Payroll and Sales Tax Preparation
Payroll and sales tax filings are essential, but they can be a major time drain for businesses. Unfortunately, these tasks are often assigned to someone who may not have the experience or bandwidth to handle them. This can lead to costly errors and confusion. At Draffin Tucker, we take on this burden so that your business can focus on growth. With us handling the reports, you can have confidence that they are accurate and complete, allowing your team to focus on what they do best. We can help lighten the load and free up your time.
Representation for Audit and Examinations by Taxing Authorities
Being selected for an audit can be a distressing and overwhelming experience, but you don't have to face it alone. At Draffin Tucker, we regularly represent clients before the taxing authorities and understand the stress that comes with it. Our goal is to minimize that stress by helping you understand the process, exploring your options, and negotiating a favorable resolution on your behalf. We know that an audit can be a daunting experience, but we are here to support you and represent you well. Trust us to guide you through the process and work towards a positive outcome.
At Draffin Tucker, our team has the expertise and experience to help business clients navigate the complexity of tax laws while working to help lower the tax burden by taking advantage of deductions, government subsidies, and other tax-saving tools. Let us help you make informed decisions and take advantage of opportunities to save on taxes.
Partnership/S Corporation/LLC Income Tax
An LLC with multiple members may be taxed as a partnership or an S corporation, which changes how business taxes are paid. Instead of the business paying taxes directly, each business member must report income, or loss, and pay taxes based on their ownership interest in this Pass-Through entity. At Draffin Tucker, we understand the complexities of Pass-Through entities and are equipped to help our clients navigate this process. We can assist you in compiling a complete and accurate Schedule K-1 for each member, ensuring that your business is in compliance with all relevant tax laws. Our team has the knowledge and experience to guide you through this process, so you can focus on running your business.
Business Personal Property Tax
Managing business personal property tax can be a time-consuming and complex task, especially with different requirements and fluctuations from state to state. At Draffin Tucker, we are here to help. We assist in managing the requirements to ensure compliance and minimize tax liability, taking the burden off your shoulders. Leave the complexities of business personal property tax to us. We have the knowledge and expertise to handle it, so you can focus on running your business. Let us help you stay compliant and minimize your tax liability.
State and local taxes are a necessary part of life, but it can be confusing to stay on top of all the requirements. That's where our team of experts comes in. We work with our clients to make sure they're complying with state and local regulations, and we help them create a plan to maximize their cash flow. Plus, we can help you avoid costly penalties for noncompliance. Let us take the stress out of tax season and help you make the most of your hard-earned money.
Choice of Entity Considerations
One of the most important choices a business can make is deciding on its legal entity. This decision will impact every aspect of the business, including future decisions, tax benefits, and growth potential. Different legal entities have their own set of rules and regulations that businesses must follow. At Draffin Tucker, we get to know our clients and their business goals before recommending the best entity for them: a corporation, partnership, limited liability company, or sole proprietorship. We have the knowledge and expertise to guide you towards the right choice for your business.
At Draffin Tucker, our tax team is highly experienced in the area of conservation easements. We have helped numerous clients navigate the complex process of obtaining and reporting on these easements, including compiling information, claiming federal and state deductions and credits, and representing clients during IRS audits. Draffin Tucker’s expertise and resources can assist you in implementing and reporting on your conservation easements.
Foreign and Alternative Investments
Draffin Tucker helps businesses and individuals navigate the tax implications of alternative investments, such as real estate, hedge funds, and private equity. Alternative and foreign investments can be complex and may have significant tax implications. Still, we work to ensure compliance with tax laws and regulations and to help minimize their tax liability. Draffin Tucker can also provide guidance on reporting foreign assets, income, and bank accounts, as well as assist with preparing and filing forms related to foreign investments.