Tax Planning & Compliance Services
Tax Planning and Compliance
Guiding businesses to substantial tax savings.
Global expansion, multiplying regulatory pressures, and unprecedented competition all conspire to set a daunting backdrop for the complicated business environment of the new millennium. Rising to the top of corporate concerns is tax compliance, at all levels: state, federal, nexus, and international.
Internal tax departments feel increasing strain as they juggle multiple filing obligations and strive to keep abreast of constantly shifting tax law. HRSS understands the burden shouldered by corporate entities grappling with filing and compliance. We offer practical tax planning advice that creatively guides corporations toward substantial tax savings.
With our client-centered tax filing and compliance services, your company receives close partner attention and tailored tax planning – helping you build a sturdy foundation on which to build your future. Our holistic approach to tax services combines our technical knowledge of tax laws from the local to the international, for individuals and businesses – with our focused, industry-specific expertise.
Below are some of the services that we provide to our clients:
- Federal tax matters
- Cost segregation analysis
- Income tax accounting
- International tax services
- Not-for-profit tax services
- Individual tax services
- State and local tax
- Tax transaction advisory services
Your Business Can Benefit from HRSS’s First-Rate Tax Services
HRSS has the knowledge and experience to provide comprehensive tax services to clients. We help develop tax plans and strategies that are customized to the needs of businesses and individual clients. The HRSS Tax Services team provides expertise in tax compliance, tax advisory, and tax planning. To learn more about our tax services, contact us.
Sabeen Pirzada, CPA
Partner, Tax Advisory Services
Phone: (713) 328-4022
Email: sabeen.pirzada@hrss.cpa
Sabeen Zuberi, CPA
Partner, Tax Advisory Services
Phone: (713) 328-4032
Email: sabeen.zuberi@hrss.cpa
Develop efficient tax strategies for your business.
Federal Tax Matters
HRSS helps you craft a sound tax plan to carry you safely through today's economic turbulence.
As a business grows, the complexity of its federal tax matters grows with it. Foreign revenue, novel compensation plans, and creative business transactions can help a business grow. However, they place enormous pressure on business leadership to get federal tax filings right.
HRSS understands the need for businesses to have confidence in the handling of their federal tax matters. We combine our technical knowledge of the U.S. tax code with the understanding of businesses’ needs to provide guidance for our clients, navigating them through the risks and benefits of federal tax strategies.
Business Tax Advising
Rather than a “same as last year” mentality, business taxes should follow a long-term strategy that can be implemented for day-to-day use. By examining the life cycle and structure of your business, our seasoned business advisory tax team helps you develop and implement sustainable tax strategies to minimize your overall tax burden while remaining compliant with U.S. and international tax laws and regulations. HRSS helps streamline internal controls through our in-depth analysis of your financial accounting procedures. Furthermore, we will assist in relationship management with tax authorities, including representation before the federal and state authorities.
Business Tax Compliance
It can be difficult to adhere to the multiple layers of tax reporting requirements faced by businesses at the local, state, multi-state, federal, and international levels. Without business tax compliance, the Internal Revenue Service (IRS) can make life difficult for your business. Because HRSS is fully versed in the tax code and enjoys years of broad experience in varied industries, we have helped our clients develop industry-specific compliance strategies. When you work with us, you can be assured your reporting requirements will be fulfilled in a timely and cost-effective manner.
Business Tax Planning & Accounting
Every move a business makes could have tax implications. This not only presents substantial risks to a business but can also present significant opportunities. Tax planning is not a one-time action, but a year-round process. Our client relationships include regular counsel on how to minimize tax liabilities in all your transactions, including mergers and acquisitions – whether during tax season or any time of year. HRSS provides tax planning services to help businesses structure one-time transactions, ongoing relationships, and recurring transactions to take full advantage of the U.S. tax code.
Cost Segregation
Many companies overlook cost segregation as a tax strategy.
However, any company that builds, buys, or renovates can take advantage of a cost segregation analysis to identify if all of the elements of construction and renovation are being handled in a way that provides the maximum tax savings. Our professionals partner with clients to help them realize the benefits related to cost segregation.
The value of HRSS’s cost segregation analysis is not limited to only real estate businesses, any company can benefit from the insights including:
- Medical, dental, and veterinary offices
- Manufacturing facilities
- Warehouses, distribution centers, and storage facilities
- Office buildings
- Apartment buildings
- Restaurants and retail stores
- Entertainment venues, like casinos and fitness centers
- Lodging
Income Tax Accounting Services
Federal, state, and local income taxes can present a web of regulations for businesses and individuals.
Developing a plan that rests on solid regulatory footing can help a taxpayer minimize tax liabilities while providing a defense in the event of an audit. HRSS works with each client to identify their short- and long-term goals and develop an income tax plan to realize those goals while maintaining the risk tolerance identified by the client.
International Tax Services
Whether a client is a multinational business or an expert whose work crisscrosses the world, we help clients understand the varying tax obligations that different jurisdictions impose and implement the strategies to maintain compliance.
HRSS has expertise in international tax matters such as inbound and outbound structure planning, foreign tax credits, transfer price analysis, and global business planning and compliance. Our international tax practice has dealt with many complex international tax issues, including:
- Reporting requirements for revenue earned in foreign countries.
- Withholding requirements for international distributors.
- Handling of taxes on a transfer of intangible assets to foreign subsidiaries.
Not-for-Profit Tax Services
Not-for-profit organizations can face enormous pressures both inside and outside their organization. Tax compliance should not contribute to them.
HRSS can develop a tax strategy to establish and maintain a not-for-profit organization’s status. This allows a not-for-profit organization to shape its activities to avoid any disputes over its tax status. Using this strategy, the organization can focus on its core mission rather than worrying about federal, state, and local taxes.
Individual Tax Services
Although HRSS works with companies to help them navigate federal, state, and local income taxes, we do not limit our services to only commercial taxes.
In fact, our professionals can help individuals plan for the future with estate and gift tax strategies to preserve their wealth for future generations.
High Net Worth Tax Services
For individuals with high net worth, comprehensive tax services are vital to preserving assets for current and future generations. HRSS is proud to offer a program of integrated financial planning – one that encompasses business interests, investments, assets, and wealth structure. We firmly believe this approach represents the wisest course to build and preserve your family’s wealth.
High-net-worth individuals need a strategic tax plan. Like businesses, every transaction – from buying a home, to investing in a business – has potential tax consequences. With HRSS, clients have a partner who understands their concerns about preserving their hard-earned assets. Using its experience representing high-net-worth individuals, we develop a plan that includes business interests, investments, assets, and wealth structure to build and preserve a family’s wealth.
Estate Tax Accounting Services
Structuring an estate to limit exposure to estate taxes is one of the greatest gifts a person can give their heirs. HRSS provides advisory services to structure an estate to fulfill a client’s goal of passing assets to heirs while minimizing, or avoiding, estate taxes. We work with you to develop a personalized estate and trust tax plan based on your assets. By valuing the assets and establishing tax elections according to a plan, we ensure that assets pass smoothly to heirs.
Gift Tax Accounting Services
Gifts can be used strategically as an element in estate planning. HRSS helps clients decide how to pass wealth during their lifetime to optimize their estate plan. We work with our clients to provide guidance for passing gifts to others while taking advantage of annual and lifetime exclusions.
Gift tax planning services evaluate the pros and cons of transferring wealth to beneficiaries as part of your estate planning. We recommend action on the many available options: annual gifts with no tax consequences, unlimited gifts for medical expenses or tuition, property transfer, unlimited spousal transfer, and certain proceeds from life insurance.
STATE & LOCAL TAX SERVICES
Focus on your business, and HRSS will handle the constantly shifting tax law.
Businesses face a web of regulatory issues when dealing with state and local taxes. We understand the impact noncompliance with state and local taxes can have on a business. HRSS customizes tax plans for companies that are both specific to their industry and location.
A substantial portion of a company’s overall tax liability originates from state and local tax regulations. This holds true especially for businesses with multi-state operations. To combat the pressures incurred by state tax burdens, we offer targeted, effective tax preparation and compliance services. With us on your team, you can focus on running your business, not keeping up with complicated state tax law.
Tax Transaction Advisory Services
Transactions can often have unexpected tax effects.
When clients need tax advisory services to deal with a specific transaction or develop a long-term strategic plan, HRSS can provide technical and business insight and present specific options.