Tax Planning and Tax
CTW's tax professionals engage with our clients throughout the year. This lets us ensure that tax obligations are appropriately eliminated or deferred. It also helps ensure that tax reporting obligations are met in an accurate and timely manner. We help clients establish tax planning and reporting standards that would be acceptable not just to the tax authorities at the time of a tax examination but also to third parties that may have a detailed interest in the client’s tax planning and reporting practices.
Our team remains on top of the latest tax developments affecting businesses, their owners and high wealth individual clients.
State Tax Planning
It is critical that businesses carefully track their exposure to tax and structure their business operations to minimize such taxes. For tax compliance clients, CTW performs a complete review of these matters for all clients to minimize taxes and tax risk.
The following updates to tax laws and regulations make this especially crucial:
- In recent years, courts have reinterpreted the protections afforded taxpayers under the due process and interstate commerce clauses of the U.S. constitution in response to technological developments that allow businesses to more easily access markets throughout the country.
- The federal government has reformed its tax rules to make U.S. businesses more competitive.
- States, cities, and municipalities have changed their tax systems in response to these changes, leading to a substantially increased possibility that businesses legally owe taxes in multiple jurisdictions.
- The above changes mean that local tax computations could differ materially from the federal tax computations.
Tax Services for Business Owners and High Wealth Individuals
CTW professionals work with privately-held business owners and high wealth individuals to minimize tax costs and reduce tax risks.
We focus our efforts on a few key areas:
- Reduce exposure to income and estate taxes
- Wealth preservation and asset protection
- Charitable gift planning strategies
- Strategies to fund higher education
- Business succession and transfer planning
Business Tax Planning
CTW tax professionals leave no stone unturned in an effort to eliminate or defer the tax obligations of business clients.
Our team is well-versed in tax planning options for companies with complex profiles. We will proactively present any applicable options to you, including the supporting law and any tax risks associated with the options.
If a decision is made to move forward with a planning option, CTW tax professionals create an implementation plan and a maintenance plan, working with other professionals and members of the client team to ensure that the tax plan is consistent with the tax authorities and remains so.
Elimination and deferral of tax obligations begin with an in-depth understanding of the business. When your tax returns and quarterly estimates are due, you can rest easy knowing that our team has a solid understanding of your circumstances. This lets us be certain all appropriate tax returns are filed accurately and on time.
Our compliance work products cover the full range of possible filings including:
- Federal and multi-state consolidated C corporation returns
- Federal and multi-state S corporation returns
- Federal and multi-state partnership/LLC returns
- Gift tax returns
- Estate tax returns
- Foundation returns
- Trust returns
- Filings for charitable vehicles
- Foreign information filings
- Foreign bank account filings
- Sales tax filings
- Property tax filings
For filings outside the United States, we track worldwide due dates for all foreign filings and oversee the preparation of foreign tax returns by other firms that we hire to assist us with such filings.
Income Tax Provision Services
Many privately-held companies struggle with the preparation of income tax provision calculations as part of their year-end or quarter-end financial statement closings. CTW can help you complete these calculations accurately and efficiently.
We regularly perform such calculations for complex organizations, which includes those with global operations, those with multi-state operations, and those with differing types of taxpaying entities in their financial reporting groups.
We develop a process for approaching such computations which allows you to focus on understanding the end results, such as the effective tax rate, the impact of tax planning on the provision, the need for valuation allowances, and accruals related to uncertain tax positions.