Tax Preparation and Planning

  • Preparing your own income tax return can be a task that leaves you with more questions than answers.
  • Tax planning is the key to successfully and legally reducing your tax liability.

Suncrest makes it our priority to enhance our mastery of the current tax law, complex tax code and new regulations by attending frequent seminars and constantly reading. Did you know? That any business and investment decision you make will have tax consequences, which become burdens without the proper foresight.

Remember, we work for you not for the IRS.

Individual Tax Services Include:

  • Income tax planning and compliance
  • Preparation of Federal and State tax return, including multi-state returns
  • IRS/State tax audit representation
  • Tax Penalty Appeals

For many of our clients business and individual tax situations are intimately related. That is why it is important to seek the advice of knowledgably accountants to assist you in properly choosing the most beneficial business classification/structure.

Suncrest tax professionals have several years of experience providing comprehensive tax planning for individuals and business owners with differentiating net worth.

Business Tax Services Include:

  • Business Tax compliance
  • Partnership and S Corporation planning & Compliance
  • Business Entity selection
  • Federal, State and Local tax credit incentives research
  • IRS and State tax representation

Offer in Compromise

The offer in compromise program allows qualified individuals with an unpaid tax debt to negotiate a settled amount that is less than the total owed to clear the debt.

  • an ability to pay
  • income
  • expenses
  • asset equality
  • Most offer in compromise would be accepted or approved if the amount offered represents the most the IRS can collect within that reasonable time period.

If you can’t pay your tax liability, you can create a financial hardship.

offers

If you need assistance hire a tax professional to help you file the offer. But before you file, make sure that you are eligible and current with all filing and payment requirements.

FORM TO BE USED FOR OFFER IN COMPROMISE: FORM 656

The pre-qualifier (offer in compromise)
  • Are you in an open bankruptcy proceeding?
  • Have you filed all required Federal tax returns?
  • Have you made all required estimated tax payments?
  • If you are self-employed and have employees, have you submitted all required federal tax deposits?

Sales and Use Tax

Every state that has sales tax also has a use tax on the purchase of goods and services as defined by law.

DC

The District of Columbia assesses a 6% sales tax on the retail sales price of tangible personal property. If your business buys, sells or uses tangible personal property in D.C., then a sales or use tax liability will probably be incurred.

  • Higher rates apply to sales of alcoholic beverages, restaurant meals, parking and hotel rooms.
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MD

Businesses in Maryland are required to collect Maryland’s 6 % sales and use tax and or 9% alcoholic beverage taxes from any taxable purchase.

VA

The Virginia retail sales and use tax act establishes a tax on the sale, lease or rental of tangible property or the use or consumption of tangible personal property in Virginia, as well as taxable services in Virginia. The seller is responsible for collecting the tax from the customer on each taxable sale.

  • The general sales tax rate for Virginia is 5.3% (4.3 % state tax and 1% local tax).
  • There is an additional 0.7 % state tax imposed in the localities that applies to Northern Virginia Region & Hampton Roads Region, making the areas 6% (5% state tax and 1% local tax).
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