QuickTime Taxes - Income Tax preparation

Quicktime Taxes

Income Tax Preparation Service

Our team of professionals make customer service our priority so when you're looking for a tax preparation firm, Quicktime Taxes is the best possible choice. 

Quicktime provides income tax preparation and electronic filing.  Audit assistance and free review of income tax returns are also part of Quicktime's commitment to service. Additional fees may apply.

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We place the highest value on ethical standards and practices.  Our skilled Licensed Tax Consultants & Licensed Tax Preparers work together as a team to provide our customers the best possible tax preparation.

 

6700 SW 105th Avenue  Suite 315

Beaverton, Oregon  97008  503-593-2686

QuickTime Taxes - Income Tax preparation

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Archive for May, 2013

Sherri Gastelum the CEO of Platinum Tax Defenders Outlines Reasons Why Changing Corporate Status May Not Benefit Business Owners or Shareholders











New IRS Guidelines for “OIC” Program Just Announced

Los Angeles, California (PRWEB) April 23, 2013

Some business owners are looking at tax changes from the American Tax Relief Act, and wondering whether or not changing the status of the corporation may help save on taxes. According to an April 19, 2013 Accounting Today article, “Look Before You Leap from an S to a C Corporation”, there may not be as many reasons to change over as initially thought. Platinum Tax Defenders indicates that business taxpayers may want to keep an S corporation rather than changing over to a C corporation, and suggests that a tax resolution firm may be able to help those who would also like to resolve back taxes.

Taxes is one of the big reasons why the above-mentioned article from Accounting Today indicated that moving corporate status may not be a good idea, though a taxpayer might think that taxes would be saved. Single business owners with an adjusted gross income (AGI) of over $ 200,000, and married couples with a $ 250,000 AGI or over, are looking at options since tax rates increased to nearly 40%. Consulting with a professional on tax relief, on questions from allocating business property to getting help on back taxes, could become quite important.

However, said Senior Editor Roger Russell, an important distinction must be seen that can lead to double taxation. Since a C corporation is taxed on earning value, it may seem obvious that reducing a 40% taxation status to a 25% status is the thing to do. On the other hand, S corporations are taxed by shareholder, as a pass-through corporation, so that taxes only appear once. The shareholders of a C corporation would be taxed personally at 23.8% on distributed earnings, as well as the company getting taxed on its earnings.

A second Accounting Today article on April 16, “IRS Win Contains Taxpayer Victory on Reasonable Compensation”, showed that C corporations do seem to show tax savings. The first $ 25,000 of company earnings are only taxed at 15%, whereas the 25% tax rate applies to the next $ 50,000. However, if this hierarchy of tax savings is offset by any earnings passed on to shareholders, this may not be quite as attractive to officers managing the company. Further, this article pointed out that C corporations are subject to some sticky rules about “reasonable compensation”, which can lead to legal trouble and IRS audits if the IRS believes that shareholder distributions are really the equivalent of dividends. Sale of assets can also be tricky for C corporations, since this would be a benefit to the company and the shareholders. For these reasons, it may be an idea to remain incorporated as an S corporation, though speaking with a professional about the pros and cons would also be a good option.

Platinum Tax Defenders has a history of helping clients resolve IRS issues, with a team of professionals that range from tax attorney s to CPA’s and enrolled agents. Reversing bank levies and getting tax liens removed are a few of the more popular tax relief efforts, included in dealing with back tax issues. Platinum Tax Defenders offers free consultations, ranging up to 45 minutes, so that callers can have a tax resolution professional review the situation and offer advice on how to handle interactions with the IRS.

For more information on Platinum Tax Defenders, call 1-877-668-1807 or send an email to info@tax-resolution.me.
























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