Tax laws and regulations change constantly and business owners and corporate CFOs do not always have the time to keep up with all the new tax legislation. The experienced tax CPAs at Frazier & Deeter provide sophisticated and timely tax advice to help you minimize taxes while adhering to regulations.
Many of our tax professionals worked with national CPA firms before joining Frazier & Deeter and they have extensive experience in corporate and individual tax issues. Our tax clients include public, private and nonprofit organizations of all sizes operating across industries. We have specialists in areas like nonprofit and tax implications of multi-national operations.
We assist business owners in determining how to structure their business, such as whether they should become an S corporation, a C corporation, or an LLC. Choosing the legal form for operating a business dramatically impacts after-tax cash flow available to owners, the deductibility of employer fringe benefits, personal liability and more. Some of the crucial items to consider when starting a business include the company’s overall method of accounting, its tax year-end, inventory valuation method and debt versus equity capitalization.
A close relationship is maintained with a company’s owner to ensure that overall business strategies complement their individual tax situation. Because we know that each client has different needs and goals, we meet with them periodically to discuss their individual and business related issues.
With significant changes, these reforms increase the U.S.’s competitive position by reducing the U.S. corporate tax rate from close to the highest in the industrialized world to a rate below the worldwide average.
The tax changes affect all individuals and every type of business with most taxpayers seeing a reduction in their taxes, although some individuals and entities could be hit with tax increases down the road.
While converting from a passthrough business to a C corporation may be advantageous for some, the decision is a complex one and must be customized to your particular business activities.
The Notice released by the IRS promises new regulations and provides immediate guidance in a few key areas relating to interest carried forward from 2017, consolidated groups, earnings and profits computations, and how the limitation affects partners and S Corporation shareholders.