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Cost Effective Solutions

Income tax expense often represents the greatest expense item on the P&L statement. When added to other non income related taxes such as real and personal property taxes, consumer use tax, excise tax, etc., plus the expenses of compliance with federal and local tax laws, the number can be staggering when viewed as a percentage of gross income as compared with other business expenses. 

Tax laws and regulations are extremely complex and should be addressed only by specially trained and experienced professionals; however budget constraints often place limitations on businesses resources that may result in lost planning opportunities, paying unnecessary tax, penalties and interest as well as unnecessary tax audits-putting further strain on your resources.

Added to the cost of maintaining the professional resources needed to deal with day-to-day tax issues, seasonal tax compliance requirements create peak demands on your resources. Profitability demands and cash flow constraints can make the cost of maintaining a full service Tax Department capable of handling all of the complex tax issues and seasonal tax compliance responsibilities cost prohibitive, and often results in non-compliance.

Not filing tax returns not only leaves the tax statute of limitations open indefinitely for the IRS and other tax authorities to audit your business and assess tax and penalties, the IRS can also file a substitute tax return on your behalf without the benefit of any tax deductions for expenses and impose a jeopardy tax assessment and then add penalties on top of that.

Powers & Company offers a cost effective solution by working with your business to identify the tax ramifications of business issues and providing the tax research, planning and compliance support necessary to avoid unexpected and potentially adverse tax consequences. We can assume responsibility for handling your business tax compliance, thereby sparing your business the burden of overstaffing in order to meet seasonal tax compliance demands.

 

Copyright 1999-2015 IRS CIRCULAR 230 NOTICE:  To ensure compliance with recently enacted U.S. Treasury Department regulations, we hereby advise you that any and all tax information contained in this website should not be considered as tax advice nor intended for the use of any taxpayer for the purpose of evading or avoiding tax penalties that may be imposed pursuant to U.S. law. Furthermore, the use of any tax information contained in this communication has neither been written nor intended for the purpose of promoting, marketing, or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, and such taxpayer should seek advice on the taxpayers particular circumstances from an independent tax advisor. The information contained throughout this web site is provided without charge, and although all efforts have been made to ensure the reliability of the information contained in this internet web site, the information contained herein should be used for general understanding only and should not be relied upon exclusively as the basis of any tax or financial decisions or for any positions taken on any tax return. Advice should only be obtained directly through the retention of a competent tax advisor. Tax Power is an established trademark of Powers & Company, Inc. and Powers Tax Services since 1999. Unauthorized use of the phrase Tax Power without expressed permission of Powers & Company, Inc. will be prosecuted to the fullest extent of the law. Last modified: January 15, 2015 The articles, guides and published information contained in this website is protected by U.S. copyright laws and cannot be reproduced in any form without the expressed permission.

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