Taxation

Tax Services

The dynamics of tax laws exert a significant influence on every organization. Given the perpetual evolution and interpretations of tax laws, organizations often seek assistance to remain current with these changes. Thomas and Company CPA PA possess extensive expertise in the field of taxation, encompassing both personal and corporate taxation. Our firm works with high-net-worth individuals and high-income-producing businesses, employing a diverse array of tax strategies to mitigate their tax liabilities effectively. Beyond a retrospective focus, we actively engage in prospective measures through comprehensive tax and financial planning. By doing so, we aim to pave a brighter financial pathway for all our clients. Our proactive approach underscores our commitment to meeting the diverse and evolving tax needs of our clients, ensuring that we contribute not only to their immediate financial goals but also to their long-term financial well-being.

Our firm also provides tax services in all different sectors including the following:

C Corporations filing Form 1120. Our services encompass the full spectrum of tax-related needs, including strategic tax planning, accurate preparation, and timely filing of Form 1120. We offer expert guidance on compliance with federal tax regulations, optimization of tax positions, and effective management of tax liabilities. Our team leverages in-depth knowledge of corporate tax laws to ensure that C Corporations meet their regulatory obligations while maximizing tax efficiencies and supporting overall financial objectives.

S Corporations filing Form 1120S. Our services include expert tax planning, precise preparation, and timely filing of Form 1120S. We ensure compliance with IRS regulations and offer strategic advice to optimize tax positions, manage potential liabilities, and enhance overall financial efficiency. Leveraging our deep expertise in S Corporation tax matters, we assist clients in navigating complex tax issues and achieving their financial goals while maintaining regulatory adherence.

Partnerships filing Form 1065. Our services encompass comprehensive tax planning, meticulous preparation, and timely filing of Form 1065. We provide in-depth guidance on compliance with IRS regulations, optimize tax positions, and address complex partnership tax issues. Our team leverages extensive experience in partnership taxation to ensure accurate reporting, effective management of tax liabilities, and alignment with regulatory requirements, supporting the financial goals of our clients.

Trusts filing Form 1041. Our services include expert tax planning, precise preparation, and timely filing of Form 1041. We provide comprehensive guidance on compliance with IRS regulations, optimize tax strategies for trust income and distributions, and address complex trust tax issues. Leveraging our deep expertise in trust taxation, we ensure accurate reporting, effective tax management, and adherence to regulatory requirements, supporting the trust’s financial objectives and fiduciary responsibilities.

Individuals filing Form 1040. Our services include detailed tax planning, precise preparation, and timely filing of Form 1040. We provide expert guidance on maximizing deductions and credits, ensuring compliance with IRS regulations, and optimizing overall tax efficiency. With our in-depth knowledge of individual taxation, we help clients navigate complex tax situations, manage liabilities effectively, and achieve their financial goals while maintaining adherence to all regulatory requirements.

Gift Tax Return, Form 709, is used by U.S. taxpayers to report gifts made to individuals and certain transfers that are subject to federal gift tax. This form is required when the value of gifts exceeds the annual gift tax exclusion amount, or when gifts are made to trusts or foreign persons. It also addresses generation-skipping transfers, which are gifts made to individuals who are two or more generations younger than the donor.

Payroll services include a comprehensive suite of solutions tailored to meet the needs of various entities. These services include:

• Payroll Processing and Filing: Accurate preparation and filing of federal and state payroll forms, including quarterly Form 941 and annual Form 940.
• Liability Management: Timely payment of payroll liabilities at both the federal and state levels.
• Form Issuance and Reporting: Issuance of Form W-2s to employees and the transmittal of Form W-3 to the IRS.
• Independent Contractor Reporting: Preparation and filing of Form 1099 to report gross payments made to independent contractors.

By providing these essential payroll services, we ensure compliance with all regulatory requirements, streamline payroll administration, and support your organization’s operational efficiency.Top of FormBottom of Form

Foreign reporting requirement service ensure compliance with complex international tax regulations. Our comprehensive services cover the preparation and filing of various forms, including:

• Form 926: Return by a U.S. Transferor of Property to a Foreign Corporation
• Form 1116: Foreign Tax Credit for Individuals
• Form 1118: Foreign Tax Credit for Corporations
• Form 2555: Foreign Earned Income
• Form 3520: Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts
• Form 3520-A: Annual Information Return of Foreign Trust with a U.S. Owner
• Form 5471: Information Return of U.S. Persons with Respect to Certain Foreign Corporations
• Form 5472: Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business
• Form 8938: Statement of Specified Foreign Financial Assets
• Form 8621: Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund

Our team provides thorough guidance on the preparation and submission of these forms, ensuring accurate reporting and adherence to IRS requirements. We assist clients in optimizing their foreign tax credits, managing income from foreign sources, and navigating the complexities of international tax compliance. By leveraging our extensive expertise, we help clients efficiently manage their global tax obligations and mitigate potential risks.