Many ways to reduce tax pain. One full-service program to bring them together.
Tax Strategy, Planning and Preparation
Tax Planning & Consulting
The Concierge Program includes tax planning and consulting services. Proper tax planning can minimize and manage taxes. Additionally, proper tax planning can help to provide the best defense against possible third-party questions. If you plan a transaction in advance, we will support it with research into the appropriate tax laws and documentation to minimize or avoid any inquiries. We encourage you to discuss any large or unusual transactions with us in advance. This way, we can best understand whether a transaction may be deductible, and how best to support such a claim.
The Concierge Program provides for consulting services in limited areas and for reasonable amounts of time throughout the year. Special projects or in-depth research may be subject to additional charges. We will discuss any such charges with you before undertaking any projects outside the scope of the regular Consulting Program.
Individual Income Tax
We will prepare your individual income tax returns using the information and documentation you provide without independent verification or audit by American Dream CPA. If you request it, we will provide you with a questionnaire to help you gather and organize the requisite data. To help ensure a properly engineered return, we ask you to make all information about your income and deductions available to us. We also ask you to maintain all of the necessary records to support the data we ultimately use. American Dream CPA is not responsible for the disallowance of doubtful deductions or inadequately supported documentation. We are also not responsible for any resulting taxes, penalties and interest.
If we request any follow-up materials or missing information, we’ll expect you to provide it promptly. In the event we don’t receive it, your returns may be filed late as well as subject to interest and penalties, which will be your responsibility. We will use our best judgment to resolve questions in your favor where a tax law is unclear, so long as a reasonable justification for doing so exists. We will jointly determine which deductions to take as well as how to record them on your tax return.
We will provide you with copies of completed tax returns in either digital or paper form for final review. We ask you to review your returns carefully before approving them and electronically signing the appropriateIRS e-file Signature Authorization.
On occasion, you may receive tax return-related notices from the IRS or state tax agencies questioning information submitted on the income tax returns. In the event this happens, we ask you to notify us immediately so we can discuss the matter with you.
Most income tax-related notices relate to penalties and interest relate to the timing of income tax payments. Paying estimated taxes can reduce or eliminate some penalties. Keep in mind that if you file for an extension, the extension provides additional time to file the taxes, not to pay them. We will look for you to let us know if your income has increased over prior years so we can make any adjustments. Any tax payments made after the filing date are subject to penalties and interest. Late payment of tax penalties and interest charges remain your responsibility. If any income tax notice relates to other matters, we will advise you of your options. At times, simply providing additional information may be all that’s required.
If the IRS or state tax agency chooses to examine your tax return, we will be available to represent you. This examination may result in an assessment of additional tax plus interest and penalties. We assume no liability for any such assessment, though we will be responsible for any penalties the IRS or a state tax agency imposes on us. If you disagree with the results of the examination, you can challenge them by going to Court. We are not a law firm and do not represent clients in court. If required, however, we will assist you or your legal counsel.
As your tax concierge, we will make a reasonable effort to resolve any issues raised by notices from the IRS or a state tax agency. We will determine what is reasonable based on the financial impact of the notice and estimated time required to resolve it. We will advise if the amount being requested by the tax authority is reasonable and should be paid. If we feel the amount is unreasonable in relation to the anticipated time required to obtain a more favorable result, we will provide additional services under the terms of this agreement. What may be reasonable? Consider, for example, a notice requesting $200 in taxes, penalties and interest, which may require a few hours of work to reduce the total to $100. This is unreasonable. On the other hand, a notice requesting $10,000 in taxes, penalties and interest that may require a similar number of hours of work to reduce the total $5,000 is reasonable.
American Dream CPA is solely responsible for determining what is reasonable. If we determine that a given effort is unreasonable and you insist on fighting the matter, you agree that any such charges are not covered under this agreement, and that a supplemental agreement will cover them.
We are not responsible for any prior year’s tax returns that we did not prepare. If you have unpaid taxes from prior years, services required to address are not covered under this agreement. We will draw up a supplemental agreement to cover any such charges.
Partnership Income Tax
The same comments under Individual Income Tax also apply here. As your concierge, we will prepare your Partnership income taxes for the current year and all subsequent years until you cancel the service.
S Corporation Income Tax
The same comments under Individual Income Tax also apply here. As your concierge, we will prepare your S Corporation income taxes for the current year and all subsequent years until you cancel the service.
Other Income Tax Services
The same comments under Individual Income Tax also apply here. As your concierge, we will prepare any other specialized income taxes you may require for the current year and all subsequent years until you cancel the service.
1099 and 1096
We will prepare annual 1099s and 1096 for your business. To do so, we will look to you to provide W-9s from recipients together with the amounts to be reported. If we are handling your accounting services, you will need to provide W-9s so we can identify the recipients and track their payments.
State Sales Tax Return
We will prepare and file your return using the information you supply together with calculations on a monthly, quarterly or annual basis, as you determine.
Income Tax—Current Year
Our charge for preparing your current year’s tax return is something you can pay on a scheduled monthly basis together with a balance of $1,000 when your previous year’s returns are complete.
Accounting and Payroll
Periodic Accounting
As your tax concierge, we will maintain accounting for your business in QuickBooks for the purposes of preparing your business income taxes. These services are not audit or review or compilation services. You will need to provide us with accurate and timely bank account, credit card account, login credentials and any information pertaining to business charges against these accounts. Program pricing includes setup charges for your QuickBooks.
In maintaining your business accounting, we do not adjust records to reflect Generally Accepted Accounting Principles. We do not audit or verify the data you submit. That said, we may provide reports that contain financial information for internal management use only. We will not perform any compilation, review or audit of any of the financial information. At no time do we provide legal services of any type. We are not responsible or requested to discover errors, misrepresentations, fraud, illegal acts, or theft. Therefore, we have not included any procedures designed or intended to discover such acts, and you agree that we have no responsibility in this regard.
We will perform accounting on a periodic basis so that we can prepare income taxes at year end. Periodically, we may send interim financial reports to you.
Monthly Accounting
As your tax concierge, we will maintain accounting for your business in QuickBooks for the purposes of preparing your business income taxes. These services are not audit or review or compilation services. You will need to provide us with accurate and timely bank account, credit card account, login credentials and any information pertaining to business charges against these accounts. Program pricing includes setup charges for your QuickBooks.
In maintaining your business accounting, we do not adjust records to reflect Generally Accepted Accounting Principles. We do not audit or verify the data you submit. That said, we may provide reports that contain financial information for internal management use only. We will not perform any compilation, review or audit of any of the financial information. At no time do we provide legal services of any type. We are not responsible or requested to discover errors, misrepresentations, fraud, illegal acts, or theft. Therefore, we have not included any procedures designed or intended to discover such acts, and you agree that we have no responsibility in this regard.
Monthly Payroll
As your tax concierge, we will prepare monthly payroll for your salaried employees. Payroll and payroll taxes will be paid electronically through your business and employee bank accounts. To ensure timely and accurate payroll, you will need us to inform us immediately of any changes in bank accounts, employees, pay rates, retirement accounts and employee benefits. We will prepare and file the payroll tax returns and W-2s. Pricing includes payroll setup charges. Note that American Dream CPA does not provide other Human Resource-related services. We do not evaluate the classification of independent contractors versus W-2 employees unless we agree specifically to include this service in our agreement.
Client-Maintained Payroll
American Dream CPA will our payroll application available for you to use. You will be responsible for entering the employee time, verifying and adjusting employee compensation, verifying the accuracy of payroll calculations, and authorizing the electronic payment of employee and payroll taxes. Payroll and payroll taxes paid will be paid electronically through the business and employee bank accounts. We will assist you in setting up the payroll, adding employees, changing bank accounts, employees, pay rates, retirement accounts and employee benefits. We will prepare and file the payroll tax returns and W-2s. Note that American Dream CPA does not provide other Human Resource-related services. We do not evaluate the classification of independent contractors versus W-2 employees unless we agree specifically to include this service in our agreement.
Entity Formation and Compliance Services
Annual Corporate Minutes
American Dream CPA will act as your temporary secretary and prepare minutes of your California Corporation’s annual board of directors and shareholder meeting.
Annual Information Report for State
As desired, we can file the required annual information reports for California or Florida.
Entity Formation and Changes
As your tax concierge, we can coordinate with your attorney or Legal Zoom to form you business entity.
If your California business is to be 100% owned by you, then we can form a California Corporation on your behalf. Our services include filing Articles of Incorporation, ordering the corporate kit (minute book, corporate seal, and stock certificates), preparing by-laws as well as minutes of the organizational meeting, issuing stock certificates, filing the initial Statement of Information, getting the IRS Employer Identification Number and IRS S Corporation Election as well as delivering the signature-ready package to you.
If your Florida business is to be 100% owned by you, then we can form a Florida LLC on your behalf. Our services include filing articles of organization, getting the IRS Employer Identification Number and filing the IRS S Corporation Election.
“Our goal is to make our clients' lives less painful when it comes to taxes.”
— Adrian Keith Skane, Senior Partner, CPA