Tax Planning & Compliance
We strive to understand your specific circumstances and goals and work with you to develop a comprehensive strategy to maximize planning opportunities and minimize tax responsibility.
TAX PLANNING & COMPLIANCE SERVICES
Because IRS rules and tax laws are complex, and your personal and business situations change over time, you need attentive service from experienced professionals. GYF’s tax team will work closely with you and your advisors throughout the year to develop a customized, strategic plan to minimize your tax burden and maximize your assets.
We strive to understand your goals and will ensure that planning objectives are achieved. Our professionals draw upon collective experience to recommend successful tax planning and compliance ideas for individuals, trusts and estates, privately and publicly owned companies, and not-for-profit organizations.
Our team of certified public accountants and tax specialists work with clients to develop proactive tax planning strategies and deliver high-quality tax compliance services. We also offer consulting and other special project expertise.
Learn more about our specific tax planning, compliance and consulting services:
- Corporate Tax Services
- Individual & Family Tax Services
- Trusts & Estate Tax Services
- Services for Tax-Exempt (Not-for-Profit) Organizations
- State & Local Tax Services
- International Tax Services
- Tax Consulting & Special Project Services
We serve clients of all sizes in a variety of industries. Learn more about our industry-specific areas of tax services.
Utilizing a combination of continuing professional education and extensive experience, our team of certified public accountants and tax specialists work to develop proactive tax planning strategies designed to minimize all taxes.
Our strength in developing effective tax plans is enhanced by our in-depth understanding of our clients’ needs – not just offering generic tax options, but taking time to customize these solutions to your specific personal or business situation.
Because our professionals work collaboratively, you can also utilize our firm’s expertise in other service areas including audit, business valuation, transactions, and ERP solutions to provide further resources.
Dealing with matters of tax controversy can be very stressful. We can help you by representing your interests before the IRS or other regulatory bodies and tax authorities. Our proactive approach to tax planning and compliance is designed to help you avoid these situations; however, we provide guidance and representation if, and when, they arise.
Whether you need help communicating with authorities or responding to routine notices, or if you would like us to interact on your behalf at hearings or meetings with tax agencies, GYF can provide the support you need.
GYF tax professionals help clients with a wide range of tax planning and compliance needs.
Learn more about our specific tax services.
Attentive Service and Personalized Solutions
Your work hard for what you earn, and we work hard to help you keep it by taking advantage of all of the available tax-savings opportunities. Successful tax planning requires the assistance of knowledgeable and experienced tax professionals who are up-to-date with complex tax matters and current jurisdictional and judicial tax developments. We provide constant, year-round tax planning and are proactive in our approach toward lowering your tax liabilities.
With a focus on practical tax strategies, GYF professionals can help you identify opportunities that will lead to tax deferrals and minimize current and future tax obligations. Ongoing involvement with your personal and business circumstances, in combination with our extensive experience and understanding of the laws affecting your tax situation, ensure that you receive the highest quality tax planning services.
Only when returns are accurately completed, and the taxpayer pays the minimum tax required by law is a strategic tax position validated. GYF’s experienced tax professionals can prepare income tax returns for your company, as well as handling individual tax filings for the owners, executives and shareholders.
Using a single firm to provide services for all parties allows for more efficient tax planning and compliance. We are able to prepare any type of individual, trust or business tax return, including corporate, partnership and limited liability returns, as well as keeping you in compliance with all state and local tax requirements. Our firm also has extensive experience with multi-state tax issues and can help you with international tax matters.
Matters of Tax Controversy
As the IRS seeks to encourage greater transparency, and state and local jurisdictions are increasing their audit and collection efforts, individuals and businesses face heightened scrutiny due to more stringent enforcement policies. Getting professional assistance for any tax-related audit is critical.
We have expertise in this area and can help you understand your rights and responsibilities if your tax compliance is questioned. Taxpayers often are not aware of the specific procedures that must be followed by government agents. We will work directly with the IRS or other agency to ensure that you are properly represented, and that your rights are protected.
You can be confident that we will advocate strongly for you in these situations. Contact GYF to discuss your circumstances and needs with our tax professionals.
Get in Touch with Us Today for All of Your Service Needs
Corporate Tax Services
GYF provides a wide range of business tax planning and compliance services for closely held companies, including private and public corporations, S corporations, partnerships and limited liability companies.
Some of the areas in which we provide corporate tax services include:
- Business structure analysis
- Business tax compliance services
- Buying and selling a business
- Buying and selling real estate
- Compensation planning
- Deferral of tax under IRC Section 1031
- Deferred compensation
- Employer/employee tax strategies
- Entity formation planning
- Evaluating the impact of tax law changes
- Information return reporting analysis
- International tax issues
- Inventory methods analysis
- Multi-year tax projections
- Operational tax strategies
- Partnership/LLP tax return preparation
- Pension plan consulting
- Representation before tax authorities
- Retirement planning, including distributions from IRAs and qualified plans
- S corporation analysis
- Succession planning
- Tax accounting methods analysis
- Tax attribute and carryover analysis
- Tax considerations of mergers, acquisitions and divestitures
- Tax credit planning including R&D, foreign tax and other credits
- Tax strategies related to asset acquisitions
- Year-end tax planning
Schedule Your "Tax Checkup"
We will discuss our findings with you as well as offer suggestions for future planning ideas.
Individual & Family Tax Services
Each individual income tax situation is as unique as the taxpayer to whom it belongs. Ever-changing and complex tax laws can make tax planning and compliance a daunting task for individuals and families. GYF professionals have extensive experience working with corporate executives, business owners, entrepreneurs and other high-net-worth individuals, and can provide the personal attention and service you need.
Under current tax law, a combination of federal, social security, Medicare, state and local taxes can consume nearly half of your earnings without proper preparation! Our sophisticated tax planning strategies often result in reducing overall tax liabilities to ensure that you are paying the absolute minimum taxes required by law.
- Individual income tax preparation
- Individual and family tax planning
- Amended income tax return preparation
- Alternative minimum tax (AMT) planning
- Charitable giving strategies
- Multi-state tax planning strategies
- International tax considerations
- International financial reporting requirements
- Stock option, noncash compensation strategies
- Nonqualified deferred compensation planning
(IRC section 409a)
- Education expense planning
- Debt planning and restructuring
- Rental property/vacation home planning
- Investment strategy tax analysis
- Passive activity planning
- Estate/gift tax planning strategies and compliance
- Preservation and management of family assets
Our Firm is committed to providing an exceptional level of service, with a focus on delivering personalized, proactive tax planning ideas and the highest quality tax return preparation. Contact GYF to discuss your individual and family tax needs.
Trusts & Estates
Estate and gift tax planning should be customized to your personal situation to minimize tax liabilities and maximize wealth. It is important to carefully monitor and respond to new tax law developments in order to preserve the lifetime of your work for your heirs. Creating a trust and/or gift plan gives you the control of the disposition of your assets during or after your lifetime.
Facing the challenge of preparing an estate plan should not be overwhelming. Our tax specialists will guide you through the process and present alternative mechanisms and strategies to accomplish your individual family and charitable goals.
Our recommendations are coordinated with your attorney and other advisors to ensure a smooth and orderly transition of assets. We work collaboratively to achieve the goal of minimum taxation and maximum wealth preservation. A clear and concise estate plan will afford high-net-worth taxpayers the comfort of knowing that proper arrangements are in place.
Some of the services rendered by our estate planning and compliance team include the following:
- Business succession planning
- Charitable giving planning and charitable trusts
- Dynasty trusts and Grantor trusts
- Education funding strategies
- Estate tax planning and return preparation
- Family limited partnership and LLC issues
- Gift tax planning and return preparation
- Income and estate tax projections for estates, trusts and beneficiaries
- Private foundations
- Succession planning for family owned businesses
- Trust tax planning and return preparation
Tax-Exempt (Not-for-Profit) Organizations
Tax-exempt status is a privilege, not a right. Obtaining and maintaining an organization’s exempt status is a complex process requiring operation and compliance within an expansive set of rules set forth under Subchapter F of the Internal Revenue Code. Complexities in these provisions of the law must be completely understood and adhered to in order to protect your exemption.
Not-for-profit entities are required to file Form 990, a public document that serves to indicate continued qualification for exempt status. The Form 990 can also communicate the mission and achievements of an organization, and can be used as effective marketing tool to attract donors and grantors. Our tax team can help you make sure your Form 990 accomplishes your goals.
GYF professionals can also assist management and Boards of Directors in meeting fiduciary obligations to the organizations they serve. We can use the experience gained from assisting other not-for-profits to help you concentrate on your central purpose and fulfill your mission.
GYF tax specialists have the expertise to handle all aspects of taxation related to not-for-profit organizations, including tax planning and compliance. Some of the specific services we provide for tax-exempt entities include:
- Filing for determination of exempt status
- Planning and compliance for public capital drives
- Planning for unrelated business income (UBIT)
- Planning and compliance for prohibited transactions and related-party transactions
- Restructuring with related taxable entities
- Reporting and compliance for charitable donations
- Designing charitable giving strategies for organizational donors
- State tax-exempt rules analysis and compliance
- Representation before the IRS and tax authorities
State & Local Tax Services
State and local taxes (SALT) are an important part of all taxpayer liabilities and can have a significant impact on business entities and their owners. State and local tax authorities have become increasingly aggressive in pursuing new taxation avenues as their needs for new revenue sources have grown. On the other hand, many incentives and credits exist at the state and local tax level that are not available at the federal level. Our tax professionals have the knowledge and expertise to help you identify and take advantage of these state and local tax savings opportunities.
When working with GYF, you partner with a knowledgeable tax advisor who can help you effectively manage your personal or organizational tax obligations across multiple state and municipal borders. Recently, this area has become even more complicated as states implement new economic nexus and sales tax rules to address e-commerce transactions.
Our professionals have experience handling an array of state and local tax issues for individuals and businesses. Some of the services we provide in this area include:
- Income and franchise tax compliance and planning
- Local tax compliance
- Multi-state planning and considerations
- Nexus studies and apportionment analysis
- Non-resident return preparation and planning
- Representation before taxing authorities
- Sales and use tax planning and audit assistance
- Tax incentives, credits and abatements
We work with you to minimize SALT taxes through comprehensive planning to help keep you in compliance with the numerous and ever-changing state tax rules, regulations and court decisions. Contact GYF to learn more.
In a global economy, many businesses include international operations. International tax planning and compliance can be complicated, but our professionals have the expertise to assist privately held multinational businesses in addressing these issues. Our professionals can advise on entity structure, planning opportunities, U.S. filing obligations and reporting requirements, and other international tax challenges. Click on the buttons below to learn more about the inbound and outbound concepts of U.S. international taxation and the financial reporting required with respect to certain foreign activities.
We provide the following services to U.S. persons earning income internationally as well as to foreign persons taxed in the United States:
- U.S. tax reporting/compliance
- International tax compliance
- Foreign source income planning
- Foreign tax credit planning
- U.S., Canadian, UK and European tax planning
- European VAT or Indirect tax (VAT/GST)
- Transfer pricing assistance
- Cross-border transactions
- Acquisition and post-acquisition integration
- Disposition planning
- Export planning
- Global structuring and rationalization
- Intangibles planning
- Trapped and deferred loss planning
Our international resources are further expanded through our membership in Geneva Group International (GGI), a global alliance of professional firms. If we do not have direct experience with an international issue, our firm can utilize the expertise of professionals in GGI member firms around the world.
Tax Planning & Special Project Services
Complex and ever-changing tax rules can have a significant impact on your personal and corporate financial situation. Our experienced professionals stay current on tax legislation and develop an understanding of your individual and/or business situation so that we can offer proactive recommendations to help you take advantage of strategic tax opportunities. We serve as trusted advisors to our clients and work in coordination with attorneys and financial planners to develop a customized approach to address all financial and legal issues. Some of the specialized tax consulting services we provide include:
- Cost segregation studies
- Depreciation and amortization – Section 179 planning
- Entity choice/corporate restructuring
- Fixed assets studies
- International issues – inbound, outbound, foreign tax credits, financial reporting
- Inventory methods – tax-related considerations
- Matters of tax controversy
- Mergers, acquisitions and divestitures – potential tax consequences of transactions
- Real estate/construction – IRC Section 1031 exchanges
- Section 199/199A – analysis of eligibility for deductions
- Tax credits and incentives
Analysis of the tax consequences is an essential part of the transaction planning process. GYF professionals have extensive experience with acquisitions, mergers, joint ventures, equity investments and divestitures. We investigate structuring and purchase options to determine the best opportunities for the specific circumstances. Learn more about our transaction services.
Credits and Incentives
Tax credits and incentives are offered by federal, state and local governments as a means to increase their tax revenues by attracting new businesses and encouraging current companies to expand. Our experienced tax professionals can help you determine which opportunities your company qualifies for and assist you in the process to take advantage of them.
Contact us to learn more about the tax breaks that may be available to you, including those listed below.
- Cost Segregation Studies ‒ These studies are performed to analyze costs associated with the acquisition, construction, or renovation of a building to determine whether depreciation deductions can be claimed.
- Domestic Production Activities Deduction (DPAD) ‒ Also known as the “Section 199 Deduction,” this incentive was created to encourage domestic manufacturing, but many types of businesses with eligible activities can benefit from this deduction.
- Opportunity Zone Investments and New Market Tax Credits ‒ Created to promote economic growth and development in low-income areas, these programs provide investors with tax credits, deferrals, step-up benefits and capital gains tax reductions.
- Research & Development (R&D) Credits ‒ Companies can overlook these incentives since tax law in this area can be complex. The development of new products and technology generally qualifies, but other improvements to processes or business operations may also be eligible.
- State and Local Tax Incentives ‒ Our professionals can help you identify the State and Local tax breaks available to you.
- Work Opportunity Tax Credit (WOTC) ‒ This federal program is designed to provide job opportunities for a specific group of people (including veterans, ex-felons, individuals receiving government assistance, and those living in underserved communities) by providing tax credits to companies that hire them.