Tax Consulting and Compliance
Almost every life and business decision has tax consequences. Our team of experts helps clients become more efficient and profitable through the effective management of tax expense. Working proactively, we determine the best tax strategies to help clients pay the least amount of tax required by law so they can achieve their financial goals.
Experience
Our tax team includes more than 30 professionals dedicated to providing proactive tax advice to help clients build, preserve, and transfer business value and personal wealth. Many have worked with Big Four firms and have experience with closely held companies, mid-market businesses, clients with multi-state tax filing requirements, subsidiaries of foreign-owned companies, and U.S. companies operating abroad.
Services for Businesses
- Tax return preparation
- Identification of tax credits and deductions
- Income tax planning
- State and local tax planning
- Entity selection
- Merger, acquisition, and succession/exit planning
- Deal structuring for favorable tax consequences
- Tax controversy resolution
- Tax-saving cost segregation studies
- Research and experimentation (R&D) credit studies
- Tennessee jobs tax credit studies
- Outsourced tax department
- International tax planning
Tax Services for Individuals
- Tax return preparation
- Identification of tax credits and deductions
- Income tax planning
- Estate and gift planning
- Personal financial planning
- Wealth management
Specialized Services
When it comes to taxes, we do much more than prepare returns. We work with clients year-round to determine strategies and develop plans to help minimize their federal, state, and local tax burden through tax credits, deductions, and other incentives that can often be overlooked. Here are a few key areas where our tax team can make a difference:
Outsourced Tax Department
KraftCPAs can provide companies the tax resources they need without the expense of adding specialized tax experts to the payroll. Your accounting/finance department can focus on critical business functions while our tax team handles tax research, planning, and compliance.
Cost Segregation Services
A cost segregation — or “cost seg” — study is an engineering analysis of the construction or acquisition documents of a capital project. It identifies existing components and assigns the associated costs into proper depreciation classifications for federal income tax purposes.
Accelerated depreciation provides faster “write-off” for tax purposes and significant cash flow benefits. Cost segregation maximizes dollars allocated to land improvement (15 years) and personal property (5 and 7 years) versus real property (39 years). Under certain circumstances, the assets identified may also qualify for the special 50% bonus depreciation.
Research and Experimentation (R&D)
We help clients explore the applicability of the R&D credit to business research activities. In fact, we saved one client at least $700,000 using R&D credits — credits that the client’s previous CPA firm said they weren’t eligible to claim.
Estate and Gift Tax Services
KraftCPAs tax professionals regularly counsel clients on retirement planning and IRA distributions and work closely with our clients’ advisors to minimize income taxes before and after retirement. In addition, our tax professionals work closely with clients and their lawyers to structure an estate plan to accomplish each client’s goals. This process not only includes minimizing income and estate taxes, but also understanding the family dynamics and concerns that often impact these estate plans.
We also help with structuring gifting plans, which maximize available discounts in order to transfer the maximum amount while preserving as much of the client’s unified credit as possible. No matter if our clients’ goals are to maximize the amount passed to their families or to their favorite charity, our tax professionals can help design the right solution.
State and Local Services
Our tax consulting team provides a variety of services to help clients proactively address state and local tax issues. These services are designed to promote compliance and reduce the risk of costly penalties, while helping to ensure that clients pay the least amount of state and local taxes required by law. Services include:
- Nexus studies
- Income/franchise tax return reviews
- Restructuring to minimize state tax liability
- Controversy resolution
- Advising on state credits and incentives
- Voluntary disclosure agreements