Tax Planning

Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income.

We make it a priority to enhance our mastery of the current tax law, complex tax code, and new tax regulations by attending frequent tax seminars.

Businesses and individuals pay the lowest amount of taxes allowable by law because we continually look for ways to minimize your taxes throughout the year, not just at the end of the year.

We recommend Tax Saving Strategies that help you...

  • Grow and preserve assets by keeping Uncle Sam out of your pockets.
  • Reduce taxes on your income so you keep more of what you make.
  • Reduce taxes on your estate so your family keeps more of what you've made.
  • Reduce taxes on your gifts so you can give more.
  • Reduce taxes on your investments so you can grow your wealth faster.
  • Reduce taxes on your retirement distributions so you can retire in style.

Here's just a few of the Tax Saving Strategies we use...

  • Splitting income among several family members or legal entities in order to get more of the income taxed in lower bracket.
  • Shifting income or expenses from one year to another in order to have them fall where it will be taxed at a lower rate.
  • Deferring tax liabilities through certain investment choices such as pension plans, contributions and other similar plans.
  • Using certain investments to produce income that is tax exempt from either federal or state or both taxing entities.
  • Finding tax deductions by structuring your money to pay for things you enjoy, such as a vacation home.

Tax Return Evaluation

We can uncover errors made by other preparers and find opportunities to reduce your tax bill that others may miss.

We will check your last three year’s tax returns for accuracy and make sure that you:

  • Claimed all possible credits and deductions.
  • Correctly filled out the required forms.

This service does not cover financial reporting and non-personal returns (business, trust, partnership, etc.). It includes the following deliverables:

  • Notifying the client whether the original tax return is correct or not.
  • Notifying the client of the potential consequences of the errors found.
  • Notifying the client whether the refund justifies the cost of amendment.

Remember, we work for you not for the IRS. Many of our clients save many times the fee in reduced tax liability through careful planning and legitimate tax strategies.

IRS AUDIT Representation

Have you received an IRS audit notice? While millions of taxpayers are audited every year, the concept that the IRS would like to take a closer look at your taxes can be nerve-wracking.

Even taxpayers that have nothing to worry about because they have filed their taxes in a timely and honest manner may be frightened of an impending IRS audit. Hiring a tax resolution company like Top Tax Defenders for audit representations can help ease the anxiety of an IRS tax audit.It is important to note that not all audits are done face-to-face; in fact, the majority of IRS audits are correspondence audits, done through the mail. Even if you have not been selected for a face-to-face audit, audit representations by Top Tax Defenders help you assure that you are filling out additional paperwork completely and correctly, an important step to the audit process.

What will the IRS expect during an audit?

You will be notified of what documentation the IRS would like beforehand, so that you may prepare for a face-to-face meeting, or fill out correspondence audit paperwork. The IRS may be examining the entirety of your return, or they may only want clarification for a specific part of the return. For example, if you own a small business and have been continuously reporting a loss, and therefore no tax liability, for the business, the IRS may want further proof of your losses. This could include everything from rent receipts and utility statements, to a detailed record of customer billings.

Most audits end in a change to the return. This could be in favor of the taxpayer, or the IRS; the IRS does not necessarily target taxpayers that may owe them more money. You could walk away from an IRS audit being owed additional tax refund money.

While only about one percent of taxpayers are audited per year, you may find yourself in that minority. Instead of going through the stressful process of an IRS audit alone, seek audit representation from an experienced tax firm. Top Tax Defenders has 27 years of experience with the IRS, and knows what to expect from an audit.

ITIN Application Processing

Individual Tax Identification Number (ITIN) is a substitute for the Social Security number issued by the IRS to non-US individuals (not business entities).

Getting ITIN may be required by the IRS or may be requested by the individual for personal reasons.

We will analyze various situations to see how having an ITIN may affect US tax. In most cases having ITIN improves the tax position, occasionally it makes it worse, and often there is no effect.


Who Must File an FBAR?

A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.

When must the FBAR be filed?

The FBAR must be received by the Department of the Treasury on or before April 15th of the year immediately following the calendar year being reported. The April 15th filing date may not be extended.

What is the purpose of the FBAR?

Report of Foreign Bank and Financial Accounts, is used to report a financial interest in or signature authority over a foreign financial account.

Can I get an extension of time to file?

If you file an extension on your tax return, the deadline for the FBAR is automatically extended as well. There is currently no separate extension that needs to be filed for the FBAR specifically.

Are there penalties for not filing or filing late?

A person who is required to file an FBAR and fails to properly file may be subject to a civil penalty not to exceed $10,000 per violation. If there is reasonable cause for the failure and the balance in the account is properly reported, no penalty will be imposed. A person who willfully fails to report an account or account identifying information may be subject to a civil monetary penalty equal to the greater of $100,000 or 50 percent of the balance in the account at the time of the violation. See 31 U.S.C. section 5321(a)(5). Willful violations may also be subject to criminal penalties under 31 U.S.C. section 5322(a), 31 U.S.C. section 5322(b), or 18 U.S.C. section 1001.

Extension Filing

File your individual Income tax return (Form 1040, 1040A, or 1040EZ) and Pay any tax due before April 15th to avoid penalties and Interests.

In case if you are not able to file your income tax return by the due date, you can always request IRS for additional time to file the tax returns but NOT to pay the taxes.

We at Fact Tax Filing help you in applying extension to file your tax returns with IRS for NO cost.

Bookkeeping & Payroll Processing

Fact Tax currently offers a Complete Accounting Package that covers all aspects of your accounting system. We'll provide full charge bookkeeping, quality assurance as well as in depth monthly financial analysis, reports and meetings as needed. Understanding that managers have different levels of understanding of their accounting systems, we provide customized solutions to meet your requirements.

In addition we offer optional services which are billed separately from our flat monthly fee. All of our additional services are provided on an as-needed basis and include back-work, trend analysis, tax preparation, inventory, job costing, audit assistance/preparation

Our packages are designed to process your daily accounting tasks as well as closing your books come month end. Using the recorded information we'll prepare your financial reports including a useful analysis of your performance.

Having confidence that your accounting system accurately reflects your current situation you'll be free to concentrate on running and growing your business. If your bookkeeping is overwhelming you and you no longer feel like you have control, give us a call. We'll head you in the right direction. Following are the services.

  • Accounts Payable
  • Accounts Receivable
  • General Accounting
  • Financial Reporting
  • Quarterly Tax Filing
  • Cash Flow Management
  • Business Valuation

We will close your books monthly, prepare your financial reports(balance sheet, profit and loss statements),analyze your outstanding payables and receivables and review your cash flow to help identify specific areas that need attention. Your monthly financial position will be presented accurately, timely.

We helps you stay focused on your business by streamlining your payroll process, improving productivity, and simplifying administration.

Time and Attendance

We provide a comprehensive software solution that will streamline your company’s operations, simplify timekeeping, and save you money. we offers the most state-of-the-art methods of time management for today’s businesses.

Workers Compensation                             

  • We offer a Pay-as-you-go policy based on actual payrolls and one payroll period at a time                             

Business Incorporation/Dissolution

  • We form thousands of corporations a year - we provide info on allocating shares to investors, stock assignment and many other considerations.
  • Just answer a few questions and we’ll set you up with the right forms, bylaws, and resolutions for your business.
  • We save you time and money with our various business services so you can focus on running your company.

Part Time CFO

What Does A Part Time CFO Do?

The CFO Connection is a group of Chief Financial Officers that offer you strategic on-call expertise. We work directly with you to help your company with all aspects of your business such as financial modeling to better manage your working capital, senior level management services that include counseling management and guiding existing staff toward the development of improved management systems, and strategic planning, which is the key to business success. You will benefit from a time-tested, integrated approach. Best of all, we are an affordable solution as a part-time CFO… you get all the expertise you need without having to hire a full-time and expensive CFO.

The Part Time CFO Difference:

The CFO Connection understands business challenges and the need to close the gap between strategy and execution. Our time-tested integrated approach looks at your business from various perspectives including your customers and all groups that touch them. We are not consultants but rather members of your team sharing the same objectives and goals.

How Part Time CFOs Work.

The process begins with a no-cost discovery session. This session helps your CFO understand your business challenges and to help you. Your CFO partners with you to develop responsive, and innovative and results-oriented strategies to lower your costs, reduce your risk, and achieve your business objectives and will fully support your highest priority.

Strategic Planning

A strategic plan is the key to business success. Yet many companies operate without one! We bring 25 years of professional planning experience for both manufacturing and service companies to the process. We’ll lead a disciplined program that:

  • Defines your customers
  • Identifies your customers’ needs and buying criteria
  • Assesses your strengths
  • Pinpoints your weaknesses
  • Focuses on your opportunities
  • Establishes meaningful objectives
  • Sets measurable goals
Evaluating New Business Opportunities

New business opportunities can be the key to your company’s growth, but leaping blindly into an entrepreneurial “adventure” can be a costly mistake. The CFO Connection can help you take a planned approach to your new business effort. We’ll provide the “up front” analysis that can:

  • Tell you if you’re financially strong enough to make the move.
  • Plan your investment, budgeting funds when they will be needed and identifying their source.
  • Project when your venture will be profitable.
  • Identify your manpower needs.
  • Help you select accounting and information management systems.
  • Establishes meaningful objectives
  • Structure your overall business plan.

How many times has that special project been put off for months or never done at all? The CFO Connection gives you the manpower and expertise to define and manage a special project from inception to fruition without interrupting your day-to-day business activities. With The CFO Connection, your special project will be:

  • Our most important activity. Work proceeds at a maximum pace and our energy is not siphoned off by competing responsibilities.
  • Clearly defined with objectives set in advance of any work beginning. This avoids costly “wheel spinning” and “start overs” that can result from inexperienced project management.
  • Project when your venture will be profitable.
  • Conducted with a senior management point of view. Its long-term effect on the bottom line will not be lost in a rush of enthusiasm.
Information Systems

The key to developing the best possible information system is to know what information a company needs to both maximize its opportunities and maintain financial control. We offer that level of expertise, plus the practical experience of having overseen the installation and evolution of a progressively more advanced information system at a growing multi-national company. Using The CFO Connection to manage the adoption of an information system brings a task force leader who has:

  • Managed both financial and manufacturing departments, and is insightful of their information system needs.
  • Overseen numerous change-overs from existing systems to new systems, managing both technical and human concerns./li>
  • Project when your venture will be profitable.
  • Introduced data base information systems bringing together customer information from many, decentralized divisions.
Incentive Plans

Motivating an organization is a complex art. While companies work hard at getting the most from their employees, they often lose track of the role that compensation plays in motivation. Ironically, a traditional view of compensation for managers can inadvertently create a structure in opposition to the desired management goals. Working with The CFO Connection on compensation programs:

  • Provides an objective, unbiased view of the compensation program.
  • Allows the company’s operating goals to be reflected at the center of the compensation plan./li>
  • Project when your venture will be profitable.
  • Brings a familiarity with successful, incentive-based compensation plans used at other companies.
Business Process Reviews

Most companies define their organizations in a hierarchical pyramid, putting their CEO at the top with all other positions shown by rank. However, when they attempt to view the process of serving their customers, a very different corporate structure emerges. This is the structure of their business process. We help companies better define their business process to match their business objectives. In doing so, we help clients:

  • Review their procedures from their customer’s perspective.
  • Develop policies and practices which grow from the need to serve the customer, not the organization./li>
  • Project when your venture will be profitable.
  • Track their business process from attracting an order to meeting the customer’s need. We assess how work flows from department to department. We identify breakdowns that impede the process; look for lapses in responsibility; and help eliminate redundancy of effort.