Corporate Tax Checkups
From time to time, it is very beneficial to take a “fresh” look or review at the corporate income tax structure that is presently being used to determine whether every available income tax planning opportunity has been considered and employed.
This review is worthwhile every 3 to 5 years because circumstances and income tax laws change very quickly, which may yield new tax planning savings and opportunities.
When we approach this type of review, we:
- meet with the owner(s) of the corporation to review the owners overall structure, the current and projected years financial statements and income tax returns
- we will then prepare a short report summarizing our tax planning ideas and the potential income tax savings and costs to implement
- we can alternatively prepared a detailed implementation memo and outline our tax planning ideas in greater detail
- we can monitor the structure for potential opportunities created by changes in income tax laws or other circumstances