Our firm has prepared numerous tax returns for individuals and businesses. Whether it’s an IRS audit or an income tax document, our CPAs Dwain Mees and Poonam Sandhu along with the entire team have in-depth knowledge about the tax laws.Combining the latest accounting technology with an understanding of tax laws, we are able to provide quick, reliable, and efficient tax preparation services.

We have the experience to help you with:

  • Individual income tax preparation.
  • Corporate tax returns
  • Tax identification number applications
  • A complete suite of tax advice and Consulting

Client’s opting for the Cloud Accountant-Connection can access all the services through highly secured web servers in a multi-user, real-time environment.

Individual Income Tax Preparation

According to the IRS, annual income tax returns have to be filed by residents and citizens of the U.S. With constant changes in the tax code, the chances of error increase significantly.For example, Contributions to Traditional IRA, Conversion to Roth IRA, different rules of Backdoor Roth which could be difficult and confusing at the same time. You need a qualified and a professional CPA by your side to make sure that is handled in a most accurate manner so that you get the benefit of taxable vs Non Taxable portions of the IRA.

Similarly, insufficient knowledge about tax returns may result in loss of credits such as American opportunity credit, earned income credit, health coverage tax credit, and credit for federal tax on fuels. Furthermore, there are several variables that come into play when preparing the tax returns such as W-2 forms and 1099-R forms, standard deductions, etc. and even a single mistake can lead to consequences.

Corporate Tax Returns

Corporations have to use Form 1120 to file annual income returns . Large businesses and International corporations have to file 1120 to be in compliance with the tax rules and regulations. The problem that can arise is the uncertainty of tax positions in financial statements. Also, corporations may not be aware that they are also eligible for net income reconciliation with assets of $10 million or more. All of the additional documents should be filed with Form 1120.Businesses can also elect to be a S-corporation which is a special kind of tax status that corporations or limited liability companies can select. S corporation status doesn't alter the business operations, but it moves the tax burdens from the business to the owners themselves.

Before becoming an S corporation, a business must meet specific tests. The potential S corporation must:

  • Be a domestic corporation (registered within the U.S.)
  • Have no more than 100 shareholders
  • Have shareholders that are persons, estates, or trusts
  • Not have partnerships, corporations, or non-resident alien shareholders
  • Only have one class of stock (common stock)

Our corporate tax preparation services will ensure that your corporation doesn’t get overwhelmed by confusing IRS codes and terrifying tax terms. We would also represent you in the IRS Audits and other notices if received any.

Partnership Tax Returns

A partnership must file an annual information return to report the income, deductions, gains, losses, etc., from its operations, but it does not pay income tax. Instead, it "passes through" profits or losses to its partners. Each partner reports their share of the partnership's income or loss on their personal tax return. Partners are not employees and shouldn't be issued a Form W-2. The partnership must furnish copies of Schedule K-1 (Form 1065) to the partner.

Trust Returns

We also prepare trust returns Form 1041 filed by a decedent's estate or living trust after their death. It's similar to a return that an individual or business would file. It reports income, capital gains, deductions, and losses, but it's subject to somewhat different rules than those that apply to living individuals.

Trust has higher tax bracket than the individual returns. Below are the 2020 tax brackets for trusts that pay their own taxes:

  • $0 to $2,600 in income: 10% of taxable income.
  • $2,601 to $9,450 in income: $260 plus 24% of the amount over $2,600.
  • $9,450 to $12,950 in income: $1,904 plus 35% of the amount over $9,450.
  • Over $12,950 in income: $3,129 plus 37% of the amount over $12,950.

Non-Profit Returns

Most charitable nonprofits that are recognized as tax-exempt have an obligation to file an annual information return with the IRS. (There are very few exceptions: church-affiliated organizations and governmental organizations are among those not required to file.) The IRS Form 990 is a public document that must be filed with the IRS on the 15th day of the 5th month after the close of the nonprofit’s fiscal year. Our staff here at Mees Sandhu would help you to differentiate all types of 990 series of documents and file them in a timely manner.

Tax Identification Number Applications

Tax Identification Number or TIN is used in tax law administration. The IRS issues TIN while the Social Security Administration issues SSN or Social Security Number.

List of tax identification numbers

  • EIN – Employer Identification Number
  • SSN – Social Security Number
  • ITIN – Individual Taxpayer Identification Number
  • ATIN – Taxpayer Identification Number for Pending U.S. Adoptions
  • PTIN – Preparer Taxpayer Identification Number

Obtaining the appropriate tax identification number is important for filing tax returns. There are different requirements associated with each of the numbers. To obtain an SSN, there must be sufficient evidence of U.S. citizenship and Form SS-5 needs to be filled out. Those running businesses are required to obtain an EIN and use Form SS-4. Individuals that can’t get an SSN are required to obtain ITIN by filling out Form W-7. Income tax credits are not applicable with an ITIN. Our team here at Mees Sandhu can help you smooth this process and help you obtain the tax identification numbers that you are looking for.