Tax Planning & Strategies Services

“The hardest thing in the world to understand is the income tax.”- Albert Einstein

2017-ipa-top-200-firms
prime global@2x
AICPA
ohio-CPAs
  • Businesses
  • Nonprofit Organizations
  • Individuals
  • Employee Benefit Plans
  • Retirement, Estates and Trusts

Businesses Overview

Our team provides tax planning, compliance and consulting services to integrate the business and the owner’s objectives,  while making sure to provide tax- advantaged solutions.  In an ever-changing legislative world, it is important to integrate the latest tax developments into planning and reporting.  From determining the structure of a new entity through its life cycle to sale or liquidation, our experts can guide it through the tax labyrinth to minimize the tax impact.

Tax Planning and Compliance

The Tax Advisors at HW&Co. specialize in providing both short-term and long-range planning to assist in meeting client objectives.  Minimizing your overall tax burden is our goal, whether through tax reduction or deferral.

International Tax Planning and Reporting

HW&Co. has the expertise to assist your organization in planning for and implementing international growth.  From setting up foreign entities to repatriating your earnings, our professionals can guide you through the process.  As  key members of the team, we can help to keep you compliant with reporting matters in the U.S. and abroad.  Utilizing special deductions and credits allowed against foreign income, we are able to assist you in minimizing your overall tax load.

  • Foreign asset reporting
  • IC-DISCS
  • Foreign government reporting
  • Offshore voluntary disclosure

Succession Planning

Our team of seasoned professionals assist our clients from birth to generations or third-party transfers in the life of their organizations.  Whether it is the choice of entity to use or the time and method of transfer, we are here to give guidance.  The type and number of owners may help determine the best organization with regard to other considerations such as objectives of the owners, the type of business or the places in which the business conducts its affairs.  Whether your plans call for a transfer tomorrow or 10 years down the road, we are here to begin the process.

  • Choice of entity consulting
  • Transfer planning
  • Estate planning
  • Financial planning
  • Valuation services

Strategic and Financial Planning

Integrating tax planning into overall strategic and financial planning is a key component to success.  Our advisors understand the elements involved in strategic planning, combined with the tax implications to be considered.  Our objective is to assist in reaching the goals with a minimum of tax liability.

  • Tax planning
  • Financial planning
  • “What If” scenarios

Cost Segregation Studies

Our tax professionals have helped our clients realize considerable savings through the use of cost segregation studies.   Componentizing long-term fixed assets to allow for acceleration of deductions that result from cost segregation studies.   This process identifies personal property assets included with real property and allows the assets to be depreciated using 5.7 or 15-year lives instead of 27.5 or 39-year lives.  By identifying the assets eligible for the accelerated recovery periods, our client’s taxable income decreases while their cash flow increases.

Tax Credit Planning

Various tax credit opportunities are available to offset taxes due. We assist in the identification process as well as the calculation and reporting.

  1. Employment Tax Credits available are:
    • Work Opportunity Credit: This tax credit is designed to encourage business owners to hire workers from certain targeted and/or disadvantaged groups, such as veterans, former felons, and food stamp recipients. The credit amounts range from 25 to 50% of qualified wages paid to these workers during a tax year.
    • Small Business Health Care Credit: As a result of the Patient Protection and Affordable Care Act, the credit is employed to help small business owners offset the cost of providing health insurance to their employees. In order to be eligible, an employer must pay for health insurance under a qualifying arrangement, have fewer than 25 full-time employees, and pay annual wages of $50,800 or less, on average for tax year 2014.
    • FICA Tax Tips Credit: Employers are required by law, to pay FICA taxes on tips . To alleviate this burden, employers may file Form 8846, Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips.
  2. Research & Development Tax Credit: Allows businesses to apply for a dollar-for-dollar reduction of tax for qualified expenditures. Currently, businesses can claim tax credits up to three years retroactively and defer taking credit for up to 20 years.
  3. Fuel Tax Credit: The U.S. government imposes excise taxes on a variety of liquid fuels. If a purchaser pays the excise tax on a fuel and can substantiate another taxpayer has already paid the excise taxes due, the purchaser may be eligible to submit a claim for refund of fuel excise taxes paid.

Tax Controversy

Our tax professionals have considerable experience representing clients in Internal Revenue Service, state, and municipal administrative proceedings. As governments expand their reach and laws become more complex, companies can inadvertently step into grey areas. Our team provides insight, guidance, and presentation.

  • Negotiating the scope of an audit
  • Contesting summonses
  • Obtaining pre-filing rulings and technical advice memorandums
  • Representing clients in meetings and audits with authorities
  • Assistance with administrative appeals

  • Businesses
  • Nonprofit Organizations
  • Individuals
  • Employee Benefit Plans
  • Retirement, Estates and Trusts

Nonprofits Overview

At HW&Co., our tax compliance and consulting professionals have extensive experience with nonprofit entities. Our experience allows us to understand the unique challenges facing various sectors of the nonprofit industry. From start-up to seasoned professionals, we provide assistance with structural, business, and employee matters.

We work with various nonprofit organizations, including:

  • Affordable housing and HUD
  • Zoos, museums, and other arts and cultural organizations
  • Behavioral and mental health
  • Educational institutions
  • Churches and faith-based organizations
  • Foundations
  • Human and social service organizations
  • Associations and membership groups

Tax Planning

We can assist in determining the amount of distributions required to be made for charitable purposes. In addition, we can help determine the timing of inflows which influence maintaining your current status.  We want to alleviate your stress by being proactive in the planning process.

  • Tax estimates
  • Cash flow planning

Filing Requirements

We assist in determining filing requirements for both disclosure reporting as well as tax calculation and credit filings. Our approach to this disclosure is client centered to present your organization in the best light. We will also assist with UBIT filing and take advantage of all available tax credits you can obtain.

Research

Our professionals have significant experience in researching alternatives to aid in planning and implementation of the entity’s goals in this area.

  • Analyzing reporting requirements
  • Evaluation of compliance with the entity’s goals
  • Determine the proper structuring of your organization’s various entities

Tax Preparation and Compliance

Our experienced professionals can assist helping you meet your filing requirements. The Form 990 tells the story of your organization to not only the regulators, but also your donors.  We offer preparation, review, and consulting services related to the filing of returns with various taxing authorities.

  • Compliance
  • Tax estimates

Private Foundations

Private foundations have unique opportunities and requirements. Whether or not it is assisting in grant-making or distribution planning, we can help. We offer preparation, review, and consulting services related to the filing of returns with the various taxing authorities.

  • Tax planning
  • Tax estimates
  • Compliance

Tax Controversy

Our tax professionals have considerable experience representing clients for Internal Revenue Service, state, and municipal administrative proceedings. As governments expand their reach and laws become more complex, nonprofit entities can inadvertently step into grey areas. Our team provides insight, guidance, and presentation.

  • Negotiating the scope of an audit
  • Contesting summonses
  • Obtaining pre-filing rulings and technical advice memorandums
  • Representing clients in meetings and audits with authorities
  • Assistance with administrative appeals

  • Businesses
  • Nonprofit Organizations
  • Individuals
  • Employee Benefit Plans
  • Retirement, Estates and Trusts

Individuals Overview

The Tax Advisors at HW&Co. specialize in providing both short-term and long-range planning to assist in meeting client objectives. Minimizing your overall tax burden is our goal, whether through tax reduction or deferral.

Tax Planning and Compliance

The best way to help minimize your taxes is to contact HW&Co. advisors in order to assist in the planning process before the end of the tax year. We want to help you be proactive rather than just record history. By preparing a tax projection, we can identify tax planning opportunities and cash flow estimates.

We understand that while taxes are a fact of life, your cash flow needs to fund them may not match. Our team aids our clients in matching future cash flow needs to meet tax requirements. Planning today can better meet the needs of tomorrow.

Foreign Tax Planning and Compliance

  • Foreign asset reporting
  • Foreign government reporting

Credit Planning

Various tax credit opportunities are available to offset taxes due. We assist in the identification process as well as the calculation and reporting.

  • Health insurance credit
  • Energy credits
  • Pass-through credits
  • Education credits

Tax Controversy

Our tax professionals have considerable experience representing clients for Internal Revenue Service (IRS) state and municipal administrative proceedings. As governments expand their reach and the laws become more complex, individuals can inadvertently step into grey areas. Our team provides insight, guidance, and presentation.

  • Negotiating the scope of an audit
  • Contesting summonses
  • Obtaining pre-filing rulings and technical advice memorandums
  • Representing clients in meetings and audits with authorities
  • Assistance with administrative appeals

Financial Planning

Planning for your financial future takes the stress out of life. Having a path to follow as you reach your life goals is important. Our team can guide you through the process and help you in realizing your goals.

Strategic Planning

Strategic tax planning is an important aspect in meeting your short- and long-term financial goals. Our experienced professionals use a holistic approach to assist our clients in dealing with today as well as tomorrow’s challenges.

  • Businesses
  • Nonprofit Organizations
  • Individuals
  • Employee Benefit Plans
  • Retirement, Estates and Trusts

Employee Benefit Plans Overview

Recruiting and retaining employees is key to success in any business.  Our employee benefits team can help determine and implement benefits right for your organization. From health or cafeteria plans to retirement plan solutions, we can assist you in adopting the solutions to best fit your business.

Tax Planning and Compliance

Providing the right benefits to your employee group is the goal of our employee benefits group. Matching needs and affordability is key to recruiting and retaining a strong work force. Our professionals understand the alternatives available to meet your goals.

Services:

  • Identification of benefit options
  • Implementation and monitoring of options
  • Assistance with reporting compliance

Cash Flow Planning

Managing cash flow needs to support employee benefit options is an important component in the overall plan. We can help you plan relating to the timing and amount of contribution and coverage requirements.

Tax Preparation and Compliance

The Tax Advisors at HW&Co. will keep you in compliance with your Department of Labor and Internal Revenue filings as well as required employee disclosures. Keeping current and up to date on these requirements is an important aspect of employee plan coverage.

  • Filing of Forms 5500 and 990 as required
  • Preparation and assistance with employee disclosures

  • Businesses
  • Nonprofit Organizations
  • Individuals
  • Employee Benefit Plans
  • Retirement, Estates and Trusts

Retirement, Estates and Trusts Overview

A well-designed plan can provide for confidence the wealth you have accumulated will continue to grow and be distributed   according to your wishes. Whether protection during your lifetime or after your death, proper planning can provide for peace of mind.   Our seasoned professionals provide guidance related to planning during your remaining lifetime to the next generations.

Financial Planning

Planning for your financial future takes the stress out of life. Having a path to follow as you reach your life goals is important. Our team can guide you through the process and help you in realizing your goals.

  • Goal setting
  • Planning
  • Plan implementation
  • Plan monitoring

Retirement Planning

Making sure you can meet your life goals and needs in retirement is important. Our team takes a comprehensive approach to make sure your needs are covered ranging from health care coverage to financial goals. Setting realistic goals to assure your assets last through retirement is part of our plan.

  • Goal setting
  • Planning
  • Plan implementation
  • Plan monitoring

Estate Planning

The Tax Advisors at HW&Co. specialize in providing both short-term and long-range planning to assist in meeting your objectives. While you may not have estate tax liability, the need for estate planning is still required. Making sure your assets are allocated according to your wishes is our goal. We will work with the others on the team to assure your objectives are met.

  • Tax projections
  • Determine and control the distribution of assets
  • Plan implementation
  • Plan monitoring and review
  • Assisting in the preservation and protection of assets for future generations
  • Manage and mitigate estate tax liabilities in the future
  • Integrate charitable objectives
  • Protect heirs and their inheritance from divorce and legal action

Trust Planning and Compliance

The Tax Advisors at HW&Co. specialize in providing both short-term and long-range planning to assist in meeting client objectives. Minimizing your overall tax burden is our goal, whether through tax reduction or deferral.

  • Tax projections
  • Cash flow planning
  • Tax preparation and compliance
  • Credit planning
  • Foreign reporting and compliance

Tax Controversy

Our tax professionals have considerable experience representing clients in Internal Revenue Service (IRS), state and municipal administrative proceedings. As governments expand their reach and the laws become more complex, trustees can inadvertently step into grey areas. Our team provides insight, guidance, and presentation.

  • Negotiating the scope of an audit
  • Contesting summonses
  • Obtaining pre-filing rulings and technical advice memorandums
  • Representing clients in meetings and audits with authorities
  • Assistance with administrative appeals