Tax, Accounting & Consulting
Tax Planning and Compliance for US Companies
The advisors and accountants at Longman Wealth Care Management, LLC provide comprehensive individual and business tax consulting. We advise on compliance, tax liability, mergers and acquisitions, specialized transactions and long-range planning with an emphasis on tax reduction as it relates on pension and retirement plans for businesses.
The diversity of our client mix allows us to understand a range of organizational structures. This knowledge often leads to recommendations that can streamline operations, positively impact liabilities or create efficiencies. Our tax compliance services include preparation of federal, state and local returns.
Individual Tax Planning and Compliance
Many of our clients are entrepreneurs who own closely held businesses and high-net-worth individuals who own significant investment portfolios. Our tax and business consulting expertise allows us to cater to each client’s set of circumstances.
The unique challenges of inbound and outbound pre-immigration tax and estate planning, foreign investment in US real estate, foreign corporations conducting business in the United States, US persons doing business abroad, taxation of foreign trusts, compliance services and IRS representation are among our areas of expertise.
Credits and Incentives Consulting
Almost every state offers some level of incentives, credits, exemptions and special tax considerations for new, expanding or relocating businesses. There are also hundreds of local empowerment zones, property tax abatements, green building incentives and foreign trade zone credits. We use all of this information to assist companies in transition or expansion mode to make the most tax-beneficial choices.
Multi-State Entities/State and Local Tax Issues
Individuals and companies with operations in multiple states face a complex tax environment. With careful planning, the overall tax burden can be managed.
Our professionals have experience handling the challenges of a multi-state operation. They know the questions to ask, the advice to provide and the traps to watch for in tailoring multi-state plans. Their guidance is especially helpful for companies in pre-expansion phases. A thoughtful conversation before expansion can help ensure that the eventual tax burden does not outweigh the opportunity.
Real Estate Taxation
We have deep roots in the real estate field. Clients include developers, owners, property managers, real estate construction companies and private investors. We assist clients in maximizing profits and minimizing income taxes through the following areas:
- Tax structuring for complex deals
- Tax structuring for partnership and LLC agreements
- Planning to minimize income tax from forgiveness of debt
- Tax deferral strategies for sale transactions
- Ownership of real estate by foreigners
- Tax compliance
- Multi-state tax compliance and consulting
- Tax-free exchanges
- Cost segregation services
- Maximizing expensing vs. capitalization of costs
Our tax professionals have deep experience representing clients in Internal Revenue Service (IRS) administrative proceedings. As the IRS expands its reach and the tax code becomes more complex, individuals and companies can inadvertently step into gray areas. International entities face even more complicated situations. Our team provides insight, guidance and representation.
Among our services:
- Negotiating the scope of an audit
- Contesting summonses
- Writing position papers
- Obtaining pre-filing rulings and technical advice memos
- Representing clients in meetings with authorities and negotiation sessions
- Handling administrative appeals
- Securing fast-track mediation
- Advising on dispute resolution alternatives
- Representing clients in IRS examinations, IRS appeals, before state and federal tax courts, Court of Federal Claims, US district court and courts of appeal
Longman WealthCare Management, LLC’s claim to fame has been its ability to significantly reduce our client’s income taxes while at the same time allowing sizeable contributions into their retirement plans. If you’re self-employed, your retirement choices are not restricted to IRA’s, 401(k)’s and other Defined contribution plans.
Our internal process in the retirement arena is quite unique. Our process has enabled us to develop pension strategy working directly with the client, your CPA or ours, and our actuary in a team approach. Often times, we bring our actuary directly into the field to create, change or modify plan designs, adjust contribution amounts, run tax scenario’s, and so on. We work directly with your CPA and actuary not indirectly with a third party administrator.
Since January of 2000, Congress has passed a series of laws that increase the flexibility and power of DB plans for high-income baby boomers. These changes raise annual benefit amounts, broaden the range of suitable participants, and increase flexibility.
For many baby boomers now in prime earning years, a Defined Benefit plan can significantly increase annual tax deductions, add $2 million or more in retirement assets over the next 5 to 10 years, and even accelerate the date of retirement. The tax savings are tremendous. The tax savings are elevated even higher by considering a “Combo”, paring a 401(k) plan, profit sharing plan and a DB plan. This has been a standard tool to provide flexibility and to increase contributions since passage of EGTRRA.
The plans are particularly attractive to the self employed or small business owners; to illustrate: 1 to 10 person companies, aged 45 to 70, who can contribute and deduct from taxes $100,000, $200,000 or more annually. This is absolutely staggering when considering a tax computation of a pension contribution at the 40% bracket ($100,000 * 40%) = $40,000 tax savings-simple math.
Longman WealthCare Management fully understands the dynamics of accounting services and how each business is affected differently. We have extensive experience providing these services to family-owned and closely held businesses and are well versed in the common problems encountered by a wide range of organizations.
Our customized client-portals and excellent service truly differentiates us from our competition. We offer our clients an ultra-convenient way to access documents and software, transfer data, and convey information. As private, secure extensions of our website, portals enable clients 24/7 access to our services from any internet connection.
As experts in evaluating most recognized bookkeeping and accounting packages in the market place today. Our staff is properly trained to offer timely completion and a thorough understanding of all financial and tax-reporting requirements facing businesses.
We are also skilled at identifying opportunities to minimize or defer income taxes to maximize the bottom line and assist business owners in achieving their goals. With this experience, we can truly be the most trusted advisor and bring exceptional value.
Key Accounting Services for Businesses
- Preparation of compiled financial statements with and without disclosures, on a monthly, quarterly or annual basis, depending on the client's needs
- Implementation, maintenance and consulting regarding multiple accounting software applications
- Business Advisory and Consulting Services
- Bookkeeping and Controllership Functions
- Payroll, Sales Tax and Personal Property Tax Compliance and Consulting