KPM

Tax Preparation & Planning

Cracking the Code

Daunting. Confusing. Frustrating. If these words describe your relationship with taxes, you’re not alone. The complexity of taxes affecting your business or organization eats up staff time and resources. Not to mention tax-related mistakes and missed savings opportunities can be costly and distracting. At KPM, we preach the benefits of year-round tax planning and guide clients through the decision-making process. Our tax advisors can point you to relevant deductions, exemptions, and incentives that will save you money.

Customized Client Solutions

  • Businesses
  • Individuals
  • State & Local Tax
  • Business Tax Return Preparation & Filing
  • Payroll Tax Processing
  • Income Tax Planning
  • Quarterly Estimate Computations
  • Fixed Asset Updates
  • Cost Segregation Studies
  • Repairs & Maintenance Analysis
  • Research & Development Tax Credits
  • Business Structuring
  • Tax Audit Representation
  • Regulatory Consulting
  • Bankruptcy & Insolvency Taxation
  • Stock Option Plans
  • Charitable Bargain Sales
  • Accounting Method Selection

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
  • Partnerships

 

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.

  • Tax Preparation & Filing
  • Quarterly Estimate Computations
  • Regulatory Consulting
  • Quarterly Estimate Computations
  • Income Tax Planning
  • Gift, Estate, & Charitable Giving Strategies
  • Installment Sales
  • Tax Audit Representation
  • Bankruptcy & Insolvency Taxation
  • Stock Option Consulting
  • Charitable Bargain Sales

Today's tax laws are so complicated that filing a relatively simple return can be confusing. It's easy to overlook applicable deductions and credits. Even if you use a computer software program, there's simply no substitute for the advice of an experienced tax professional.

Need to amend a tax return or file late? We'll walk you through the tax implications for both scenarios and help you comply with state and federal requirements.

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.

Recent tax reform changed how the government collects and manages taxes. Usually, there are economic benefits a taxpayer can earn. Our tax reform services will help you identify these opportunities and develop a plan that will benefit you and your family.

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.

Proactive planning and forecasting allows for a smooth year-end tax planning process. 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.

It's never too early to start planning for what will happen to your estate and take steps to decrease estate taxes. KPM is here to help guide you through the charitable giving and estate planning process. We strive to fully understand your financial and personal goals and can assist with net worth analysis, trusts, gifting, retirement planning, business succession planning, and trust, estate, and gift tax returns.

Installment sales have multiple benefits, not the least of which is helping you defer taxes and possibly even reduce the total taxes paid. By making installment payments rather than paying a lump sum, you can pay most of the tax liability as you receive the payments. We can help determine if this strategy will work for you.

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 tax matters.

We understand the complexities that come with bankruptcy and insolvency. Our team can guide you through the process and help you understand the tax implications and IRS requirements.

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 related to Incentive Stock Options, Non-Qualified Stock Options, Restricted Stock and Employee Stock Purchase Plans are complex. Our consultants can advise you on the options available and 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 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.

  • State Nexus Review & Planning
  • State Conformity
  • State & Local Income Tax Filing
  • Sales & Use Taxes

State nexus is a connection that entitles a state to impose taxes on sellers. In recent years, this has been expanded to a much broader definition of what qualifies as physical presence for taxation. States may seek additional revenue, which could mean aggressive nexus definitions resulting in your business being responsible for current and back sales taxes, franchise taxes, and income taxes. Our advisors have the experience to help your business maintain compliance with various state laws and regulations. 

Each state has its own set of laws regarding taxes and taxable income, which can present a problem for companies doing business in multiple states. Our professionals have experience with multiple states and can advise you on potential complications, while helping you understand taxing issues as you expand into new states.

Many states require a separate state income tax return to be filed along with a federal income tax return for both businesses and individuals. We evaluate filing needs based on current statutory regulations and prepare and file any necessary returns on your behalf.

Sales and use taxes can can lead to compliance problems, but they also present an opportunity for savings in terms of financial incentives and long-term strategies. Our advisors can help you when considering the different sales and use tax rates in all 50 states.

Tax Planning

It’s important to consider year-end tax planning strategies to help decrease tax obligations. KPM can assist you in this process. To best serve you, it’s essential to be prepared. We’ve prepared a list of items to consider sending to your KPM advisor prior to setting a meeting.

The Leading Edge Alliance

KPM is a member of The Leading Edge Alliance’s Tax Special Interest Group and State & Local Tax Special Interest Group. Through these groups, we collaborate with other LEA member firms on best practices, knowledge sharing, and resource development to better serve tax clients.

Tax Deadline | Form W-2

Is it time to step up your tax planning?

Building a bona fide tax planning strategy for your business is a big task. That’s why it pays to have a KPM tax advisor at your side. We may not be able to lift your tax burden, but we can help lighten it. Let’s start searching for savings.

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