We provide tax preparation and advisory services for small businesses and individuals. We also work with small businesses in properly adjusting their accounting records to reflect the correct ending balances to be reflected on their tax returns. Our clients include S corporations, partnerships, and sole proprietorships in a variety of industries.
We work with taxpayers to assist them not only in satisfying their tax filing obligations but also in exploring ways to legally minimize their tax liabilities.
The Inflation Reduction Act became law in 2022 and included an additional $80 billion increase in funding for the IRS will be receiving over the next ten years. Part of this funding has been earmarked to beef up IRS enforcement activities. The Congressional Budget Office estimates that this increase will result in an increase in federal revenue of over $180 billion in the decade ahead, although the IRS says this amount will likely be even higher. This effort will result in a significant increase in enforcement efforts against taxpayers.
In our opinion, a significant portion of this additional revenue raised by the IRS is going to come from taxpayers who generally try to comply with the tax laws but fall short because they either do not fully understand the technical requirements for how these laws work and/or have just gotten sloppy about how they document compliance with the tax laws. The recent increase in funding for the IRS should serve as a wake-up call for these taxpayers.
We work with taxpayers to make sure they understand not only how to comply with the tax laws, but also how to maximize their tax savings under various provisions of the tax law which may apply to them. Congress has provided many favorable tax incentives in the tax law which can benefit small business owners and other individual taxpayers. However, it is vitally important that taxpayers satisfy the technical requirements of the tax laws in order to receive these benefits. We can help you in satisfying your tax reporting obligations and in both identifying and capturing available tax benefits.
Contact us today at (813) 760-0722 or email us at tklace@gmail.com to set up an appointment where we can explore how you may be able to take advantage of these new tax incentives in your unique situation.