Tax Services
About Faucett, Taylor, & Associates, LLP – Tax Services Team
FTA
understands the tax challenges confronting today’s business owners and
managers. You need fresh ideas and guidance in shaping effective
tax-planning strategies. You also want more options that can help you
minimize your tax bills. FTA offers creative, yet practical solutions
to federal tax issues – solutions designed to generate sizable tax
savings.
FTA supports an experienced team of tax specialists
dedicated to maintaining the highest level of competency in all
relevant areas of tax law, emerging issues and the development of new
strategies and their implementation. The firm is committed to a strong
ongoing continuing education effort coupled with the latest in research
capabilities to ensure our clients are advised in light of the most
recent laws and pronouncements.
Tax Services Offered
Tax
considerations are an important aspect of your complete financial plan.
To meet your needs, FTA provides a wide variety of tax services for
both businesses and individuals. Our focus is our client’s success and
we constantly strive to exceed expectations.
Areas of concentration include:
- Tax Compliance
- State and Local Taxation
- Real Estate Services
- Representation Before Tax Authorities
- Business Entity Planning
- Other Tax Services
Tax Compliance
Staying
in compliance with today’s burdensome tax regulations can be an
overwhelming and time consuming process. FTA’s tax professionals have
extensive experience in federal, state, and local tax compliance and
can guide you through the maze of filing requirements to keep you in
good standing with the taxing authorities. We serve our clients in all
areas of individual and corporate taxation, partnerships and other
pass-through entities, estates and trusts.
State and Local Taxation
While
federal taxes are often the primary focus of taxpayers, state and local
taxes make up a significant portion of the total tax burden and deserve
equal planning and attention. Our tax team works closely with you,
taking a proactive role in identifying potential tax savings while
helping to ensure that you and your business are in compliance with
applicable laws and regulations.
Real Estate Services
FTA
offers tax services specific to the real estate industry. Whether
assisting with capital gain transactions, advising on tax-deferred
exchanges, clarifying the passive activity rules or implementing
depreciation strategies through cost segregation studies, our
professionals have the experience to assist you.
We assist
clients in structuring transactions to take advantage of the favorable
capital gains rates rather than being subjected to the onerous ordinary
income tax rates. While real estate development by its very nature
produces ordinary income, capital gains can sometimes be achieved
through careful pre-development planning and the identification of
investment parcels within the development.
We also assist
clients in generating sizeable charitable contributions through the
donation of land for parks, public use and conservation easements.
Real
estate investors wishing to sell property can defer current taxation by
using a Section 1031 exchange, more commonly known as a like-kind
exchange. This transaction enables an investor to use a “qualified
intermediary” to sell property and reinvest the proceeds in similar
property without incurring any current tax liability. Our tax team can
assist you in this transaction and ensure that regulatory requirements
are met.
Rental real estate activities can be classified as
either “active” or “passive”. Planning for this distinction can be
determinative of the deductibility or suspension of losses for income
tax purposes. Our tax team will assist you in planning your rental real
estate investments and applying the passive activity rules apply to
your particular situation.
Our services also include Cost
Segregation studies. By utilizing our cost segregation analysis, your
real property depreciation can be maximized through the proper
classification of qualifying costs into categories having a shorter
depreciable life. Our Cost Segregation studies are completed by
certified engineers, using an approach acceptable to the IRS and Tax
Courts.
Representation Before Taxing Authorities
FTA
represents clients before federal, state and local tax authorities. We
assist clients with resolving tax notices, handling tax audits, and
when necessary, defending positions before tax authorities.
Business Entity Planning
When
starting a new business, you must first decide what type of legal
entity will meet your current goals while providing flexibility for the
future. There are numerous entities that may be formed, each with its
own tax benefits. After assessing your particular situation, our tax
team can advise you as to which entity will provide the best management
flexibility and tax efficiency.
Other Tax Services
In
today’s volatile economy, planning for your future is essential to your
long-term financial security. Whether you are selecting a trustee,
planning your estate, developing short and long-term financial
strategies or devising a succession plan for your business, FTA can
help you develop a plan to achieve your goals.
Services include:
- Estate Planning
- Gift Planning
- Education Funding Strategies
- Retirement Planning
- Tax Strategies for Investments
To request additional information about how FTA’s tax team can assist you, please contact us. |
