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Tax Planning & Preparation for Businesses
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 Tax
planning WILL save you money! Our philosophy embraces paying in
your fair share of taxes. But if you incorporate smart tax planning
throughout the year, your fair share is often much less than if
you don’t plan at all. The tax code is full of tax breaks that your
business entity should take advantage of if it suits your specific
situation. Black & Associates is here to unravel the tax code and
apply the best tax saving strategies possible.The diagram below outlines the tax planning and preparation process we use with many of our business clients. Clicking on each section will take you to a brief description of each step in the process. OUR TAX PLANNING & PREPARATION PROCESS  Step 1: Contact Black & Associates for Assistance We can’t begin to help you until you call us. Once you do, we briefly assess your tax issues over the phone and set up a follow up meeting where we will go into more depth to solve your tax problems or set up strategies to keep you out of tax trouble. Step 2: We Meet Together at Our Office Tax planning and compliance engagements begin with your initial tax consultation and run about 1 to 2 hours. During this meeting, we discuss your tax issues in more depth, determine how much accounting is needed to bring your financial statements current so we can prepare your tax returns, and then we discuss strategies for the next year. In this brainstorming session we put together a game plan that requires you and us to work together to achieve your tax goals. Many times that means we will call you as scheduled throughout the year to keep you accountable to the game plan we established together. You have to remember, that your tax planning strategies are only as strong as the weakest link – you will need to execute accordingly. After our first meeting, we will e-mail you a “Document Request” with items you will need to provide us so we can move forward with the accounting work. We will also send you an engagement letter, which explains our role, your role, schedule, and fees. Once you sign and return this to our office, we can begin the engagement. Step 3: We Prepare Your Year-End Accounting After we receive your accounting data, we will clean up your books, post all interim year-end adjustments, and note areas that we want to discuss with you. Reviewing the detail of your QuickBooks, Peachtree, or other accounting program backup file, gives us good insight to how you treat your business income and expenses. There is always an opportunity for us to discuss with you common accounting issues and how to fix them in your accounting program. This is also a good time for us to give you some insight into what the IRS may currently be targeting in their Random Audit Program, which has recently been brought back to life. The completion of accounting work many times includes presenting you a set of financial statements that are GAAP-based. Step 4: BAA Will Promptly Prepare Your Tax Returns The financial statements are now a basis that we start with to prepare your corporate tax returns. In addition to the federal tax return, we prepare returns for all applicable states across the U.S. We prepare any local tax returns if needed, such as the Los Angeles City returns, and property tax returns that need to be filed with your local county assessors office. If we have all of your tax documents (such as Forms 1099-Misc, 1099-Int, etc.) we can usually complete your corporate tax returns within 3-5 days. Step 5: Your Final Tax Returns Will Be Filed We then call you to let you know your returns are complete and to let you know what is owed to the government or what is going to be refunded. You will have the option to come in and pick them up or we can mail them to you. When you come in to pick up your returns, we will briefly review them with you and answer any questions you may have regarding the returns. If you chose to have us mail them to you, we will follow up with you within a week to make sure they were received and to answer any questions at that point. Step 6: We'll Work To Provide Year-Round Tax Planning Now don’t think it’s over just yet until the next year! We like to touch base with our corporate clients often throughout the year to see how you are doing, but also to see how the business is doing. These conversations provide a good opportunity to answer your questions on the little things that come up throughout the year and to keep you in tune to what the IRS and Congress are doing and how there moves might affect you. We also feel it is very important to prepare quarterly projections to make sure we are on target with your quarterly tax payments and to take advantage of the many tax code deductions available to you and your business. Contact Us Today! To learn more about our tax planning and preparation process and how we can help meet your business consulting needs, please contact us during normal business hours at 714.821.6393 or click here to fill out an online information request form. |
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Shaun Black is a registered representative registered to transact business with clients in California. ^Shaun Black is advisory licensed in the following states: California. Shaun Black is also an insurance agent licensed in California - insurance lic. OF45986. Jelena Black is a registered representative registered to transact business with clients in California. Jelena Black is also an insurance agent licensed in California - insurance lic. OE88261. If you are not a resident of the states noted above, all investment-related information on this site is for informational purposes only and does not constitute a solicitation or offer to sell securities or insurance services over the internet. *Securities offered through H.D. Vest Investment Services (sm), Member: SIPC, ^Advisory Services offered through H.D. Vest Advisory Services (sm), non-bank subsidiaries of Wells Fargo & Company, 14241 E. Firestone Blvd. Suite 400, La Mirada, CA 90638. Phone (714) 821-6393 • Fax (714) 876-0753. Investments and insurance products are not insured by the FDIC or any federal government agency, are not deposits of or guaranteed by the bank or any bank affiliate and may lose value. © 2004-2008 Black and Associates LLP • Los Angeles and Orange County California