Comprehensive Guide to the Tax Services Provided by The Whitlock Co.

Tax services encompass more than just filing returns. The Whitlock Co. can identify deductions, credits, and planning opportunities tailored to the unique needs of your business. You could have a much better tax position and gain valuable insights for long-term planning to help you achieve your broader goals.

Read how our tax services can empower your business to make confident decisions about your company’s future.

Tax Planning & Strategy

The Whitlock Co. will use our expertise in tax planning and strategy to evaluate your organization’s financial situation and develop ways to minimize tax liability while staying fully compliant with regulations. This approach can help you make informed decisions that lead to sustainable growth.

Our tax planning strategy comes from a deep understanding of current tax laws, potential deductions, and future financial projections. We will identify opportunities to reduce taxable income through deductions, credits, and strategic investments.

Depending on your business model, this strategy could include timing purchases for certain months, accelerating expenses, deferring taxes, or taking advantage of specific tax incentives designed to foster growth. The goal is to make the best possible use of your resources.

A solid tax strategy doesn’t end with preparation. It extends to ongoing monitoring and adjustments. As tax laws evolve and a company’s circumstances change, The Whitlock Co. can continually assess the situation and recommend necessary adjustments. It’s a dynamic, fluid approach that can reduce costly surprises and positions when businesses adapt quickly to new tax requirements or opportunities.

Tax Compliance & Reporting

The Whitlock Co. will assist your company in staying on top of tax obligations and filing any reports. This often happens before and during tax preparation to make sure your company does not face penalties or fines from tax authorities.

Our team will carefully review financial records to assess if your business accurately reports income, expenses, deductions, and credits. This thorough process reduces the risk of mistakes, which can trigger audits or fines. We can also navigate complex tax rules, such as those related to employee benefits or international transactions when required.

Tax reporting takes compliance a step further by focusing on clear and accurate documentation. The Whitlock Co. can create detailed reports that highlight your organization’s tax obligations, income, and liabilities. Proper tax reporting also supports transparency, which is especially important for seeking investors or loans.

Preparation & Filing of Tax Returns

Filing accurate tax returns ensures compliance with tax laws and may prevent penalties or audits. The Whitlock Co. collects detailed information about income, expenses, deductions, and credits. We also review financial statements, receipts, and other documentation to ensure completeness and accuracy. A lot of this process happens electronically when our clients submit information through shared access on online portals, like Quickbooks Online (QBO). We make pulling the necessary information as hands-off for our clients as possible.

This is also the time when tax planning comes to fruition. Tax planning attempts to optimize your tax liability and tax position when it’s time to file your returns with the IRS and the state (if your state has business taxes). Having a tax team help you with annual filings can maintain consistency from year to year and also point you in the right direction when tax laws change. We can also save you time.

Sales & Use Tax Services

While a lot of this can be automated, our sales and use tax services start with determining the correct rates and rules that apply to your business’s products or services. Our team can review transactions to ensure that sales tax is charged accurately and consistently.

Then, when it comes time to remit sales tax to the state or local tax authorities, we can make sure your company meets those deadlines. Accurate sales and use tax filings might avoid potential audits and fines for misreporting tax liabilities.

The Whitlock Co. can also work with you to report and pay use tax on purchases made by your company where sales tax was not collected. This often applies to items purchased from out-of-state vendors.

We can also monitor shifts in tax rates, rules, and exemptions, advising you on any necessary adjustments.

Representation Before Tax Authorities

Have you gotten a notice from the IRS or state tax authority? We can handle notices you receive that require your attention. We can take the stress off of you and handle any and all types of IRS or state notices.

The Whitlock Co. can represent you before tax authorities to make sure your case is handled appropriately and efficiently. We can act as intermediaries between the business and the tax authorities by guiding you through this sometimes complex process.

Tax representation begins with a detailed review of the issue at hand, whether it’s an audit, notice of underpayment, or any other dispute. The Whitlock Co. will examine your organization’s tax records, ensuring all information is accurate and properly documented. Then, we work directly with the tax authorities, providing the necessary documentation and explanations to resolve the issue.

In cases of audits or investigations, we can help you comply with the audit process and address any concerns raised by tax authorities. We cannot represent you in legal matters. However, we can provide expert analysis and reporting while working with your legal team.

Cost Segregation Studies

Property owners can use a cost segregation study to write off the depreciation of a building faster based on the individual components of the building versus the entire property. The overall goal is to reduce your tax liability. Cost segregation studies offer substantial tax savings, but they require expert knowledge of both real estate and tax laws.

For example, The Whitlock Co. might find that the light fixtures in your building have a life expectancy of 15 years rather than 39 years for a non-residential property. Over the next 15 years of your building, the depreciation can reduce your tax liability sooner, maximizing tax benefits and enhancing cash flow.

The process begins with a thorough review of the property’s construction or acquisition costs. The Whitlock Co. works closely with engineers and other experts to identify specific components of the property, such as lighting, plumbing, and flooring, that qualify for faster depreciation. These components typically fall into shorter depreciation schedules, enabling businesses to deduct a larger portion of the property’s value in the early years of ownership.

Once the cost segregation study is complete, we will provide a detailed report that outlines the new depreciation schedules and potential tax savings. This report serves as the foundation for filing updated tax returns and claiming accelerated depreciation. We also navigate you through any audits or questions that may arise from the study, ensuring that all claims are well-supported and compliant with IRS regulations.

In general, we perform cost segregation studies for property valued at $750,000 or more, whether it’s for one property or several.

Tax Credits & Incentives Planning

Tax credits and incentives may change from year to year or administration to administration based on the government’s priorities. It takes careful planning and consideration, as well as specialized knowledge of tax credits and incentives, to make this happen.

The Whitlock Co. can identify and leverage various tax credits and incentives to strategically lower your tax liability. For example, the Work Opportunity Tax Credit could reduce your tax liability by up to $9,600 per employee. There may also be tax credits for research and development as well as energy efficiency. Our team will navigate you through the complexities of these opportunities and capitalize on the benefits.

We begin with a detailed analysis of your company’s operations and expenses to identify eligible tax credits and incentives. We’ll get to know your business’s unique circumstances and design a customized strategy that maximizes tax benefits on the federal, state, and local levels.

Then, we guide you through careful documentation of eligible expenses, compliance with IRS regulations, and the accurate filing of tax returns. We can also update you when other credits and incentives come out to help you improve your tax planning.

Succession Planning & Tax Implications

Transitioning your company to new leadership has tax implications for both the buyer and seller. A well-structured succession plan considers tax liabilities to preserve wealth and ensure a smooth transfer of ownership. The Whitlock Co. can navigate complex tax laws to minimize financial burdens while achieving the owner’s long-term goals. We will also work with your legal team when appropriate.

Succession planning begins with a comprehensive review of the company’s structure and assets. We will identify potential tax consequences, such as capital gains taxes, estate taxes, or gift taxes, that may arise from transferring ownership. We might suggest strategies such as gifting shares, creating trusts, or restructuring the business to optimize tax outcomes for the outgoing and incoming owners.

The Whitlock Co. can also address the retirement income of the current owner. We can assess options like installment sales, buy-sell agreements, or deferred compensation arrangements to ensure the owner retains financial security while minimizing tax liabilities, balancing the immediate and long-term tax effects, and preserving wealth.

The Whitlock Co. has experts who can help you plan for your company’s succession from a financial perspective and give you the strategy you need for maintaining wealth.

Tax Services From The Whitlock Co.

The Whitlock Co. has expertise in many tax situations for organizations, from tax planning and preparation to optimizing the wealth of business owners.

Contact The Whitlock Co. to request a consultation today.