IPA addresses issues that affect your companys bottom line. As tax is a sizable business expense, it is important to make sure all aspects are structured and maintained as cost efficiently as possible.
Some of the many areas addressed by IPA include:
Income Tax Planning (Federal, State and International) Tax, like other expenses of a business, can be controlled through proper planning. Tax planning requires professional expertise and knowledge of the Internal Revenue Code and relevant tax laws pertaining to a particular taxpayer or group of taxpayers, such as business owners. IPA specialize in Income Tax Planning for this select group.
Business Structure Review and Recommendations Proper entity choice for a business is essential to reduce personal liability, protect assets and minimize tax.
Examine Tax Consequences of Business Decisions Every business transaction has a tax consequence, even while conducting day-to-day operations. Business decisions must consider tax to maximize after-tax profit. Tax planning aids business owners in making tax conscious business decisions.
Tax Exposure Assessments A business owner may be accruing tax liability without knowledge. Not all tax has a return to file and a deadline; tax may only become due upon audit. This is referred to as "tax exposure." A comprehensive tax plan will aid in the reduction of tax exposure.
Succession Planning The process of passing control of the business to others is succession planning. One of the most demanding experiences that any business faces is moving from one generation to the next. The experience is exacerbated when the business is a closely-held family business, which is why succession planning and estate planning are mutually dependent. Multiple types of tax must be considered when planning the succession of a business, including income tax, state income tax, gift tax, generation-skipping tax and estate tax. The sooner succession planning is addressed, the more options are available to the business owner.
Estate Planning A business owner should not overlook the need for an estate plan. Often, the business is one of the largest and most valuable assets in the owners estate. Therefore, an estate plan should consider the business structure, the business plan and succession plan.
Tax Deferral Planning Second best only to eliminating tax entirely are tax deferral opportunities. Taking a current deduction to avoid tax until a later date can be beneficial since most taxpayers are in a lower tax bracket later in life.
Employee Retention Planning Employees are the most valuable asset of any company. Employee retention tools can provide a tax benefit to an employer and employee alike.
Employee Benefit Evaluation and Planning An analysis of the employee demographics is imperative when customizing an employee benefit package. Age, duration of employment, salary and performance of the employees including the owner, are some of the factors considered when designing an employee benefit program.
Asset protection Unfortunately, many business owners think about asset protection after a catastrophic event costs them their business or their personal assets. Insurance alone cannot shield a business owner from a catastrophic event. Every business owner should have an asset protection strategy to provide protection of their assets from the operations of their business, including the actions of their employees.
Retirement Planning - The business provides opportunity beyond present income for owners. Owners should also use their business as a vehicle for retirement savings.
Business Sale & Purchase Tax Minimization Structuring Tax is the largest expense to be considered during a business purchase or sale. Tax can only be minimized when structuring the sale or purchase prior to the actual transaction.
Tax Advantaged Mergers & Acquisition Structuring The Internal Revenue Code provides entrepreneurs with methods of minimizing tax when acquiring new business ventures. By planning prior to the acquisition, tax ramifications can be reduced.
International Business Planning & Structuring Companies that conduct business in other countries have to consider the tax consequences in more than one jurisdiction. Planning and structuring for asset protection and tax minimization when conducting business in more than one country requires knowledge of tax law in multiple countries as well as the Treaties between countries.
Implementation Planning and Assistance After a tax plan is devised, strategies must be implemented to realize benefit. IPA provides support for clients during the stages of implementation, provide additional Implementation Services and employ the strategies for the business owner.
Tax Defense Advisory Services and Representation IPA also offer tax defense services to clients who need representation against taxing authorities such as the Internal Revenue Service.