Our tax services go beyond the preparation of federal and state tax returns. Drawing upon the knowledge and experience of our tax teams and as necessary, the global resources of the BDO Alliance, we work hard to keep our clients informed of new opportunities and challenges to help expand their businesses and secure tax savings. Our tax professionals work closely with our business and individual clients to develop comprehensive plans to achieve their current and long term goals.
Business Entity Selection
In today’s world, there is a lot to consider when determining which type of business entity is right for your company. At KRMT, our professionals will help determine the best structure for your organization by considering factors such as your immediate goals, tax saving opportunities as well as your ultimate exit strategy.
Research & Development (R&D) Tax Credits
The R&D Tax laws are highly complex. These laws were designed to lower the after-tax cost of research and development, inducing companies to invest more in R&D. At KRMT, we can help you determine the potential R&D benefits, while minimizing the administrative burden of determining exactly what costs are eligible and the best methodology to utilize these credits currently.
Cost Segregation Studies
KRMT’s cost segregation team can identify opportunities for federal and, in some cases, state tax advantages to owners of commercial real estate. KRMT’s cost segregation team can work to help owners/taxpayers achieve the following benefits:
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Reducing federal income taxes in the early years of a building’s life by accelerating federal tax depreciation deductions, resulting in increased current cash flow.
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Identifying the net present value of the increased cash flow over the life of the facility.
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Providing an independent third-party analysis of project costs. Our conclusions are based on sound engineering principles and are supported by IRS regulations, rulings and case law. |
Family Wealth Planning
Our Family Wealth Planning practice provides a wide range of services from compliance and sophisticated estate planning for the entrepreneur to business succession planning. We address the pressing needs of our clients by helping to develop a succession plan for their businesses while working with their families to help achieve their goals.
Our Family Wealth Planning professionals can assist in creating entities and monitoring compliance with the myriad of applicable tax laws. This includes advising clients who have created private foundations, as well as the utilization of other charitable giving and asset transfer techniques to help achieve their goals.
Estate and Gift Tax Planning
There is a cost for almost everything today, including death and generosity. Individuals are often unaware of the consequences of their actions. That's why our Family Wealth Planning practice is available to work with individuals to cost-effectively help achieve their desired goals. By applying a proactive approach, we can help anticipate the needs of our clients. We can also help our clients monitor their progress toward achieving their goals by working closely with other members of the client’s advisory team.
Income Tax Planning for Trusts and Estates
Overlooking the need to monitor income tax issues associated with trusts and estates can result in missed opportunities. Because of our depth of knowledge in this area, we can help our clients make decisions about trusts and estates that support their interests and goals.
Business Succession Planning
One of the hardest things for business owners is recognizing that someone else will someday make the decisions they are making today. Our Family Wealth Planning practice helps business owners plan for this transition by considering the possibilities and developing a structure suited to their situation. We work with all family members currently involved in the business, as well as participating in a search for outside resources if that is the strategy best suited for the owner’s succession plans.
Valuations
Our Family Wealth Planning practice leverages the services of our Valuation practice to prepare essential valuations. Whether gift or estate tax valuations are needed, we can work closely with our Valuation professionals to prepare valuations that are best suited to the individual needs of our clients and their particular situations.
Foreign Trusts and Estates
Many of our clients have international concerns, and increasingly have some form of international business activity. Our Family Wealth Planning practice works with our clients and their advisors to help maintain compliance as legislation changes. In addition, we can help clients take greater advantage of opportunities in this area while helping to decrease their exposure to additional taxes related to both inbound and outbound transactions.
Tax Planning & Preparation
At KRMT, we strive to minimize the tax burden and maximize the tax benefits. Our approach to tax planning and consulting allows us to draw upon the vast tax experience of the KRMT organization. Our clients benefit from the wisdom of our professional staff, bringing together our best resources when and where you need them. Our experience serving a large, diverse client base, as well as our access to BDO national and international tax resources, provides us with a wealth of intellectual capital regarding tax strategies for a variety of situations.
IRS Tax Representation
We have an experienced team of tax professionals who are experts in the nuances of the Internal Revenue codes and tax laws. We regularly represent our clients before the Internal Revenue Service and state tax authorities in a variety of matters.
State & Local Tax
Federal tax expense was once the primary target of reducing tax burden. However, state tax expense continues to be a greater burden for many taxpayers. Recent tax regulations and court decisions have created many savings opportunities in the state and local area. We work proactively with our clients to help minimize state and local tax expense.
Income and Franchise
Equipped with an understanding of our clients' businesses and a knowledge of the different types of tax levies and tax rates, we can recommend an appropriate strategy designed to help reduce the overall corporate tax rate. These tax savings are often achieved with minimal impact on the business operations of our clients.
Nexus Planning
Nexus reviews often result in opportunities to reduce multi state business tax exposure. This planning technique takes advantage of the interrelationships of state tax laws in different jurisdictions. A review of business operations can identify potential exposure to sales and use taxes.
Entity Structure
A review of the structure of a business may produce a number of tax-saving opportunities, such as benefits from restructuring unprofitable affiliates, combined reporting strategies and determining the optimal entity for a particular jurisdiction.
Tax Credits
Many tax jurisdictions have a variety of tax credits for new or increased business in a particular location. We help clients secure benefits from these credits.
Sales and Use
Our sales and use tax advisors can review and identify refund opportunities from changes in law, interstate purchases, statutory exemptions and billing errors.
Property Taxes
Our property tax consultants can analyze real and personal property taxes assessed in order to help minimize the amount of tax paid. Working directly with local assessors and utilizing the resources of the BDO Alliance, our approach to property tax assessments can result in reductions in amounts assessed.
International Tax
While businesses devote considerable resources toward minimizing domestic taxes, many companies spend significantly less effort on reducing foreign taxes - even though their effective tax rates are frequently higher than the U.S. tax rate. Without careful planning, profits could be depleted by both additional tax costs and the costs of defending tax cases.
Transfer Pricing
Transfer pricing refers to the taxing authorities' examination of prices charged within a multinational group. Utilizing the resources of the BDO Seidman Alliance, we assist clients in preparing studies to help minimize this burden. Alternatively, if a tax audit is already under way, we can help to favorably present the client's case.
Expatriate Services
Executives transferring in and out of the United States, or from one country to another, raise a variety of questions concerning compensation. KRMT, as part of the BDO Alliance, can help with the planning, consulting and compliance necessary to maintain a multinational workforce.
