TAX PLANNING AND PREPARATION

Tax Preparation for the Business and the Individual

Over the years, members have said to us, "You already handle my payroll. Would you help with my income tax returns?" or "You already do my bookkeeping. Can you do my income tax planning and compliance needs?" Logically, if Avitus Group is already working for you and familiar with your business, it may be more efficient to move more of the "back office" function to Avitus Business Services.

To better meet our member's and client's needs we have initiated a full service tax department dedicated to providing tax planning and compliance services for our clients. We also intend to provide this service to others who could benefit from this initiative. We specialize in small businesses, their owners, their employees, and others who would fit into these categories, whether they are already an Avitus client or not.

Over the years the income tax laws have become complicated and the law frequently changes. For example, in 1913, the instructions for Form 1040 were one page. Today, almost a hundred years later, the instructions for Form 1040 are 179 pages. Title 26 of the US Code (Internal Revenue) is approximately 4,000 pages (if you get a very small font type print edition). The regulations authorized by congress and written by the Internal Revenue Service are over 80,000 pages. Again, that is only true if the print is very small.

IRS publications, tax case law, IRS Notices, IRS Letter Rulings, IRS Technical Advice Memorandum, Chief Counsel Advice Memorandum, IRS Revenue Rulings, General Counsel Memorandum, IRS audit positions, and etc., etc., etc. attempt to explain the Internal Revenue Code and Regulations. It is not hard to understand why taxpayers find it cumbersome and difficult to comply with all the tax law and regulation.

Tax Planning

Another important tool the Tax Services Department can provide is tax planning. The result of planning can be reduced tax and advance knowledge of cash flow requirements. Sometimes new business owners, in particular, are caught with a heavy tax liability and no cash when their income tax return is completed months after the end of the year. This can be devastating to the business; draining the company of cash to pay potentially unnecessary tax, penalties, and interest.

A timely review of your impending income tax liability during the year (one or more times, depending on the circumstances) can be an important step forward for your business' financial health, for your personal wealth, and for improving your ability to sleep well at night.

Summary

Whether you are looking for tax expertise or time saving convenience for yourself or for your business, we can help with your tax planning and tax compliance needs.