TAX COMPLIANCE & PLANNING

At FL&S, we work to minimize your tax burden in terms of both time spent and dollars by providing  the following  tax services:

For more information on FL&S Tax Services, please contact Mary-Kay Leary at mary-kay@flscpas.com or 410-307-1400.

Businesses

Tax rules and regulations can have an immense trickle-down effect on all facets of your business.  The FL&S team works to analyze your company’s individual needs and to create tax strategies  that will help you achieve your financial objectives.  We work to minimize your “global” tax burden by coordinating the tax planning of the business with that of its owners.  In addition, we collaborate with your other professional advisors including attorneys, investment advisors, bankers, trust officers, financial planners, and insurance representatives to identify all  potential tax saving opportunities.

The FL&S tax professionals understand that keeping up with the ever  changing tax regulations is a time consuming and overwhelming task, especially if your business operates in multiple states.  At FLS, we invest heavily in the ongoing training of our professionals and in the resources they use to serve you to ensure that they remain completely up-to-date on emerging tax issues at the federal, state and local levels, and internationally where applicable. This investment enables our professionals to help companies doing business in all 50 states to effectively minimize  their state and local income/franchise, sales and use and property tax burdens.

Individuals

Tax laws change nearly every year. The FL&S team makes it a priority to reduce your tax liability by staying current with the latest tax laws and regulations.

Our tax professionals offer a wide variety of personal tax planning services for individual clients, including the preparation of individual income tax returns, tax forecasts and projections, development of tax deferral strategies, offers in compromise, representation before the IRS and other taxing authorities , and tax saving strategies.

Our tax professionals understand that your personal tax needs are different from your neighbors’.  Our team analyzes each client’s unique tax planning needs and develops personal tax saving strategies that help can help you grow and preserve your assets,  reduce taxes on your income, investments, estate, or retirement funds.

Non-profit Tax

Our team has extensive experience in preparing federal forms 990 and 990-T.   We understand the Form 990 is a public document that will be seen by donors, grantors, contributors, and the general public and we help by advising you on policies and procedures to put in place to help maximize your public image.  We keep current on changes to the IRS Form 990.  We regularly audit non-profit organizations with unrelated business income tax issues (UBIT), private foundation tax analysis, public support calculations, proper allocation of expenses by function, and other exempt tax consulting issues concerning the Form 990.

In addition, our professionals have worked with non-profit organizations in the start-up phase by helping them obtain employer identification numbers, and preparation of federal form 1023 – Application for Recognition of Exemption with the Internal Revenue Service.

Our professionals also have significant experience working with non-profits who are part of an affiliated group of entities including groups that have for profit affiliates and subsidiaries.

Estates and Trust

The tax professionals at FL&S understand the importance of planning for the financial security of your heirs.  Whether you are planning for your children’s education or your retirement funding, our firm will help you utilize the most effective estate planning strategies. Proper estate planning anticipates potential problems and allows you greater flexibility and control over the future of your assets.

Our team prepares fiduciary tax returns for estates and trusts, reviews wills and trust documents, and can provide estate and trust administration.  In every step of preparing your estate plan, we are dedicated to maximizing your wealth and minimizing your tax burden.

FL&S, a greater Baltimore CPA firm, works in conjunction with your estate planning attorneys, investment advisors, trust bankers, trustees, beneficiaries, executors, and other financial planners to ensure that your assets seamlessly transition from one generation to the next with the minimum possible loss.

Gift Tax Returns

A properly designed gifting program is an extremely effective way to minimize estate taxes and to preserve family wealth.  FL&S can help you to develop efficient gifting strategies to fulfill both your family’s financial goals and your philanthropic desires.  We assist our clients with all gift related compliance services including preparation of the appropriate gift tax forms, recommendations regarding the transfer and titling of assets, review of trust documents and asset valuations.

Other Tax and Related Services

Other tax and related services provided by FL&S include:

  • Succession planning
  • Retirement planning
  • Education planning
  • Representation and negotiation with IRS and other government agencies.