There are many complex tax issues that must be addressed when forming a new business.
First and foremost you have to ask the question “What type of entity should I be?”.
There are many forms of business entities and they are not so easy to choose from. And unfortunately many people either don’t seek professional advice before forming an entity or get the wrong advice.
So what form should your entity be? Should the entity be a sole proprietorship, a partnership, a limited liability company or a corporation? If a corporation, what choice is best an “S” or a “C” corporation? It is confusing. But wait there is more. There are federal and state elections to deal with, registrations with taxing authorities to be prepared, and required insurances to obtain. You thought this was easy, well it’s not. There are many tax advantages and pitfalls for each entity election. You need to know what is best for you before you make your selection and spend money on the formation of the entity. We can help you and we do help many new businesses start off on the right foot each year.
There are many complex tax issues that face newly formed entities. There are certain Federal and New York State elections that have to be made within the first 75 days that will affect the way the entity and the shareholders will be taxed.
Additionally, there are other registrations that must be made immediately to comply with various statutes regarding sales tax, employees and insurance requirements.
On an ongoing basis an Entity has many business filing obligations such as Sales Taxes, Payroll Taxes, Corporation Taxes and Annual Report Filings for the Federal, State and Local Governments as well as other agency filings.
We can advise you of the statutory requirements of each type of tax report or filing that must be prepared and assist you in preparing these filings.
We would welcome the opportunity to meet with you to discuss the business services and tax planning strategies that we can offer you newly formed enterprise.
Please contact us by phone or e-mail to set up a no obligation consultation in our offices.
Please also visit our reference link page for links to various governmental agencies.
Bill has been a practicing CPA for over thirty years. He is a member of the American Institute of Certified Public Accountants and the The AICPA Private Practice Section.
Bill received his BBA in accounting from Hofstra University. He also has earned a certificate in "Tax Planning for Small and Closely Held Business" from the American Institute of Certified Public Accountants. Bill was a member of the Suffolk County Chapter of the NYSSCPA's Tax committee for eleven years and received numerous awards for lecturing on various topics of taxation for the tax committee. We offer large firm experience with small firm personal attention at reasonable fees.