Our team stays on top of frequently changing and complex tax laws and regulations so we can provide our clients timely, accurate advice. KPM has significant expertise in federal, state, and local tax issues and help the following proactively plan and mitigate risk:
- C corporations & S corporations
- Employee benefit plans
- Homeowners associations
- Limited liability companies
- Non-profit organizations
KPM also assists with delinquent and amended tax returns. We'll walk you through the tax implications for both and oversee compliance with federal and state filings. Need consolidated tax returns? We do that, too.
Employee payroll taxes include federal and state withholding, Social Security and Medicare taxes, federal unemployment, state unemployment, and state and local payroll taxes. Businesses are responsible for withholding, reporting, and remitting these taxes to the proper taxing authority to remain compliant. KPM can assist you by filing the proper tax forms and making payroll deposits. Learn more about our accounting outsourcing and bookkeeping services.
Proactive planning and forecasting allows for a smooth year-end tax planning process for your business. KPM can help you decrease your tax liability and take advantage of tax saving strategies. Work with our team to mitigate the surprise of a large tax bill during the tax preparation and filing process.
If you're self-employed or have income other than your salary, you'll likely need to pay estimated taxes. Paying estimated taxes can help reduce or eliminate common penalties and provide clarity on when, where, and how much to pay.
Keeping track of business equipment purchases can be daunting. The rules for what assets must be capitalized and how they should be capitalized are complex and constantly changing. Our tax advisors can help make sure your equipment is treated properly on a monthly, quarterly, or annual basis.
Our tax professionals can help your business increase cash flow by accelerating depreciation deductions and deferring federal and state income taxes. We'll identify assets that qualify for accelerated depreciation in the form of bonus depreciation, shorter tax asset lives, and accounting software to assist with cost segregation planning.
Having trouble differentiating between deductible costs and capital expenditures when applying tax laws to current-year purchases? Generally, an expense is capitalized and depreciated over a set asset life if it improves an already existing asset. The IRS offers three exceptions to this rule in the form of safe harbors. We help business owners correctly apply tax laws and the optional usage of safe harbors to increase tax deductions.
The IRS allows business owners a tax credit for qualified research and development costs. Our tax team has the knowledge and experience to help business owners identify qualified research activities, classify associated costs, properly document research expenses, and calculate the credit.
When forming a new business or restructuring an existing one, it's important to consider tax implications for both the business and owners. The business structure you choose will affect your ability to raise money for the business, determine which paperwork you need to file, and decide how much you pay in taxes. KPM has experience working with a variety of business entities and can help advise you on the best fit for your needs.
During an income tax audit or after receiving an IRS notice, taxing authorities grant taxpayers permission to consult with an authorized representative to advocate on their behalf. Our knowledgeable consultants can provide adequate representation in multiple business tax matters.
Our advisors have a deep understanding of tax reform incentives and how to incorporate opportunities into your tax strategy. Our tax regulatory consulting services can help you recognize these opportunities and develop a plan that will benefit your business.
We understand the complexities of bankruptcy and insolvency. Our team can help guide you through the process, evaluate tax consequences for stakeholders, and explain the effects on your business tax position.
A stock option allows the option holder the right to buy or sell stock based on price and time period, and KPM advises holders on the options and related processes. The tax aspects are complex in incentive stock options, non-qualified stock options, restricted stock plans, and employee stock purchase plans. Our consultants can help you choose the right path.
Gifting appreciated property to a qualified organization can be a great strategy to receive a charitable deduction while avoiding being taxed on a capital gain. The amount of your business' charitable contribution is generally the fair market value of the property at the time of the contribution. The rules are complex, so be sure to speak with a KPM tax advisor before this type of transaction.
Accounting method selection is a crucial—and often complicated—decision for your business. The chosen method affects when revenue is taxed and expenses are deducted. Our advisors can analyze your business and help you determine which method is more advantageous. We also can help analyze if a change in method would result in long-term savings for your business.