tax Planning for the closely held business owner. Addressing the ways in which ownership and income can be shifted to lower income tax brackets while maintaining control. Facilitate the deferment of taxable income through qualified retirement plans and individual retirement accounts.
- Qualified Retirement Plan selection and design. [401(k) Plans, Profit Sharing, Defined Benefit Plans...]
- Self-Directed IRA’s and Qualified Plans (Alternative Investments: Real Estate, Notes...)
- And More...
Please contact our office to ascertain how you may legally and responsibly manage the tax effects of your personal and business affairs.
IRS Problem Resolution: click to read more
The Internal Revenue Service (a division of the U.S. Treasury Department) is the federal agency charged with administering the Internal Revenue Code (Title 26 of the U.S. Code). (Note its neighbors in the U.S. Code are "Insane Asylums" and "Intoxicating Liquors".) The system of taxation and the administrative and legal remedies for resolving disputes with the tax laws are as numerous as they are varied.
If you are in a controversy (or have been selected for audit) with the IRS it is essential that you retain competent professional representation. It is not enough to be familiar with tax law – one must understand and be familiar with IRS policies and procedures (internal revenue manual) at the examination, collection, and appeals levels. There are many administrative remedies for resolving IRS problems that do not involve filing a petition in tax court (generally considered the last alternative).
The professionals at Smith & Co., LLP have the requisite experience and education to represent individual or business taxpayers before the IRS. We can address issues regarding:
- Audits
- Liens, Levies, Seizures
- Trust Fund Penalties
- Installment Agreements
- Offer In Compromise (Doubt as to Liability/Collectability)
- Filing Of Delinquent Returns
- Discovery Of Old Income/Expense Information
- Innocent Spouse Relief
- Penalty Abatements
- And More...
"Time" is of essence for the taxpayer. Do not procrastinate.
Are you doing all you should to avoid taxes?
Avoiding taxes through tax planning and proper investment selection is legal, responsible, and it is beneficial to you and your family. Please take a moment to review the following comments offered by a U.S. Supreme Court Justice:
"I live in Alexandria, Virginia. Near the Supreme Court Chambers is a toll bridge across the Potomac. When in a rush, I pay the dollar toll and get home early. However, I usually drive outside the downtown section of the city and cross the Potomac on a free bridge.
The bridge was placed outside the downtown Washington, DC area to serve a useful social service, getting drivers to drive the extra mile and to help alleviate congestion during rush hour. If I went over the bridge and through the barrier without paying the toll, I would be committing tax evasion.
If, however, I drive the extra mile and drive outside the city of Washington to the free bridge, I am using a legitimate, logical, and suitable method of tax avoidance and I am performing a useful social service by doing so.
For my tax evasion, I should be punished. For my tax avoidance, I should be commended. The tragedy of life today is that so few people know that the free bridge even exists."
Supreme Court Justice Louis Brandeis
Tax Links
