Business Tax Planning & Consulting Services
EFPR Group has the professional staff and services to help address a broad range of Business Tax Planning needs. The partners of EFPR Group bring a wealth of professional and practical experience to help find the right strategy to manage and grow your business.
Outsourced Corporate Tax Services
Do you really need a full-time tax department with a staff of in-house experts? Consider saving your valuable resources by instead outsourcing the expertise you need, when you need it, from a team of experts. Clients find this strategy to be cost-effective, providing a solid return on investment.
EFPR Group’s tax department contains a number of specialized practitioners. We will:
- Manage complex tax reporting requirements
- Take the “big-picture” perspective often returning valuable business advice to managers based on our experience
- Proactively address opportunities for cost savings
- Possess expertise in cost segregation
- Manage tax provision preparation or review your in-house prepared provision
- Address expatriate and inpatriate employee tax returns and assist you in crafting a compensation package and equalization policy for executives working abroad
- Provide paperless access for regulators to all records at EFPR Group offices
Tax Provision Preparation
Tax provision preparation is a complex calculation, and often best managed by dedicated CPAs. Recording income tax expenses for domestic, foreign, state and local income, reviewing the differences in accounting methods between financial statements and income tax, knowing all the exceptions to the general rules, and completing the work on time requires complete focus.
EFPR Group CPAs bring significant experience to tax provision work. This allows for an automated approach to improve accuracy and audit ability.
In addition to tax provision preparation, we also manage ASC 740. ASC 740 work is intense and important. EFPR Group’s policy of assigning a partner as the engagement supervisor for each client assures the work is handled in a professional, timely and expert manner. We emphasize process and continuous improvement, incorporating our paperless approach to your records for a cost-efficient engagement.
State & Local Tax Planning & Consulting
Does your business struggle with multi-state complexities pertaining to state and local tax compliance and tax planning?
As states become more aggressive in assessing tax on out of state businesses, new standards and filing requirements constantly evolve. Businesses now more than ever face challenges in staying abreast of standards evolving out of other jurisdictions. Our State & Local Tax Planning team will help oversee state and local tax implications and recommend solutions aimed to simplify these complexities. We have diverse and abundant experience with various industries, operations, and tax types including sales & use taxes, income taxes, and similar direct or indirect taxes.
Our services include, but are not limited to:
- Tax compliance including tax return preparation/filing, handling of tax correspondence, and exempt certificate assistance
- Nexus review and determination
- Audit defense and representation
- Tax refund study (reverse audit)
- Income tax allocation/apportionment
- Voluntary disclosure/amnesty programs assistance
- Tax research including product/service taxability
- Direct pay program review
- Tax incentives programs research
- Risk and exposure assessment
- Process improvement/internal controls review
- IT procurement process review and simplification
We also have available an e-book, State and Local Tax Issues Affecting Your Business.
Business Tax Credits & Deductions
Our tax professionals have extensive experience in providing many creative tax strategies including leveraging maximum tax credits and deductions available. How tax is treated can be critical in determining the success or failure of an entity’s operations. We aggressively pursue all allowable options available that will benefit our clients.
Credits and Deductions Available for Businesses
(as found on the IRS website: https://www.irs.gov/credits-deductions/businesses)
Opportunity Zones are an economic development tool that supports investment and growth in distressed areas of the United States. Invest in Opportunity Zones and defer tax on eligible gains.
Plug-In Electric Drive Vehicle Credit (IRC 30D) – Internal Revenue Code Section 30D provides a credit for Qualified Plug-in Electric Drive Motor Vehicles including passenger vehicles and light trucks.
Guidelines and an audit technique guide are provided for field examiners on the examination of Research Credit cases.
Find out what qualifies as a deductible business expense, including depreciation.
The Internal Revenue Service has a comprehensive strategy in place to combat abusive tax shelters and transactions. This strategy includes guidance on abusive transactions, regulations governing tax shelters, a hotline for taxpayers to use to report abusive technical transactions, and enforcement activity against abusive tax shelter promoters and investors
Tax Problem Resolution
Are you experiencing a serious tax, IRS or State Tax audit, a property lien or garnishee? Attempting to resolve these difficult issues on your own can be overwhelming.
Not filing a tax return, ignoring notices from tax authorities or failing to respond to tax agent inquiries can have serious repercussions. Do not confront these complex problems alone. Our team understands many of these situations are caused by a number of complex and mitigating circumstances. Our goal is to protect your interests. Ignoring a serious tax issue always creates a bigger problem. The earlier we address the issue, the more successful we will be.
The EFPR Group Advantage
For over 60 years, our knowledgeable and experienced team of CPAs and business consultants have been serving individuals and businesses in Western New York and around the nation. Our knowledgeable and experienced team of CPA’s and Business Consultants are ready to help manage your financial future.
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