A core specialty is the preparation of tax returns for individual taxpayers. Over the years literally 1000's of Federal and State returns have been prepared and filed.
Our practice has gained the experience and knowledge to navigate your specific personal frameworks and achieve the desired results on your return with a strong professional integrity.
Some common areas that we handle on a daily basis:
* Self-employment/contractor/freelancer income
* Rental property
* Sale of Home
* Equity Compensation. For example, RSU, ESPP, ISO, NSO, etc.
* Multi-state allocation
* Company IPO, merger & acquisition
* Crypto currency
* Foreign Income Exclusion & Foreign Tax Credit
Our individual tax services deliver highly accurate results. For individuals with side-business, we can discuss ways to organize your side-business or self-employment that would be most valuable to you. This involves assisting you evaluate what you should pay for the estimated quarterly taxes on your sole proprietorship. In the case of individuals with equity compensation. We can analyze how to use or sell your equities / options to enhance your finances.
Past Due Tax Returns
We have often been asked to reconcile past records and past-due tax returns. Even if you've lost your W2s, 1099s, or other business and personal records during the progress of time, our team is going to help you sort your records. There are several methods of obtaining past information from the IRS, such as forms requesting information from previous W2s and 1099s submitted by your employers, and account transcripts detailing balances to the IRS. The process is much simpler than expected, and our team will assist you through getting the appropriate materials to correct and file your previous -year taxes without missing information that may reduce your tax liability.
Past-due returns impose (at least ) two types of fines: failure to file and failure to pay. It is necessary to respond as quickly as possible to begin to resolve any IRS charges. We can assist estimate potential failure to file and failure to pay fines imposed by clients who have failed to file returns for previous years, and can help ensure that returns are properly filed. Intelesoft Financials and team offer tax preparation services. We 're providing a robust and efficient experience. Give us a call today to learn more about our individual tax services.
We are IRS Certifying Acceptance Agents and will be pleased to receive your ITIN. Over the last six years, our success rate has been 100 percent.
Common reasons for obtaining an ITIN:
* You own a business in the United States and need to open a bank account, file U.S. tax returns, etc.
* You earn U.S.-source revenue and must submit U.S. tax returns
* You own U.S. property that is being sold and withholding tax is being collected.
* If you're a foreign partner in a US-based partnership,
* If you have a foreign spouse or a foreign dependent, and would like to get the married filing jointly status or otherwise claim the dependents.
Reasons to use a Certifying Acceptance Agent:
* Without a CAA (Certifying Acceptance Agent), proof of identity and foreign status must be sent to the IRS, which means that you'll be sending your passport to the IRS office in Austin , Texas. This may take weeks to complete, and a lot of people feel uncomfortable putting information like this in the mail. As CAAs, we are on an agreement with the IRS to insure your identification documents on our own, thus eliminating the need for you to send them to the IRS.
* We have a committed service team directly to the IRS, as well as direct e-mail contact with the ITIN office in Austin. The individual taxpayer does not have this and would have to correspond by mail, which would significantly extend the process if any problems arise in the ITIN process.
* The most important reason for using the CAA is that you would have expert advice for the entire ITIN process in order to ensure that you complete each item correctly. This type of assistance is not applicable through the IRS. We have served many other clients, and our knowledge base brings a great results.
Forensic Accounting:- Responsibilities in this section can be anything from inspecting expenses during a marriage to reassigning a partner's capital accounts and shareholding during the inclusion of a new business partner. Removal of partnership, data gathering, fraud investigation, back-taxes, reconciliation of previous financial transactions, organization and cleaning up of historical financial statements, etc.
What is an offer in compromise?
If you owe a significant amount of money to the IRS or any state, you will be asked to pay that amount in full, often adding penalties and interest. These may include penalties for underpayment, penalties for failure to pay or penalties for failure to file. Interest has also been added.
If you are not in a position to pay the tax balance, the IRS and the States have a program to settle these balances at pennies on the dollar. This is called a offer in compromise (OIC) and works only if the tax obligation is very large compared to your annual income. However, in some cases you may not meet the criteria . Get in touch with us to check if you qualify – we'll do a free analysis for you. You can call or send an email.