Having a plan is key no matter where your business is in its lifecycle.
Whether you’re just starting a business, creating a new one as part of your portfolio, or exploring a purchase or sale as part of your growth efforts or retirement plan, you need to navigate many tax compliance and planning matters. Friedman + Huey can help!
Starting a Business?
Making the right decision about your business entity is critical, but it’s also complicated. There are a lot of factors to consider.
Knowing which option is best for you can be hard, but you don’t want to spend hours researching all the options yourself.
The Friedman + Huey CAS team can help. We have years of experience advising clients on the pros and cons of different entity elections, and we’ll make sure you make the best decision for your business. We’ll even help you apply for your federal employer ID, prepare your Form 8832 to choose your entity classification, and file your Form 2553 for S Corporation status if you go that route.
Buying or Selling a Business?
Friedman + Huey can guide you. We’ll evaluate whether a stock or asset sale is best, then help you negotiate the sales or purchase contract.
Friedman + Huey can guide you through every step. We’ll evaluate whether a stock or asset sale is best for you, then help you negotiate the sales or purchase contract.
We’ll also create a model with several scenarios to determine the best way to navigate and negotiate to get the sales or purchase price and allocate sales proceeds or the purchase price between capital gain assets and ordinary income assets.
We also can assist you with the following:
- Closing sales tax, payroll, and withholding accounts with federal and various state jurisdictions, as applicable.
- Finalizing a retirement account, distribution of plan assets to participants, and information return reporting.
- Submitting business termination/dissolution paperwork with federal and various state jurisdictions, as applicable, and filing a final year tax return for the seller.
Need Additional Assistance?
Whether you’re just starting or looking to buy or sell your business, you’ll inevitably need to deal with tax and accounting issues.
Friedman + Huey can help you:
- Analyze costs required to be capitalized under IRC Section 263A
- Determine if using LIFO is beneficial
- Review assets to be capitalized
- Ensure your loan covenant certificates are in accordance with your loan agreement
- Compile annual reports for various state jurisdictions
- Prepare Form 3115 regarding change of accounting methods
- Resolve payroll tax reporting issues
- Prepare compilation reports on financial statements
- Handle IRS and state income tax audits
Year-End Tax Planning Strategies for 2022
As the year-end approaches, take advantage of these tax planning strategies in the last month of 2022 to reduce your tax liability. Here is an overview of some strategies you may want to consider.
IRS Announces Increased Retirement Plan Contribution Limits for 2023
The IRS has released increased 2023 tax year contribution limits for retirement plans. Here are the new limits and how they may affect your strategy.
Do I Qualify for R&D Credit? …You May Be Surprised!
New research and development tax credit requirements went into effect on January 10, 2022. These new rules require more detailed proof that credits are valid. So, many businesses seeking the credit now face extra work.