Tax Prep & Planning

WE ARE YOUR TAX ADVOCATES

At Torchin CPA, we do more than simply prepare tax returns. We have extensive tax advisory experience serving businesses of all types, as well as individuals. We understand how a heavy tax burden can negatively impact your business and personal finances. This is precisely why we take a proactive approach to proper tax planning to achieve your tax goals. Our tax specialists work closely with you throughout the year to make certain that you are taking full advantage of all tax saving opportunities. We can develop detailed tax projections and monitor your year-end liability—avoiding any surprises.

In addition to tax planning, our tax service includes the timely and careful preparation of your business, fiduciary, and personal tax returns. Our accurate tax compliance work is based on a strong knowledge of current tax law. We also provide IRS and state audit representation.

In 2021, Congress passed the Corporate Transparency Act. This law created a new beneficial ownership information reporting requirement that took effect on January 1, 2024. Under this law, a “reporting company” created or registered to do business before January 1, 2024, has until January 1, 2025, to file an initial beneficial ownership information (“BOI”) report with the US Government Financial Crimes Enforcement Network (“FinCEN”). Reporting companies created or registered on or after January 1, 2025, have 30 calendar days from actual or public notice that the company’s creation or registration is effective to file their initial BOI reports. The law defines reporting companies as follows: Domestic reporting companies are corporations, limited liability companies, and any other entities created by the filing of a document with a secretary of state or any similar office in the United States. Foreign reporting companies are entities (including corporations and limited liability companies) formed under the law of a foreign country that have registered to do business in the United States by the filing of a document with a secretary of state or any similar office. Unless specifically requested and we enter into a separate written engagement letter with our firm requesting we prepare BOI reports for you, our firm’s services do not include the preparation or filing of any required forms to comply with these new reporting obligations under the Corporate Transparency Act or taking steps to verify that you are otherwise in compliance with same. We urge you to consult with your attorney regarding whether you have new reporting compliance obligations under this law and to confirm that you and any companies that you may own an interest in are in compliance with these new BOI reporting requirements. Torchin CPA offers BOI reporting services with separately stated written engagement letters for each entity, spelling out each parties’ respective responsibilities. Please contact us if you would like to discuss entry into a BOI reporting engagement.