Services DetailsList of services
Tax Preparation is really the final step in the menu of services we offer. We prepare tax returns for the following types of entities:
- S- Corporations
- LLC’s, PLLC’s, LLLC’s
- Pension Plans
We collect the relevant information and review it for completeness. If formal accounting is required, we can prepare or assist you or your bookkeeper. Additional information will be requested as needed and adjustments required will be determined. After we have complete information, we will prepare your tax returns in a timely, efficient and competent fashion. Should any complicated tax issues arise, we will review with you the various options available.
Hunter Hagan & Company, Ltd. strongly values team participation, both internally and with other professional advisors. We excel at being part of a team and frequently act as captain with client’s authorization. In addition, our network provides us with access to bankers, financial planners, wealth advisors, attorneys, physicians, engineers and brokers of all shapes and sizes. We are in close contact with a multitude of attorneys who specialize in everything from human resources, estate planning, elder care and domestic relations to litigation, probate, immigration and general business. Clients often don’t realize that there is someone who specializes in the exact issue with which they need assistance.
In the event of a divorce, while we do not give legal advice, we can be helpful in a variety of ways. Entering into any legal action can be a confusing and lengthy process. We can help explain the process to you, particularly the economic issues involved. We can evaluate your assets and propose possible allocations in addition to calculating the tax effects of a proposed settlement agreement. We will work closely with you and your attorney to help negotiate a settlement that meets your financial needs and incorporates the tax effects of the asset allocation. Your settlement can be structured in various ways to help minimize your income taxes. We can prepare child support calculations and various tax projections.
In today’s global economy, we can be of assistance in helping you with the complex rules that apply to international transactions, business and investments and the consequent tax results. Lately, the IRS has taken greater interest in this arena and failure to comply with the myriad of new regulations can be quite costly. Our assistance can include:
- Compliance with the various governmental reporting requirements that apply to international business; including Federal, State and local income tax returns; tax treaty disclosures; Department of Commerce filings; as well as other required disclosures and reports
- Setting-up foreign subsidiaries or branches
- Structuring your business in a manner as to help maximize benefits of international tax treaties and minimize your effective worldwide tax rate
- Utilization of foreign tax credits
- Pre-immigration estate and tax planning
- International tax planning for non-resident investors
Before starting a business, it’s important to understand the tax and legal issues associated with various forms of doing business. You will want to understand the role entity selection plays in obtaining liability and asset protection along with tax ramifications. Determining how to structure your business can also help you achieve your financial and succession planning goals. What kind of business you have and who your partners, clients and vendors are affects the choice of entity. Even if you have an ongoing business, it may make sense to either change your entity type or form additional entities to achieve your goals.
Regardless of the form of business you have, we can assist you with projecting, planning and minimizing your overall tax bill. We can calculate the proper amounts of withholding or estimated tax payments to be made to avoid penalties. Consult with us prior to making major purchases or dispositions to determine the tax effect of both the specific transaction and the interaction with other characteristics of your tax picture. All transactions are not created “tax” equal.
Hunter Hagan & Company, Ltd. provides a variety of services in the area of estate, fiduciary and gift planning and compliance. We encourage our clients to seek assistance in planning for the minimization of estate taxes and disposition of assets by taking advantage of the many planning opportunities available. We work with a network of attorneys, financial planners, and insurance representatives who specialize in estate planning, all of whom are necessary to help our clients meet their goals.
If you own assets (including retirement plan balances) exceeding the lifetime exclusion ($5.34 million for 2014), and you were to die, your estate could pay taxes of up to $40% on the excess. You probably want to protect your hard earned wealth and have greater control over its disposition. For those of you with philanthropic desires, we can show you how to protect your families and benefit your favorite charity at the same time. Depending upon your needs, family limited partnerships and or trusts can be formed to facilitate the ultimate control and transfer of your wealth.
In addition to general estate planning, our specific services include planning for retirement and college funds, preparation of estate and fiduciary tax returns, and post mortem planning for the transfer of assets and funding of trusts.
Many techniques can be employed to reduce or eliminate estate tax. People often believe that estate planning is unnecessary unless they have a very large estate. The fact is, nearly every individual can benefit from some type of estate planning, from the simplest will to the multi-faceted plan which encompasses many planning techniques.
With the growth of the internet and ease of communication, commerce across state lines has increased dramatically. You may perform services or sell products in many states. The rules governing whether you owe taxes in a particular state will vary and may change as often as their local legislature meets. You need experienced tax professionals to help you navigate this complex and intricate area of your compliance requirements and to prevent you from potentially paying more than is necessary to the various agencies or running afoul of their filing requirements and deadlines.
At some point, most businesses will be required to have financial statements prepared by a Certified Public Accountant. Whether those financial statements are required by a bank, regulatory agency or other outside organization, we can prepare compiled, reviewed, forecasted or projected financial statements that your business may need. Additionally, we can prepare compiled financial statements for management’s internal use, which is an excellent tool in tracking your growing business. Should an audited financial statement be required, we will work with you to obtain that specialized service while continuing to fulfill your other accounting, consulting and tax needs.
In the current environment of governmental budgetary deficits, the federal, state and local governments are seeking additional revenue by placing more emphasis on tax examination and collections. We can represent you and your business in the event that you receive a governmental inquiry or notice of examination. In our representation, we can assist you with both the assembly and presentation of the requested information as well as formulating positions to present to the examining agency. It has been our experience that presentation is often as important as the actual information provided to the examining agency. We can represent either you or your business with all of the following agencies (not an exhaustive list):
- Internal Revenue Service
- Arizona Department of Revenue - Both Income Tax and Sales/Use tax
- Local Governments - Sales and Use
- Workers Compensation Fund
- Department of Economic Security - Unemployment Tax
- Assessors Office - Personal Property Tax
- Department of Labor
The IRS requires businesses to maintain proper books and records. It is crucial that you maintain timely and accurate information to successfully operate your business as well as comply with government regulations. We can assist you in your evaluation of various software programs designed to meet your specific needs. Additionally, we offer support and training for a number of accounting software programs to you and your personnel. If you do not have an in-house administrator to perform these tasks, we can refer you to an outside bookkeeper or prepare the work ourselves. We are available to you or your staff to answer any questions regarding your accounting as well as navigating the functions of the software to get the maximum benefit from its capabilities. We will review the information prepared by your staff or bookkeeper and adjust if necessary to comply with tax filing requirements.
Our experience is extensive in dealing with closely held businesses and their owners. We coordinate tax issues between entities and individuals in order to minimize the overall tax liability.
Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis and are the foundation of a successful business. Our qualified staff can assist you and your staff with the daily tasks associated with bookkeeping. When needed, we can assist you to find and hire qualified accounting personnel, as well as review and adjust their work product accordingly.
Effective coordination of the transition of your business to your successors is critical to ensure its continued success once you decide to remove yourself from the company's day-to-day operations. With a solid background in tax and other financial matters, we are fully qualified to address the complex issues of business continuation and can assist you in developing a strategically sound plan.
As businesses and individuals mature, it may become appropriate to implement a retirement savings program. We are able to analyze the business and it’s employees to determine if a retirement plan is appropriate and what type of plan will best meet the needs of the client. We can assist in the design and implementation of the retirement plan. We also provide ongoing administrative services for defined contribution plans, including the following:
- Calculations of annual plan contribution amounts
- Calculation of all required non-discrimination testing
- Preparation of Form 5500 and all relevant attachments
- Preparation of Participant Statements and Disclosure Information
- Preparation of Terminated Participant Election Forms
- Annual preparation of forms 1099R and 1096 when required
- Monthly, quarterly or annual plan accounting
- Preparation of Annual Financial Statements