Tax Season

Business StructuresBusiness Structures

• C-Corporation- Usually a large corporation, taxes are paid directly by the C-Corporation- Usually a large corporation, taxes are paid directly by the corporation.corporation.

• S-Corporation- Similar to a C-Corporation. Taxes are paid by the individual S-Corporation- Similar to a C-Corporation. Taxes are paid by the individual shareholders and not the corporation.shareholders and not the corporation.

• Partnership-Partnership- (also Multiple member LLC’s) Taxes are paid by the partners or (also Multiple member LLC’s) Taxes are paid by the partners or members and not by the partnership. members and not by the partnership.

• Sole Proprietor/Individual- Sole Proprietor/Individual- One owner. The Taxes are paid by the owner of the One owner. The Taxes are paid by the owner of the proprietorship. proprietorship.

Tax DeadlinesTax Deadlines

• C-Corporation- C-Corporation- March 15March 15

• S-Corporation- S-Corporation- March 15March 15

• Partnership-Partnership- April 15 April 15

• Sole Proprietor/Individual-Sole Proprietor/Individual- April 15 April 15

Tax Deadlines - ExtensionsTax Deadlines - Extensions

• C-Corporation- C-Corporation- Oct. 15Oct. 15

• S-Corporation- S-Corporation- Oct. 15Oct. 15

• Partnership-Partnership- Sept. 15 Sept. 15

• Sole Proprietor/Individual-Sole Proprietor/Individual- Sept. 15 Sept. 15

Reconnect with OwnerReconnect with Owner

More aware of taxes to be paidMore aware of taxes to be paid- There is now a sense of urgencyThere is now a sense of urgency- Cost Segregation can significantly reduce Cost Segregation can significantly reduce

or eliminate upcoming tax liabilityor eliminate upcoming tax liability

Reconnect with OwnerReconnect with Owner

Building TrustBuilding Trust- Third party articlesThird party articles- CompetitionCompetition- References References

Reconnect with CPAReconnect with CPA

More aware of client’s taxes to be paidMore aware of client’s taxes to be paid- Begins work on tax returns Begins work on tax returns - Reconnect with any past CPAs you have Reconnect with any past CPAs you have

worked withworked with- Reconnect with actual visit, phone call, or Reconnect with actual visit, phone call, or

e-maile-mail

Reconnect with CPAReconnect with CPA

Time is moneyTime is money- Compensate the CPA for his/her timeCompensate the CPA for his/her time- Referral fees can be offeredReferral fees can be offered

• Eliminates need to bill clientEliminates need to bill client• Included in fixed fee for studyIncluded in fixed fee for study

Reconnect with CPAReconnect with CPA

CPA/Tax Professional may be reluctant CPA/Tax Professional may be reluctant in fear of “looking bad”in fear of “looking bad”- Let owner and CPA know this is not Let owner and CPA know this is not

something the CPA should know how to something the CPA should know how to performperform

- IRS does not want CPA to performIRS does not want CPA to perform- Risk of auditRisk of audit

Reconnect with CPAReconnect with CPA

Reasons CPA should not perform studyReasons CPA should not perform study- IRS wants third party, independent studyIRS wants third party, independent study

• Unbiased studyUnbiased study

- IRS strongly recommends engineered based IRS strongly recommends engineered based studystudy• Out of CPA/Tax Professionals areas of expertise Out of CPA/Tax Professionals areas of expertise

- Best economic resultsBest economic results• CPA/Tax professional may get “low hanging fruit”CPA/Tax professional may get “low hanging fruit”

Reconnect with CPAReconnect with CPA

CPA is reluctant to provide depreciation CPA is reluctant to provide depreciation scheduleschedule- Offer to provide a preliminary analysis Offer to provide a preliminary analysis

without the depreciation schedulewithout the depreciation schedule- Use this analysis to obtain the depreciation Use this analysis to obtain the depreciation

schedule schedule • More accurate resultsMore accurate results• Needed for final studyNeeded for final study

Reconnect with CPAReconnect with CPA

Building TrustBuilding Trust- Third party articlesThird party articles- References References - Competition Competition

RecapRecap

It is tax seasonIt is tax season Taxes are on the minds of owners and Taxes are on the minds of owners and

CPAsCPAs Now is the time to reconnect with Now is the time to reconnect with

people who were hesitant in the past people who were hesitant in the past and call on new prospectsand call on new prospects