Tax Planning + Preparation

Both businesses and individuals need tax guidance to meet their legal filing requirements and tax planning to ensure they pay no more than legally required.  The growing complexity of today’s tax laws has outpaced the resources of many businesses and individuals. 

The team of highly qualified tax professionals at HTB can help you plan and manage your tax obligations through this challenging environment.

We are dedicated to providing sound advice and customized service to you and your business.

Business Succession Planning

One of the most challenging aspects for business owners is deciding how the business will be passed on to a new generation of owners. Each situation presents its own set of unique options and decisions to be made to provide a roadmap for a successful transition of the business. Proactive planning will help create the optimal transition for the exiting owner and the new generation.

The transition of a company is an infrequent event with results that will permanently affect the lives of those involved. For this reason, it is essential to work with an experienced advisor to guide you through the complex process. Our firm has significant experience guiding business owners and management groups through the process of a successful transition. From initial strategy development to successor identification and training, we are here to assist you in reaching your transition goals. Whether you are transferring ownership, selling a segment of the business or merging with another entity, our team will guide you through the journey to obtain the best possible outcome.

While the experience for each owner is different, there is a planning process that is generally followed. It starts with defining goals, expectations and outcomes and transitions to a series of steps to ensure the desired outcome is reached. There are many things that should be considered along the way to preserve the continued financial health of the company and the proper compensation to the exiting owner. Our comprehensive process examines each angle of the succession plan to ensure an optimal outcome.

Estate, Gifts, and Trusts

Preservation and control of your estate requires planning to ensure that your ultimate goals are met. A major part of this plan is the efficient management of your income, estate and gift taxes. Individuals need plans tailored to their specific needs and goals. An advisor can work with you to understand your goals and develop a plan to meet your goals.

Our tax team has significant experience working with high net worth individuals and others to develop an estate and gift tax plan. Whether you have a large estate or a modest one, a closely-held business, or simply cherished family heirlooms and prized possessions to bestow, it’s important to consider estate and gift taxes. There are a number of tax planning strategies you can employ to ensure your ability to transfer wealth is maximized.

Estate, Gift, & Trust Services:

  • Preparation of Estate and Gift Tax Returns
  • Development of Estate Plans
  • Gifting
  • Estate and Asset Valuation
  • Financial and Tax Projections
  • Property Ownership Transfer

Income Tax Planning and Compliance

Although everyone understands the need for filing annual income tax returns, most are unaware of the benefits of proactive income tax planning. Through proper planning, a taxpayer can effectively manage tax obligations by timing various activities to leverage credits, deductions and other tax incentives.

The tax team at HTB has decades of experience working with individuals and businesses to help plan and reduce their overall tax liabilities. We have experience with various tax planning circumstances including succession, business continuity, mergers, acquisitions, and reorganizations. Our tax professionals work closely with our Audit + Assurance and Outsourced Accounting Departments to provide complete tax and accounting services to our business clients.

Tax Planning & Compliance Services:

  • Preparation of Corporate, Partnership (LLC), Individual, Estate and Trust Income Tax Returns
  • Representation before the IRS and State Tax Agencies
  • Tax Estimates to Prevent Underpayment Penalties
  • Timing of Tax Deductible Payments to Ensure the Highest Benefit to You
  • Guidance on Business Structure Based on Your Business
  • Applications for Tax Credits & Incentives
  • Compliance with the Affordable Care Act for Large and Small Businesses
  • Evaluation of Qualified Retirement Plans
  • LIFO Inventory Implementation and Calculation

Income Tax Return Preparation for Individuals

Tax season can be a daunting and time-consuming process for individuals. The complexities of income tax return preparation can be overwhelming, especially with ever-changing tax laws and regulations. Whether you’re a salaried employee, a self-employed professional, or have multiple sources of income, we have an experienced team who are well-versed in tax laws and regulations, staying up-to-date with the latest changes to ensure compliance and optimize your tax situation.

Income Tax Return Preparation for Corporations and Partnerships

Our dedicated team of seasoned tax professionals is here to alleviate the burden of tax compliance, allowing you to focus on what truly matters – growing your business. Our comprehensive income tax return preparation service encompasses an examination of your financial records, a thorough review of applicable tax laws, and the identification of potential deductions and credits to minimize your tax liability. With our personalized approach, we take the time to understand the nuances of your business, allowing us to identify every possible tax advantage available to you.

Income Tax Return Preparations for Nonprofit

Nonprofit organizations face unique tax requirements, and our team of experienced professionals understands the intricacies involved in accurately preparing their income tax returns. We provide comprehensive assistance in preparing Form 990, which is the annual information return filed by most tax-exempt organizations, as well as Form 990T for organizations with unrelated business income. We are dedicated to helping your nonprofit meet its tax obligations while optimizing its financial position, allowing you to focus on your core mission and serving your community.

Mergers and Acquisitions Planning and Due Diligence

Mergers and acquisitions (M&A) have become vital strategies for growth and expansion, and its due diligence provides businesses with the expertise and insights they need to navigate this critical process successfully.

Without proper planning and due diligence, businesses face significant risks, including overpaying for acquisitions, encountering legal and regulatory challenges and struggling with post-merger integration issues. With HTB by your side, you can mitigate these risks and make informed decisions based on comprehensive financial analysis and strategic insights. Our service helps you uncover potential red flags, assess synergies, evaluate financial health and ensure a smooth transition, enabling you to capitalize on growth opportunities with confidence.

Multistate Tax Planning

Multistate tax planning is a specialized service offered to assist businesses in navigating the complex web of tax regulations and obligations across multiple states. With the ever-increasing mobility of businesses and the varying tax laws from state to state, it is crucial to have a comprehensive understanding of the tax implications in each jurisdiction. At HTB, we analyze the unique tax rules and regulations of each state, including sales taxes, income taxes and apportionment factors, to develop tailored tax strategies that minimize the tax burden on businesses while maintaining compliance with applicable laws.

Pass-Through Entity (PTE) election analysis

When a business operates as a pass-through entity, such as a partnership, limited liability company (LLC), or S corporation, the income and tax liabilities are passed through to the owners or shareholders. HTB offers PTE election analysis to help businesses evaluate whether electing this status is advantageous based on factors such as the business’s financial structure, anticipated profits and tax obligations. Through a meticulous analysis of the business’s financial records, tax history and future projections, our professionals provide a comprehensive evaluation of the potential tax savings, compliance requirements and legal considerations associated with the PTE election.

Personal Property Tax Return Preparation and Consulting

Personal property tax return preparation and consulting is a valuable service provided by HTB to assist individuals and businesses in managing tax obligations related to personal property. Personal property tax applies to tangible assets, such as machinery, equipment, vehicles and furniture, that are used for business purposes. Our goal is to help clients navigate the complexities of this tax, ensuring compliance and maximizing potential tax savings. We possess a deep understanding of the applicable tax laws, exemptions and valuation methods, allowing them to accurately assess personal property tax liabilities and provide strategic guidance.

Sales and Use Tax Consulting

The complexity of sales and use tax compliance has become a significant burden to the business community. States have become aggressive in their sales and use tax collection efforts, subjecting more and more businesses to audits and inquiries. The sales and use tax laws can vary significantly from state to state, making it difficult to know when a liability has been created.

The team at HTB has significant experience helping companies with sales and use tax questions. Through a tax review, we can identify areas of exposure and help your company comply with various jurisdictions.

Sales & Use Tax Services:

  • Preparation of State and Local Sales Tax Returns (including electronic filing)
  • Sales & Use Tax Reviews
  • Registration for State and Local Sales Tax Accounts
  • Assistance with Nexus Determination
  • Voluntary Disclosures & Tax Amnesties
  • Representation in Sales Tax Audits
  • Applications for Exemptions

Tax Representation Before Federal and State Taxing Authorities

Tax representation before federal and state taxing authorities refers to the service provided by an accounting firm or tax professional to assist individuals or businesses in dealing with tax issues and resolving disputes with tax authorities at both the federal and state levels. When taxpayers face challenges such as audits, tax assessments or other tax-related disputes, they may require professional representation to navigate the complex tax laws and regulations.

Whether you are facing an audit, disputing a tax assessment or simply seeking professional advice on tax matters, our tax representation services are tailored to meet your specific needs. We have a proven track record of successfully representing clients before federal and state taxing authorities, navigating complex tax issues, and achieving favorable outcomes.