Advance Tax Planning
Tax Planning is minimizing your tax liability by making the best use of all available deductions, allowances, rebates, thresholds, etc as permitted by income tax laws, rules stipulated by the government of a country.
Tax planning is a process of analyzing one’s financial situation logically with a view to reducing tax liability. Tax planning involves planning your income in a legal manner so to avail various exemptions and deductions
Tax Consulting & Tax Advisory
A tax advisor is a financial professional who provides advice on strategies to minimize taxes owed while staying within the scope of the law and regulation. With a team of highly experienced & skilled tax consultants. Regardless of training, tax advisors are well-versed and up-to-date in matters of tax law and both IRS and state tax guidelines.
ITIN Processing
An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service (IRS). The IRS issues ITINs to help individuals comply with the U.S. tax laws, and to provide a means to efficiently process and account for tax returns and payments for those not eligible for a Social Security Number (SSN). ITINs are issued by the IRS to certain non-resident aliens who require a number for tax treaty, tax return or other reasons.
FBAR and FATCA
FBAR
(For Tax Preparations Services D F 90-22.1)
FBAR refers to Form 114, Report of Foreign Bank and Financial Accounts, that must be filed with the Financial Crimes Enforcement Network (FinCEN), which is a bureau of the Treasury Department.
Who needs to file an FBAR? Taxpayers with an interest in, or signature or other authority over, foreign financial accounts whose aggregate value exceeded $10,000 at any time during financial year must file.
The FBAR filing requirement is not part of filing a tax return. The FBAR Form 114 is filed separately.
FATCA
(Form 8938) Guidance
FATCA refers to the Foreign Account Tax Compliance Act. The law addresses tax non-compliance by U.S. taxpayers with foreign accounts by focusing on reporting by U.S. taxpayers and foreign financial institutions.
In general, federal law requires U.S. citizens and resident aliens to report any worldwide income, including income from foreign trusts and foreign bank and securities accounts.
Tax Representation
If you have a tax problem, a notice from the IRS, or are under audit, you may want a tax expert to represent you before the IRS. One Tax Filer will be providing Free tax representation services for Individual or Business Entity who receives any audit notice from the IRS with regards to the previously filed tax returns. The taxpayer can write a Power of Attorney, Form 2848, appointing our Enrolled Agents to represent the case before the IRS, this Power of Attorney will authorize us to act on behalf of taxpayers in the tax matters only.
Extension Filing
A filing extension is an exemption made to both individual taxpayers and businesses that are unable to file a tax return by the due date. Individuals can complete and file IRS Form 4868 by the regular date of their return, which is usually April 15, for an automatic six-month extension. Most business tax returns can be extended by filing IRS Form 7004. However, the extension of time to file does not provide a corresponding extension for payment of taxes owed. An explanation of the reason for the extension is required. Some states accept IRS extensions, but others require taxpayers to file a separate state extension form.
Amendment
An amended return is a return filed in order to make corrections to a tax return from a previous year. An amended return can be used to correct errors and claim a more advantageous tax filing. For example, one might choose to file an amended return in instances of misreported earnings or tax credits. Change in filing status, change in the number of claimed dependents, incorrectly claimed tax credits and deductions, incorrectly reported income, are reasons individuals file an amended return. The drawback of filing an amended return is that the document has to be mailed to the IRS Service Center that processed the original tax form and can take up to 16 weeks to be processed.
Unlimited Audit Representation
Tax audit representation, also called audit defense, is a service in which a tax or legal professional stands in on behalf of a taxpayer (an individual or legal entity) during an Internal Revenue Service (IRS) or state income tax audit
