Tax laws are complex and ever changing. Additionally, tax situations of businesses and their owners are often difficult to separate from one another. A trusted tax advisor can consider the tax ramifications of all parties when providing tax compliance, planning and advisory services.
The tax engagement team of H&M is composed of trusted tax advisors with the depth of experience and talent to help you minimize unnecessary tax burdens and optimize your tax advantages.
H&M has expertise in a comprehensive group of tax compliance, planning and consulting services:
Individual and Family
H&M has a long history of working with individuals and families. Our tax specialists can help you minimize your taxes today as well as plan for the long term. We want to be your source for trusted, efficient, and valuable tax preparation and planning services. All our work is tailored to the individual's needs and is integrated for federal, state and local taxes.
Small and Large Businesses
H&M has been working in the local business community since its founding in 1919. As your neighbors, we are uniquely able to know your business, understand your expectations, anticipate problems, and propose solutions in all areas of business tax compliance, planning and advisory services.
Our tax professionals assist clients in all types of business traditional tax as well as special tax engagements such as:
- Section 1031 Exchanges
- Valuation Services
- Mergers & Acquisitions
- Cost Segregations
- R&D Credits
Estate, Gift and Trust
Effective wealth management and estate planning are deeply personal matters. H&M has the experience and expertise to work with your family members and trusted advisors to develop a plan to reduce your tax burden, both near and long term; ensure your wishes are carried out; and accomplish a smooth resolution of your tax and estate matters.
Non-Profit organizations have unique reporting requirements that have changed substantially in recent years. H&M has the expertise to assist in the preparation of the new revised Form 990 as well as Form 990EZ and Form 990PF.
Tangible Property Regulation (TPR) Studies for CPA Firms and Companies
After nearly a decade in the making, the IRS released the final Tangible Property Regulations (TPRs) September of 2013. All taxpayers with depreciable property are required to be in compliance with these new regulations no later than the due date of their 2014 tax returns. The new compliance will include changes in the taxpayer’s internal processes, new annual elections, and potential filings of multiple federal IRS Form 3115’s, Application for Change in Accounting Method.
The IRS released Revenue Procedure (RP) 2015-20 on February 13, 2015. Note that the final tangible property regulations (TPRs) rules have not changed. RP 2015-20 only addresses the issues associated with the implementation of those TPRs for taxpayers that qualify under the new RP. The RP allows for small taxpayers, defined as taxpayers with a separate trade or business with less than $10 million in assets or $10 million in revenue, to implement the TPR on a prospective basis. While many taxpayers may meet the qualifications of a small taxpayer under the RP, some small taxpayers may still want to consider not following RP 2015-20 and opt for following the previous TPR RP in order to take advantage of potential negative 481(a) adjustments as well as the ability to deduct removal costs.
Taxpayers that do not qualify for the relief under RP 2015-20 will still need to follow the implementation rules under RP 2015-13 and 2015-14.
Complying with the new laws are burdensome and the magnitude for every CPA firm or Company is significant. Holbrook & Manter has TPR team of experts that are ready to help CPA firms meet there client’s needs as well as assist Companies with their needs. We have the ability to work with you on a solution to complete a study or studies for you as well as training We would welcome the opportunity to work with your firm or Company to assist you in mastering the internal and client service issues related to these difficult new regulations.
An IRS examination or audit can disrupt your business operations and, if not handled properly and controlled, can materially affect your relationships with third parties and shareholders, and ultimately your bottom line.
State And Local Tax (SALT)
The state and local tax environment is becoming more complex as states and local governments aggressively pursue limited tax dollars resulting in increasing risk and cost of compliance. Accordingly, dealing with state and local taxes can be expensive and confusing. Our SALT professionals are poised to assist you with these complex and ever-changing laws and regulations.
The reporting requirements for taxpayers with international investments, businesses and/or assets can be confusing and non-compliance can be extremely costly. This increasingly complex area has also been receiving more intense IRS scrutiny in recent years. We can guide and assist you to help keep you compliant as well as to take advantage of any available foreign exemptions and credits.
Our alliance with PKF provides your company with all of the niche tax resources of a national or international accounting firm without the built-in cost.