Our tax advisors provides business accounting services to 400+ clients. They are a diverse bunch, including designers, dentists, photographers, physicians, restaurateurs, architects, consultants, educators, mental health professionals, entrepreneurs, and software developers, among many others. Our accountants help with tax preparation and planning, business planning, compensation and retirement planning, accounting software and bookkeeping systems, among other services.
We help new businesses make decisions about what sort of company to choose and coach them on best practices so they hit the ground running. We let them know about tax opportunities and pitfalls to avoid. If they run into trouble, our advisors help them fix the books, correct payroll issues and represent their interests before the IRS. Here are some ways we help:
IRS and State Audit Defense
By getting between the government and the taxpayer, John Schachter + Associates takes away the stress and distraction of an income, sales tax or payroll tax audit. In recent cases, our advocates have:
- settled a federal examination of a successful web services company with no changes to its return
- negotiated a significant reduction in penalties in a payroll tax case and worked out a sustainable payment plan
- satisfied IRS auditors that a designer client’s business losses were justified
Claiming Tax Benefits for Business
Small, innovative businesses can qualify for valuable tax incentives and not know it. Our tax advisors watch out for opportunities. Among many other such projects, John Schachter + Associates has:
- worked with tech clients to calculate and claim lucrative tax credits for research and development activity
- claimed credits for restaurant clients for payroll taxes paid on tipped employees
- prepared detailed submissions to claim film production credits for filmmakers
- helped a restoration contractor claim a special deduction for US based manufacturers
Corporation, Partnership or LLC?
The best form for a business depends on its industry, stage in its life cycle, goals of the principals and expected exit plan. Working with client companies and their legal advisors, John Schachter + Associates helps each business client choose the right entity type for where it is now, and where it plans to be. As examples, our advisors have:
- helped a boutique investment advisor design the optimal form of business to suit work as a broker and consultant, minimizing tax while facilitating important regulatory compliance
- recommended a corporation to a tech startup positioning itself for an eventual IPO or strategic acquisition
- devised terms for a retail store’s partnership agreement that gave tax benefits to the investors who could benefit best
Business Accounting and Information Systems
John Schachter + Associates helps new and growing companies choose and implement up-to-date, robust and efficient accounting and bookkeeping systems that support smart business decisions and year-end planning. Real-life cases include QuickBooks Online installation and training for a brand consultant, a magazine publisher, a software company, a real estate developer – and many more.
Cashing Out/Buying In
Exit from a business can be hugely important to a founder’s financial outcome. John Schachter + Associates has counseled business sellers and their attorneys on tax and financial strategies to maximize the pay day. Among other cases, we have:
- represented the founder of a financial research company in a sale and identified hundreds of thousands of dollars of savings overlooked by the company’s advisors
- proposed terms for selling a retail company’s assets that spread tax out over several years
- counseled owners in a marketing communication agency on how fairly to implement a buyout of a retiring member
Just as important is strategic thinking about buying a business. On various occasions, our tax advisors have:
- advocated for a lower buy-in price for a doctor joining a practice
- crafted buyout terms that maximized deductions for a casual restaurant chain
- coached a framing shop entrepreneur on favorable terms to purchase an additional retail location
Talk to us. We look forward to helping you!