Big Firm Experience with Small Firm Focus
We focus on your financial success.
Tim J. Klace, CPA, LLC is a Tampa Bay area based CPA firm providing tax planning and return preparation services. We are not just a tax return preparer. Our best value to our clients is assisting them in both identifying and implementing important tax savings strategies.
We focus on helping our clients find value-added solutions that will enable them to reduce their tax burdens. Through careful planning and attention to detail, we analyze each client’s unique situation and look to take advantage of favorable provisions in the Tax Code that have now become available or have previously been overlooked.
Are you maximizing the benefit of the new 2018 tax incentives for small businesses?
There were significant changes to the Tax Laws that became effective in 2018 that can significantly benefit small businesses. This included a new deduction of up to 20% of the Qualified Business Income for many businesses operating as an S corporation, partnership, or sole proprietorship. It also included enhanced opportunities for claiming depreciation expense deductions.
For many small business owners, maximizing the advantages these new provisions offer will require an analysis of their current situation and how they structure their operations. Sometimes making small changes in how the operations are structured will produce significantly greater tax benefits. To find out more on how we can help you maximize your benefit from these new provisions, click here.
We Solve Problems With The IRS
We also assist taxpayers in resolving issues with the IRS. This includes everything from reviewing and responding to IRS inquiries through the mail to representing taxpayers in IRS audits, appeals, and collection matters. For more information on how we can help you solve your IRS problems, click here.
If you have a problem with the IRS, you have a problem that needs to be dealt with effectively and resolved properly. IRS problems don’t go away on their own. IRS problems need to be addressed and resolved so they do not become worse. We have extensive experience in helping taxpayers put their tax problems behind them. We can represent you before the IRS in audits, collections and appeals. We can help you get your life back and put your IRS problems behind you!
News & Information
Stay up to date on our latest blog posts, articles, videos, press releases, and what we are doing in our community.
Greater than 2% S Corporation Shareholder Health Insurance Issues
S Corporation payments or reimbursements of health and accident insurance premiums paid on behalf of a greater than 2% S corporation shareholder are subject to special rules which require careful attention. In order to preserve a…
Greater than 2% S Corporation Shareholder Health Insurance IssuesRead More
New Tax Deduction of up to 20% of Qualified Business Income for Small Businesses
The Tax Cuts and Jobs Act of 2017 that was enacted into law on December 22, 2017 included many dramatic changes to the tax laws. One of these changes was the creation of a new tax…
New Tax Deduction of up to 20% of Qualified Business Income for Small BusinessesRead More
Responding to IRS Notices
One of the most common types of contact from the IRS is a computer-generated notice in which the Service proposes to increase the tax liability for a return that has been filed. The IRS is authorized…
Abatement of IRS Penalties
When the IRS sends a notice proposing additional taxes, it usually adds penalties and interest. Penalties are authorized for things like filing your return late, paying your taxes late, where you are found to owe additional…
Preparation of Delinquent Tax Returns
It is a crime to not file a tax return if taxes are owed. However, there is no criminal penalty if you file your return but can’t pay your taxes. It’s better to file delinquent tax…
Testimonials
“Tim is extremely knowledgeable and creative in developing solutions which can be sustained before the IRS in working for our mutual clients. These solutions have resulted in significant tax savings to our clients. Tim’s expertise and ability to understand a variety of businesses and apply all the potential tax strategies makes him a great partner.“
– St. Petersburg Tax Attorney
“Tim’s diligent efforts in analyzing our situation resulted in him finding solutions that others had missed and produced a result far better than we could have hoped for. He worked tenaciously digging into the details continued to advocate even after others had said no.”
– Largo Business Owner
“Tim identified an opportunity and delivered a result that greatly exceeded our expectations. He analyzed the records, gathered the supporting information, and successfully advocated our position for a favorable result. We would not hesitate to recommend Tim to our clients.”
– Tampa Bankruptcy Attorney