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Business Taxes and Owner Taxes

WE SPECIALIZE IN BUSINESS TAX PREPARATION

As a business owner, you’re busy developing new products or services and making sure your business runs smoothly. You probably don’t have time to reconcile your bank account or generate balance sheets to manage your cash flow, let alone read up on the latest tax laws to find out which tax breaks you can take advantage of.

When you first started out, and money was tight, the do-it-yourself method of accounting might have worked just fine. But now that you have employees, pay estimated taxes, and need to manage your cash flow better, it’s time to find a trusted advisor to partner with all year long--not just at tax time.

THERE’S NO BETTER TIME THAN NOW TO DISCUSS TAX PLANNING STRATEGIES THAT WILL HELP YOU BUILD A FOUNDATION FOR FUTURE SUCCESS.

Here is what we do for you:

  • State and federal income tax preparation and filing
  • Local and state sales tax compliance
  • State and federal payroll tax
  • Minimize tax liability through the use of proven tax planning strategies
  • Profit and loss statements
  • Mergers and Acquisitions
  • Entity selection and structure (S-Corp, C-Corp, LLC)

MAKE SURE YOU NEVER MISS A DEADLINE AGAIN

The IRS, as well as state and local governments, imposes strict deadlines for business tax obligations. Missing these tax deadlines and failing to comply with payroll and sales taxes negatively impacts your bottom line and may result in fines for non-compliance.

As your trusted advisor, we make sure you stay on top of your tax obligations and avoid penalties and fees that reduce your profitability.

See our tax services brochure here:  https://cp7.cpasitesolutions.com/~bctincje/files/Tax-Services-Brochure.pdf.

BUSINESS TAXES (OVERVIEW FROM

INTERNAL REVENUE SERVICE)

SOURCE:  https://www.irs.gov/businesses/small-businesses-self-employed/business-taxes

The form of business you operate determines what taxes you must pay and how you pay them. The following are the five general types of business taxes.

TAX COMPLIANCE

Colorado employers must register for their Colorado income tax withholding licenses at  https://www.colorado.gov/pacific/tax/register-be-withholding-submitter and their Colorado unemployment tax licenses at https://mybiz.colorado.gov/intro as soon as possible.  Other states/localities may be applied for on their websites.  I will be glad to assist with the  requirements for Michigan, Florida, Pennsylvania, and other states that we and I service as well.  Get full-service payroll assistance by hiring us at Intuit PayCycle or QuickBooks Remote Payroll, or by engageing another reputable payroll provider.  

Employers must withhold employee income  taxes, social security taxes, and medicare taxes due.  These are the "trust funds" that must be deposited with the governmental authorities by the due dates, along with the employer taxes due.  Employers send Form W2 out to employees by a month following the close of the tax year.  They send a new Form 1099-NEC, Nonemployee Compensation (previously Form 1099-MISC, Line 7) for business taxpayers who pay or receive nonemployee compensation. 

Full-service Intuit Payroll Department clients get their employer/payroll taxes calculated for them during each run of payroll.  They authorize us to deduct their funds from a designated bank account on the 10th of each month for monthly taxes due on the 15th.  (Most small businesses are on a monthly payment schedule per IRS laws.  Larger clients with bigger payrolls may  be required to pay more frequently.)  Intuit Payroll Department sends courtesy reminders   to fund your accounts for employee paychecks and taxes about 3 days in advance of the 15th.  You might want to mark your calendars for the 10th as well to give you more                advance planning.  We also prepare your quarterly and annual employer returns, crediting you with the estimated tax payments made, and file them for you by on or before the due dates.  This includes your W2s, 1099-NECs, and 1099-MISCs from our Intuit Payroll Department and our            Intuit Accounts Payable Department.  Jeanine provides a courtesy annual internal audit of the payroll and accounting for full-service accounting and payroll clients at the end of each year.

The IRS released a revised Form 941Employer’s Quarterly Federal Tax Return, and its instructions to be used beginning with the second quarter of 2020 (due July 31, 2020)  and containing updates to accommodate reporting of COVID-19-related employment tax credits and other relief.  

The IRS sends Letter 2800C, also called a “lock-in” letter, (see Withholding Compliance Q&As and  view the Lock-In Letter Video) to instruct employers to follow a specific federal income tax withholding arrangement for an employee who doesn’t have enough income taxes withheld from their wages. The employee has 60 days from the date of the letter to discuss the determination with the IRS before the withholding arrangement takes effect. 

Jeanine can help you with your tax compliance including researching your requirements, preparing and reviewing tax returns, and representing you in IRS or state/local proceedings.  She can help with:

1) employment and payroll taxes,

2) income taxes,

3) sales & use taxes,

4) excise taxes, and

5) property taxes.

The IRS recently reminded businesses of their responsibility to file Form 8300, Report of Cash Payments Over $10,000, and encourages e-filing to help them file accurate, complete forms. A fact sheet helps businesses understand how to report large cash transactions.  Unfortunately, taxpayers who do not report cash receipts of income are technically non-compliant and could be assessed penalties and interest on these amounts if the Internal Revenue Service should happen to discover the payments in client bank accounts or as expenditures for lifestyles above the income reported on tax returns.  In a worst case scenario, taxpayers with significant consistent under-reporting of income could be prosecuted for income tax evasion (intentionally evading tax compliance liabilities).  It is better to report cash renumerations than to hide your income and it is literally the law.  Be tax compliant and pay your fair share of taxes.

Recommended readings include:  https://smallbusinessresources.wf.com/help-protect-your-business-from-email-scams/ ; levies will not be imposed on bank accounts that contain PPP funds."  Source:  Leading Tax Forward by AICPA Tax Section, February 9, 2021.  Don't forget that there are             business education resources at http://www.examhttps://cp7.cpasitesolutions.com/~bctincje/BusinessEducation(Multiple Providers).phpple.com where multiple service providers offer webinars and seminars remotely at costs of free to market priced charges.  Get An Identity Protection PIN (IP PIN) (https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin).  

Jeanine is an Enrolled Agent (EA), federally licensed by the US Department of the Treasury, to            represent taxpayers in Internal Revenue Service proceedings.  Her licensing required passing a 15 1/2 hour test over the US Tax Code including income taxation, employment taxation, IRS procedures, and ethics.  Jeanine completed annual multiple hours of continued professional education classes to       maintain her license and improve her practice.

Businesses normally must pay estimated tax payments in addition to filing tax returns.  Jeanine can        assist businesses and owners in preparing and/or reviewing the required tax returns by on or before the filing due dates.  She and her workers can calculate or assist in determining the appropriate amount of estimated taxes due by specified payment due dates.

TAX SERVICES

FOR BUSINESSES AND OWNERS

As your trusted advisors, we evaluate your individual tax situation and guide you through any tax challenges that develop. Our goal is to minimize your tax liability so that you can keep more of your hard-earned money.

It's also our job to stay up-to-date on current federal and state tax laws through continuing education and we use our in-depth knowledge of tax codes when we prepare your individual tax returns -- so you don’t miss out on any tax credits and deductions that you are entitled to take.

Jeanine and her network at Remote Business Solutions, Inc. offer tax services to commercial clients:

Jeanine's expertise as an Enrolled Agent (EA) federally licensed by the US Department of the Treasry, Paralegal Certificate of General Practice from an American Bar Association approved program, and Master of Taxation (MT) Degree in the accounting and law of taxation provides a wealth of background to assist commercial clients and owners with tax analyst and related support services.  She can assist law firms, accounting firms, and corporate departments with tax related projects and ongoing services such as tax research, tax planning, tax preparation, tax review, taxpayer representation, and tax paralegal litigation support for tax attorneys.  Commercial clients and owners may obtain tax assistance with payroll processing and taxes, sales & use taxes, entity and owner income taxes, and other tax support needs.  

Don't pay more in taxes than you have to! Take full advantage of all deductions and credits with our tax planning, compliance, and preparation services.  Taxpayers have the right to pay only the tax amounts due including interest and penalties.  See IRS Tax Tips June 6, 2019, Issue Number: Tax Tip 2019-72.  For More Information:  What the Taxpayer Bill of Rights Means for You Topic 653, IRS Notices and Bills, Penalties and Interest Charges Topic 308, Amended Returns Taxpayer Advocate Service Forms and Publications About Your Appeal Rights Payment Plans, Installment Agreements.

Jeanine can help with:  employment taxes, income taxes, sales & use taxes, property taxes, and more!  Please check the "Tax Season" tab of the website and the "Announcements" for updates on tax services and tax news.  

Tax Preparation/Review Services

Here's what else we do for you:

  • Prepare accurate tax returns that are filed on time
  • Calculate estimated taxes for self-employed small business owners
  • Develop tax planning strategies that reflect individual financial goals
  • Electronic filing and direct deposit for a faster tax refund
  • File extensions and calculate estimated tax to avoid interest and penalties

Jeanine's services include:

Assists with tax planning and taxpayer representation on tax teams. 

Supports tax litigation personnel under the supervision of licensed attorneys.

Sets up integrated systems between company bank accounts and online accounting software. 

Analyzes and codes financial transactions to financial statement accounts. 

Interfaces with internal and external internet technology and accounting staff. 

Service Areas:  All USA States Remotely. 

For more information or appointment please request a 15-minute telephone call on our automated scheduler at https://www.remotebusinesssolutionsinc.org/Appointments.php .

Jeanine and her network of contractor and vendor workers help accounting firms with accounting write-up, payroll processing, contractos management, tax preparation/review, and related financial services.  This can be done on a monthly basis or a project basis.

Jeanine Buben (Buben-Croy) is an Enrolled Agent (EA), federally licensed by the US Department of the Treasury, who offers legal assistance with tax law specialization, to attorneys and accountants focused in taxation practices.  

Jeanine managed accounting client projects (days) for 30 plus years.  She taught accounting        and mathematics classes concurrently (evenings) for 23 plus years.  Jeanine managed sales tax department, provided bookkeeping and assistant management, processed payroll, employment and sales & use tax returns preparation, accounts payable, accounting write-up, organizing and distributing court documents to judges, researched market prices for stocks and bonds transactions, analyzed 200+ brokerage firm statements for securities litigation cases, coordinated salary savings billing for 8 Western Region states, utilized telephone conferences with written communications to service agents and clients of 200 plus employer life/health insurance group policies, journalized  accounts receivable, maintained tickler files, and audited client billing issues. 

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