Services
If you’re looking for a firm that will focus on your individual needs, and always treat you like a client who matters, look no further. Our firm is large enough to offer a full range of professional services, but small enough to give you the individual attention that you deserve.
We will thoroughly and conscientiously study your personal situation, and tailor our advice to your specific needs.
Accounting Software Selection & Implementation
There is no shortage of accounting software solutions for your business. Software as a service (SaaS), cloud computing, and other technological innovations are adding more dimensions to technology decisions. Choosing the right solution that will meet the needs of your business now and in the future while also providing a necessary level of security is crucial. We can analyze the nature of your business and financial transactions, current technology, future business plans and emerging needs to identify and implement a software solution that is flexible enough to grow and change with your business.
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Audits, Reviews, and Compilations
Our audit, review and compilation capabilities are a core part of our services. We tailor each process to the unique needs of your business. We deliver financial statements and reports that are clear, concise and acceptable to all outside parties and that can provide information and insight to help you run your business more effectively. We will work closely with you and your key employees to develop and execute a plan to complete this work by minimizing employee time spent on the process and without disrupting operations.
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Bookkeeping/Write-Up
If your business does not currently have accounting staff or if your business is outgrowing its current bookkeeping system, we can provide comprehensive bookkeeping and write-up services to ensure the smooth operation of the financial side of your business. As your business needs grow and change, we can provide input and planning assistance to make sure your accounting and financial systems keep pace with your business needs.
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Business Consulting
As a true business partner, we are available to help you deal with any business problem or opportunity. We stand ready to engage in business consulting projects to help you make the right decisions for the future of your business. Whether you face questions related to expanding, selling or restructuring your business, we have the necessary business acumen and analytical capabilities to help you make the right decisions.
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Business Entity Selection
The business entity—LLP, LLC, sole proprietorship, partnership, corporation, etc.— that you select for your business has enormous financial and tax implications. It is important that you make the right decision. We can explain each choice and its implications. As your business grows and changes, the type of business entity you choose may need to change also.
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Estate & Trust Tax Preparation
Estate matters affect everyone. By taking proactive steps today, you can ease the way for your heirs during a very difficult time. We can work with your legal counsel to help you to structure your estate and trusts to minimize taxes and ensure the smooth transition to your heirs. We are available to handle all estate and trust tax-related matters.
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Financial Analysis
When a business is able to undertake strong financial analysis, it opens up new opportunities to improve management, planning and decision making. Financial analysis provides the numbers to support, reject or contemplate a course of action. Prospective analysis can show how situations may evolve under various scenarios, providing a new dimension to decision making. We are ready to provide this type of financial analysis to support the continued prosperity of your business.
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Financial Statements
Financial statements are an important tool for management decision making. Financial statements also represent your business to lenders, partners, potential buyers and other interested parties. We will work closely with your key personnel to develop and finalize accurate and timely financial statements.
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Payment Plan
This program is for taxpayers and businesses that do not have the ability to full pay the entire tax debt but have the ability to make monthly payments. If the IRS has forced you into an unreasonable payment plan or is threatening to levy your wages, bank accounts and other assets, we can negotiate a long-term payment plan based on your ability to pay. In some cases, if your financial condition warrants, we can have your account placed in a “not currently collectible” status. Under this program, the IRS withholds all collection activity until you are financially able to commit to a payment plan or have an Offer in Compromise.
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Wage Garnishments & Levy Release
The IRS or State will make several attempts to collect back taxes. They begin by sending you notices of tax due. Each notice increases in urgency. Finally, if all notices go unanswered, the IRS or State taxing agencies will issue a “NOTICE OF INTENT TO LEVY”.
Shortly after this notice is received, the IRS and/or State will begin to seize assets. They do this by issuing a levy on your bank accounts and/or wages. This process will continue until the balance is collected in full. As for self-employed individuals, the process is slightly different. Not only will the IRS and/or State taxing agencies levy bank accounts, they will issue a “DEMAND FOR PAYMENT” notice to all your accounts receivable.
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IRS Representation
An IRS audit can be an intimidating and complex process. If you or your business face an IRS audit, we can bring to bear years of experience in dealing with tax matters and IRS audit procedures to ensure that you are properly represented when dealing with the IRS and other tax authorities.
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Management Advisory Services
Our Management Advisory Services focus on improving the efficiency and effectiveness of your business and its operations. We can provide support in business planning, mergers, acquisitions, and other advisory support. Contact our office to learn about the full range of services we provide.
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Notary Public
A notary public can help you to handle various business matters, including witnessing and authenticating document execution and signatures. We offer Notary Public services and are available when you need us.
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Payroll Services
Constantly changing federal, state and local laws and tax regulations make payroll management an ongoing challenge for business owners. Our payroll services professionals are well versed on these laws and regulations. We can proactively alert you to material changes that will affect your business and your employees while also keeping payroll running smoothly no matter how large your business and your employee population become.
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Retirement Planning
Retirement planning is critical in these uncertain times. Whether you are developing a retirement plan for yourself or choosing a retirement plan to offer to your employees, we can help you evaluate the available options. Our focus is on helping you to make the choice that is most appropriate for your own financial situation. If you are choosing a retirement plan for your business, we will base our recommendations on the unique characteristics of your business and your employee population, as well as the legal and compliance issues related to each type of plan.
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Sales Tax Services
State and local tax authorities are looking to maximize sales tax collections. We can help you understand and manage your sales tax obligations and prepare sales tax returns in an efficient and timely manner.
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Tax Preparation & Planning
Effective tax preparation and planning can help you to minimize your future tax liability. We can help you proactively manage both your personal and your business tax issues, including understanding how upcoming business opportunities impact your tax status and vice versa. Not all tax planning opportunities are readily apparent. By having us on your team, you are more likely to benefit from those opportunities. We understand how the latest federal, state and local tax legislation and other developments affect you and your business and we are constantly identifying new ways to reduce federal, state or local tax liabilities.
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Offer in Compromise
- What is an Offer in Compromise, (OIC)?
- How much money will the IRS accept in lieu of full payment?
- Who’s eligible for an O.I.C.?
- IRS Approval Time?
An Offer in Compromise (sometimes referred to an Offer and Compromise) is a tax settlement agreement between a taxpayer and the IRS. The IRS has the authority to settle or compromise federal tax liabilities by accepting a payment that is less than the actual amount of taxes you owe. The IRS may legally compromise a tax liability when doubt exists that you could ever pay the full amount.
The amount the IRS will accept in lieu of paying your full tax liability varies with each person because it is based on your assets, monthly income and monthly expenses. The offer amount is the result of applying a formula that includes your total monthly income less certain monthly expenses for several years plus the value or equity portion of certain assets. Settlement amounts can be as low as a few hundred dollars.
Every taxpayer is eligible to request an Offer and Compromise from the IRS but not all offers will be accepted. You have the greatest chance of having an offer accepted by the IRS if your monthly income and expenses are relatively equal so that you have little to no disposable income per month and your assets are relatively low in value or have little to no equity in your home. Most importantly, you must file all of your tax returns prior to submitting an Offer in Compromise with the IRS.
The overwhelming popularity of the OIC program has created a processing backlog at the IRS. OIC approval time can take anywhere from three to nine months. During this time, all IRS collection activity against you will be put on hold pending approval of your OIC. Once your OIC is approved and the IRS receives the agreed upon settlement amount, your outstanding tax liability is forgiven.
Business and Non-Profit Startup Tax Consulting
The Best Solution for Your Startup Taxes
Startup taxes are more complicated and have greater potential risk than an individual return. There are special rules around common startup accounting issues such as depreciation, net operating losses and tax credits.
You need a tax professional who understands the complexities of your company’s taxes. The tax pros at Fit Solutions have in-depth experience helping startups with their tax needs. We can help find all potential tax credits to minimize your tax burden and maximize your profits.
With over 35 years of tax experience Fit Solutions is built to work with a high volume of businesses on tight schedules – including annual tax deadlines.
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