Tax Services
Tax Planning and Preparation
Do you ever feel like more could be done to keep what’s yours?
We assist our clients with tax planning and compliance needs in a variety of ways. Some clients have little to no internal expertise and we assist with all their tax needs. Other clients handle some or a lot of their tax needs and just need our assistance with return preparation, planning and/or special projects.
We will listen to your concerns and provide a plan to ensure you are proactively addressing your tax needs. Whether you are an individual or a business, we can help.
Multi State Tax
Are you working, operating, and/or selling in multiple states?
Taxpayers often have risk in this area but don’t know it. We take a pro-active approach to review this area so you can understand potential risks. In today’s environment the states are getting aggressive with their enforcement on out-of-state business. We can help make sure you are prepared when they knock on your door.
We assess the issues, prepare all necessary informational and compliance forms, and handle all communications with the various jurisdictions. We handle the entire process so you can focus on other things.
International Tax
Do you have foreign owners or bank accounts?
We address these kinds of issues and help you gain the confidence to expand into other countries. We have professionals to assist with US income tax returns for aliens, US citizens working abroad, and US citizens who own foreign trusts. Sample & Bailey can also complete US income tax returns for US companies owned by foreign companies/persons and for US companies doing business abroad. We often consult with PKF, our global alliance, for assistance and recommendations.
Income Tax Projections
Do you hate surprises at tax time?
We do too. That’s why we work with our clients to perform mid-year projections to ensure any income increases or decreases are being considered before making tax payments. Projections provide many benefits such as avoiding penalties for underpayment of estimated tax payments, allowing for efficient cash flow management, and most importantly, peace of mind.
Estate and Gift Tax
Have you considered estate planning?
Estate planning is a complicated area even for the professionals. Complicate it further with the political uncertainty and it is overwhelming for most people to think about. We can help you clarify your goals and get a plan in place.
Estate planning is unique for each person. We sit down with you to specialize a plan that will work for you. We listen to your goals, make recommendations, and then work with your team to implement a plan.
We will assist you with the following:
- Organize your team
- Work with your team to prepare the necessary estate documents
- Minimize taxes
- Assist with compliance needs
- Make changes as your needs evolve
Cost Segregation
Did you buy or construct a building during the year?
A cost segregation study will ensure that you are accelerating your depreciation deductions, keeping more cash in your pocket now.
Real property can be segregated between tangible personal property and structural components. Allocating costs to the personal property category with depreciable lives between 5 and 15 years provides an accelerated depreciation deduction.
By combining cost segregation planning with the current tax laws allowing increased Section 179 and bonus depreciation, we can ensure you are accelerating deductions and reducing your tax liability.
Research Credit
Are you incurring research costs for the development of a new or improved product?
If so, you may qualify for a research and development tax credit. We assist clients with uncovering which costs may qualify and then optimizing the amount of the credit available. The calculation is complicated and credits are often missed by companies. Our tax professionals can quickly assess if your activities qualify and implement processes to ensure that the appropriate documentation is in place to secure the credit. Don’t miss out on this valuable opportunity.
Application for Tax Exempt Status
Do you plan to operate as a nonprofit organization?
Entities operating as nonprofit organizations are required to complete an application for recognition of exemption and be granted exempt status under code section 501 through an IRS determination letter thus allowing public contributions to be tax deductible. This is a complicated and time-consuming practice.
We utilize a consistent format for the application which has proven effective in minimizing or eliminating additional questions and requests from the IRS thus reducing processing time. In addition, S&B’s knowledge of necessary attachments and required wording in organizational documents minimizes the client’s time in researching the application requirements and potential follow-up questions from the IRS.
