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Why Business Tax Services Should Go Beyond Basic Prep & Compliance

8/18/2020

When you own your own business, you pour everything into your vision and goals. Is your accountant doing the same? Or are you the one filing your taxes—doing the bare minimum while still following the law—and moving on to the next item on your to do list? At 415 Group, we believe in going beyond basic preparation and compliance when it comes to business tax services.

If you or your accountant is covering only as much as needed, you’re only handling basic state and local tax prep and compliance. This is okay, but your business could be getting more out of it. If you’re doing it yourself, you can only get so far. If your industry is in unrelated to accounting, there is a good possibility you’re missing out on important opportunities that could add to the success of your business.

Tax returns are a commodity. It’s what goes with them that can help you out—and this is where an accounting firm like 415 Group can make a difference. When we work with a business, we help the owners plan for the future. Planning and projections help ignite ideas that can save owners money while taking the entire business into consideration. Our business tax services look beyond the federal tax return.

As an example, when reviewing a client’s tax returns, we have found that state and local tax issues are a growing concern. We quite often perform nexus studies to determine the potential impact of multistate operations. As our clients continue to expand their businesses, we assist in determining which new locations they should register and file in to ensure everything is set up properly.

After the South Dakota v. Wayfair decision in 2018 that ruled tax obligations could be imposed on remote sellers, many businesses had to file taxes in states where they sold their goods, whether or not they had a physical location there. This ruling helped not only brick-and-mortar stores who felt these businesses had an advantage in paying less taxes, but also states that were looking for more funding. Every state’s taxes are different, so multistate issues are becoming more advanced.

Keeping an eye on laws that change throughout the year and their impact on your business can be a job all on its own. That’s why 415 Group’s team is fully behind our clients, to make sure they get the best options possible for their current business and where they want to go in the future.

We take a team approach not only on our end, but with our clients as well. When meeting with a potential client, we want to make sure their entire team is on board, so we meet with everyone from attorneys to investment advisors. We know our team can bring a lot to the table with a vast amount of knowledge that can devise the best plans for nearly any industry.

Our firm’s ability to help you plan for the future sets us apart from others. We can bring ideas to you that your business might not have considered. Because of this, there’s the potential to help grow your business, save you tax dollars over time, apply tax credits you weren’t aware of, and more. If you’re looking to sell your business, merge with someone else, or transition it to the next generation, we can help you plan for those changes as well.

Business tax services should always go beyond basic preparations and compliance. With 415 Group, you’ll be amazed at how transformative an engaged partner can be for your business. Reach out today to learn more.

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