Tax Services
At Teuscher Walpole, we provide a full range of tax services for businesses, individuals, non-profit organizations, trust and estates.
Tax laws are constantly changing. That is why our tax experts at Teuscher Walpole stay abreast of those changes to help our clients minimize tax liabilities and maximize tax planning strategies. Our team of tax professionals make it our business to get to know yours.
Tax Planning
Tax planning involves the analysis of a client’s financial situation or plan to ensure that all elements work together to allow you to pay the lowest taxes possible. A plan that minimizes how much you pay in taxes is referred to as tax efficient.
Tax Compliance
Tax compliance refers to taxpayers’ – whether individuals or businesses – decisions to comply with state, federal, and international tax laws and regulations in a timely manner. Our seasoned tax preparers at Teuscher Walpole will make sure your business is fulfilling all its tax obligations as stipulated by law.
These tax obligations apply to corporations, partnerships, individuals, and estates and trusts.
International Taxation
All countries tax income earned by multinational corporations within their borders. The United States also taxes the foreign-source income of U.S.-based multinationals when it is repatriated to the U.S. parent, with a credit for foreign income taxes they've paid.
Multi-State Taxation
If your company has operations in more than one state, you may be faced with income tax withholding for more than one state. Sometimes, you may even have to withhold income tax for more than one state from the same employee.
Deciding which state's income tax to withhold can be a confusing process. How do you determine who is a resident and whether you should follow the laws of the state of residence or the laws of the state in which services are performed? Not all states answer these basic questions in the same way and, sometimes, state laws conflict.
IRS Representation
Taxpayers have the right to retain an authorized representative of their choice to represent them in their dealings with the IRS. Taxpayers who are heading to an interview with the IRS may select someone to represent them.
Mergers & Acquisitions
In any Mergers and Acquisitions transaction, one of the first steps is to determine how the transaction will be structured, and the type of transaction—equity sale or asset sale—will determine how each party will be taxed.
As parties pursue mergers and acquisitions, buyers should consider tax planning before the letter of intent is signed. There are a number of factors that play a role in realizing beneficial tax results and the timing of these requests in the deal process, especially as the impacts of COVID-19 develop.
Entity Selection Analysis
The "choice of entity" decision is one of the most important decisions facing those who own and operate businesses. There are several forms to choose from, each of which generates different legal and tax consequences. What’s more, there is no single form of entity that is appropriate for every type of business owner or entity.
Federal and state tax consequences of each type of entity also play an important role; especially in closely held entities where the parties' combined tax liabilities should be analyzed as part of the decision-making process. In order to choose the proper entity, it is important to understand the characteristics of each type.
Estate Planning
Estate planning is the preparation of tasks that serve to manage an individual's asset base in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes.
When preparing or updating your estate plan, you will need to have a basic understanding of the different types of taxes that can affect your estate: gift taxes, estate taxes, inheritance taxes, generation-skipping transfer (or GST) taxes, and income taxes.
A basic goal of estate tax planning is to transfer as much of your property with as little taxation as possible. One way to do this is to give money away during your lifetime.
Business Tax Strategy
A business tax strategy is a plan of action for reducing taxes, regardless of your business situation. It is a strategy crafted to ensure you pay the least amount of tax allowable by law.
Tax strategy also optimizes the way your business income and personal spending is structured. It includes analysis of how your business structure affects your payroll and income taxes, which of your expenses is deductible, and how you can most efficiently support the people and causes important to you.
Tax Credits
A tax credit is a dollar-for-dollar reduction of the income tax you owe. For example, if you owe $1,000 in federal taxes but are eligible for a $1,000 tax credit, your net liability drops to zero.
Tax credits are more favorable than tax deductions because they actually reduce the tax due, not just the amount of taxable income.
Local Taxation
A local tax is an assessment by a state, county, or municipality to fund public services ranging from education to garbage collection and sewer maintenance. Taxes levied by cities and towns are also referred to as municipal taxes.
Cost Segregation
Cost Segregation is a commonly used strategic tax planning tool that allows companies and individuals who have constructed, purchased, expanded or remodeled any kind of real estate to increase cash flow. They do this by accelerating depreciation deductions and deferring federal and state income taxes.
Generally, any commercial real estate acquired or built and placed into service after 1986, including any new acquisition, real estate construction, building, or improvements, will qualify for cost segregation.