There are many reasons to have a well-established plan in place ahead of time — but let’s take a look at two of the big ones:
TaxesYou don’t want to leave your family to deal with your outstanding finances. Upon an owner’s death, estate taxes may be due. These taxes are due nine months after the date of the death. The payment for these taxes is in cash, and estate taxes may include additional costs including probate, final expenses and additional fees.Business ValueWith the absence of a small business succession plan, what happens to your business in the interim may greatly harm its value. Think about an accounting company that does not have a successor. As the family of the owner tries to work through their affairs, clients are not getting the service for which they originally paid. The business your family worked so hard to build is slipping the cracks.Developing and implementing a well-designed small business succession plan is essential to the survival of a family business from one generation to the next.We help you with these key issues:
Plan for the future, know your options, and request a Free Consultation below.
Professional auditing services provide an independent assessment of your financial statements, ensuring accuracy and compliance with regulations. This enhances the credibility of your financial reports, identifies areas for improvement, and can help in detecting irregularities or potential areas of risk.
Effective tax planning strategies help minimize tax liabilities and ensure compliance with tax laws. For businesses, this means optimizing tax efficiency and planning for future tax obligations. For individuals, it involves personal income tax planning, investment tax considerations, and estate tax planning.
Key considerations include identifying your objectives, such as asset protection, minimizing estate taxes, or providing for heirs. Understanding the types of trusts available and how they align with your goals is essential. Professional guidance ensures your estate plan reflects your wishes and provides for your beneficiaries efficiently.
We provide tailored solutions for family-owned and small businesses, including financial management, tax planning, and succession planning. Our services help these businesses in navigating unique challenges, ensuring smooth transitions to future generations, and maintaining financial stability.
We offer customized financial planning services that cater to the unique needs of same-sex couples, including tax planning, estate planning, and retirement strategies. Our expertise ensures that our clients navigate the legal and financial landscape effectively, regardless of their marital status.
Yes, we can streamline your payroll processing, ensuring accuracy and compliance with tax laws and employment regulations. Our services include payroll calculation, tax filing, and handling employee inquiries, allowing you to focus on running your business.
Non-profit organizations must navigate specific tax exemptions and filing requirements, such as filing Form 990 and maintaining their tax-exempt status. Our services ensure compliance, optimize tax efficiency, and assist with financial reporting and governance.
Personalized financial planning aligns with your unique financial situation and goals. It encompasses retirement planning, investment strategies, risk management, and estate planning. Tailored advice helps you make informed decisions, maximize wealth, and achieve long-term financial security.
Comprehensive strategies to manage and optimize your tax obligations. We provide expert advice to ensure adherence to all tax laws and regulations, while proactively identifying opportunities for tax savings and efficiency in both your personal and business financial matters.
Handling the unique tax filing requirements for non-profit organizations. We ensure accurate and compliant tax return preparation, helping non-profits maintain their tax-exempt status while navigating the complexities of non-profit tax regulations.
Thorough and independent examinations of your organization’s financial statements. We ensure accuracy and compliance with accounting standards, offering insights that enhance financial transparency and trust among stakeholders.
Meticulous and tailored support to manage your financial records. We ensure accurate tracking of income and expenses, providing valuable insights for decision-making and helping maintain financial order and compliance for your business or personal finances.
Specialized strategies for managing tax-exempt organizations and their interactions with related entities. We focus on maintaining compliance, optimizing tax positions, and navigating the complex rules governing transactions between related tax-exempt and taxable entities.
Expert guidance on identifying and managing tax obligations arising from income that non-profit organizations generate through activities unrelated to their exempt purpose. We ensure compliance while minimizing tax liabilities, helping maintain the financial health and tax-exempt status of your organization.
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What unique tax considerations apply to non-profit organizations? Nonprofits are subject to specific tax exemptions and requirements, such as maintaining their tax-exempt status and filing Form 990. How can a non-profit maintain its tax-exempt status? By adhering to IRS guidelines, which include limits on political activities, reporting requirements, and ensuring profits are reinvested into the organization’s mission. What is Form 990 and who needs to file it? By adhering to IRS guidelines, which include limits on political activities, reporting requirements, and ensuring profits are reinvested into the organization’s mission. How can our non-profit benefit from tax planning? Effective tax planning can help nonprofits optimize their resources, comply with tax laws, and avoid penalties. Are donations to our non-profit always tax-deductible? Generally, donations to a registered non-profit are tax-deductible, but donors should consult their tax advisor for specific advice. What records should a nonprofit keep for tax purposes? Keep detailed records of income, expenses, donations, and any business-related activities. Can a non-profit have taxable income? Yes, if a non-profit earns income from activities unrelated to its exempt purpose, this income may be subject to tax. How often should a non-profit review its tax strategy? Annually, or more frequently if there are significant changes in operations or tax laws.516.689.1515
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