Accounting for Income Taxes
The complexities of the accounting rules for recording and reporting income taxes in your financial statements may not be as “top of mind” for some people as income tax compliance issues, but they are critical to an accurate depiction of your finances. Not only are there many requirements to follow, but judgment is necessary related to valuation allowances that may be applicable and estimates that come into play during the process. The importance of meshing an understanding of tax laws with accounting rules is well-understood by our tax professionals, who routinely provide guidance to clients to help them deal with the many challenges of income tax accounting.
Entity Selections & Structuring
One of the first (and most important) questions when considering a new business is the structure and type of entity that will best meet the objectives of the owner(s). Corporations, S-corporations, limited liability companies (LLCs), and other entities each have their own tax attributes and structure that must be established and maintained. Because of the short and long-term implications of making the proper entity selection, CRI’s tax professionals work with clients to understand the goals and plans of business owners—and to make the proper choices for achieving the desired results.
Tax Compliance & Consulting
Compliance with tax laws of all kinds is clearly critical to individuals and businesses alike. Following the intricacies of tax laws and regulations is a necessity to be able to get good night’s sleep. CRI’s tax services go beyond mere compliance and following the rules; our professionals proactively help plan our clients’ transactions to maximize their after-tax dollars. Whether it is guidance on state nexus issues, structuring the sale of a business, or preparing tax projections, CRI can help.