A Professional who cares..About YOU!
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.