One of the biggest surprises to many entrepreneurs beginning a new business is the number of different local, state, and national taxes and licenses that are assessed on a business. The exact mix of such taxes and licenses depends on the type of business, the product or service being sold, the location of offices, whether out-of-state sales are being made, and a host of other factors. We can help you analyze your business to ensure compliance with registrations required.
The first need is to correctly assess which taxes you are liable for in which jurisdictions. If you contact them before they contact you, most states will allow some form of voluntary disclosure agreement (VDA, or tax amnesty), limiting your filing requirement to tax and interest for a limited number of prior years (generally three) and waiving penalties. In addition, amended returns can often be filed in your home state for the last three years, requesting refunds for income now being taxed in other states. We have saved clients tens of thousands of dollars with VDA projects, and would be glad to help you assess whether you might be a candidate for such tax amnesty.
Whether you should be a sole proprietorship, a partnership, a limited liability company (LLC), a C corporation, an S corporation, or some other form of business depends on many factors. What industry the business operates in, the expected ownership (current and future), other tax considerations of the owner(s), as well as other legal and operational goals all factor into such a decision. Whether you are starting a new business or trying to be sure your current business is operating in the most beneficial form, we can help you determine the best entity choice for you. We can also review with you some of the best practices for each entity type, allowing you to look for tax and financial efficiencies to be gained, and compliance issues to be aware of.
Our fee is based on many variables, including the services needed (the scope of the project(s) and the finished product desired), the complexity of the work (the time and staffing level that will be required), and the delivery dates that must be met. Generally, we will have two complimentary (no charge) meetings with you. In the first meeting we will gather information about you, your business, your needs, your pain points, your goals, etc. In the second meeting we will present you with a plan that we have developed to meet those needs, and a price that we believe is in keeping with the value you will receive from our services. If you agree, we will plan, schedule, and perform the work.