Preplanning is one of the best tools of profit improvement. Brown Smith Wallace hosts the depth of expertise to provide a variety of consulting services including:
Corporate & Personal Tax Planning
During current economic conditions, companies should perform a tax act review in order to be fully utilizing any new tax regulations that could have a positive impact on their tax planning and cash flow. Brown Smith Wallace is informed on new laws and tax acts that can help you utilize these benefits as they become available. As your trusted advisor, we look for opportunities to decrease your corporate and personal tax from various perspectives.
Based on current economic circumstances, your company can possibly generate unexpected cash flow from prior year income taxes and, if planned properly, can file for Quick Refunds. If your company is anticipating a net operating tax loss for the year, we can help you file your returns as quickly as possible. The current year net operating loss can be used to offset tax paid in the prior two years. This could generate cash flow for some companies.
To help companies looking for profit improvement, Brown Smith Wallace has developed the Business Health CheckupTM. Our tool provides companies with an assessment that identifies opportunities for cost control and reduction, process improvement, tax and estate planning, along with financial analysis and structuring. From this assessment, we can help you develop a step-by-step action plan that can be the foundation of your company’s long-term success and enable the business to effectively move forward, even in a challenging economic environment.
Brown Smith Wallace has the expertise to make sure your organization is utilizing the various advantages different state and local tax jurisdictions are offering.
Personal Tax Planning
Income Estimation – Long-Term Planning
Brown Smith Wallace can help you be more precise with your tax estimates, which can help you, your company and your management team reduce the amount of tax being paid in estimates and help your officers/management plan for their individual tax returns.
The current economic conditions make this an opportune time for you to take advantage of gifting shares of closely held company stock to the next generation of owners. It is also a good time to consider gifting shares of stock held in investment portfolios to the next generation due to the decrease in the market value of publicly traded securities.
Some people are complaining that the value of their portfolio has decreased anywhere between 20-50%. Historically, if you have given gifts of stock, you can now increase that gift two times – if the value has truly decreased by 50%. This is a great time to evaluate your gifting activities from estate planning and business succession perspectives, due to the decrease in value of publicly traded and closely held companies.