Tax Return Preparation
We prefer to take a proactive vs. reactive approach to tax services. By keeping current on new tax laws and regulations, we are in a position to identify key tax planning opportunities that minimize both your current and future tax liabilities. We provide our individual and business clients with the taxation expertise and knowledge that is required throughout the year. Our significant investment in computerized tax preparation and research software enables us to accurately and efficiently prepare all tax returns required by the IRS, Treasury Department, and all 50 States. Tax services offered include but are not limited to:
- Individual tax returns – preparation of IRS forms including:
- 1040 US individual income tax return.
- 706 US Estate Tax Return
- 709 US gift tax return
- 114 report of foreign bank and financial accounts.
- Corporate tax returns – preparation of IRS forms including:
- 1120 US corporation income tax return.
- S-corporation tax return – preparation of IRS forms including:
- 1120S US income tax return for a S-corporation and related shareholders
- K-1 shareholder’s share of income, deductions, credits, etc.
- Partnership tax return – preparation of IRS form including:
- 1065 US returns of partnership income and related schedules
- K-1 partner’s share of income, deductions, credits, etc.
- Estates and Trusts tax returns – preparation of IRS forms including:
- 1041 US income tax returns for estates and trusts and related schedules
- K-1 beneficiary’s share of income, deductions, credits, etc.
- Not-for-Profit organization tax returns – preparation of IRS forms including:
- 990 returns of organization exempt from income tax
- 990T for organization with unrelated taxable business income.
Tax planning is an essential element of the tax compliance and preparation process. We believe that tax planning is an integral part of your individual and business financial strategy. Our experience and access to the most current new developments in the tax regulations will minimize both your current and future tax liabilities.
Representation Before Taxing Authorities
Because of our years of experience dealing with taxing authorities, we have achieved a level of competence that ensures our clients that they are being expertly represented before the various federal and state tax agencies. Once you are contacted by the IRS or other tax authority we step forward in your place to protect your interests and solve all issues in the most satisfactory manner possible. We answer tax notices, represent tax payers and resolve tax audits, file delinquent tax returns and work out payment arrangements for prior delinquencies.
We have resolved hundreds of tax matters for clients which resulted from audits and examinations of tax returns and financial records by the IRS and state departments of revenue. Recent examples include:
- Resolution through the IRS Appeals Office of a $2 million tax liability resulting from the IRS auditors over valuation of a manufacturing company’s inventory value.
- Resolution of an individual tax liability of over $13,000 dollars that resulted from identity theft and submission of fraudulent tax return.
- Resolution through the IRS Appeals Office of over a $1 million payroll tax and benefits liability resulting from the IRS misclassification of subcontractors as employees for an employees leasing company.
- Resolution of a $500 thousand tax liability based upon the IRS assumption of under reporting of income by a chain of convenience stores.
- Resolution of over a $300 thousand tax liability based upon an audit of sales tax returns by the Department of Revenue.
Sales Tax Services
Many of our clients are responsible for collecting and submitting sales taxes in many different vicinities. We can assist your company in the compilation of information and preparation of sales tax returns in an efficient and timely manner.
We provide a variety of payroll services including payroll processing, preparation of payroll tax returns, processing and payment of payroll taxes & preparation of W-2 and 1099 forms.
Fricke & Associates PC provides payroll processing services to relieve clients of the time-consuming burden and complexity of manually calculating payroll and tax withholdings. Our goal is to save you time and money while providing you accurate payroll with exceptional customer service. We offer full-service, low-cost payroll preparation, payroll tax reporting, and timely filing of federal, state, and local payroll taxes.
We also work with our trusted partner ADP for large, extremely complicated payrolls or where extensive human resources consulting is required such as with restaurants, large construction companies, or professional practices. ADP’s payroll systems are fully integrated with our financial reporting software.
We will maintain depreciation schedules and prepare annual personal property tax returns.
Tax Effects of Starting, Buying or Selling a Business
We work with our clients to project the tax effects of starting a new business or buying/selling businesses.
Tax Related Divorce and Support Issues
We work with individuals and their attorneys in advising them on the tax effects of divorce and support agreements.