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Tax Services

LB Carlson provides high-value tax consulting, planning and preparation. Our team of experienced CPAs can oversee and manage all aspects of federal and state tax compliance, planning, and forecasting. We strive to keep you informed on the latest tax regulations and incentives.

LB Carlson provides high-level tax representation. Whether you are working on a specific transaction or require representation with the IRS or state commissioner of revenue, LB Carlson lends its specific tax expertise to reduce time and complexity.

Our experience includes domestic and international business and multi-state taxation issues. In addition, we perform special studies to take advantage of tax incentives including research and development analysis and cost segregation studies.

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COMPENSATION PLANNING
We structure competitive compensation and benefit packages that help direct your executive team and support your bottom line. We have an extensive background in designing incentive compensation programs and management incentive plans. We can assist with sales compensation strategies and reward programs.
COST SEGREGATION STUDIES
Most business owners need smart and aggressive tax planning. A cost segregation study helps accelerate income tax depreciation deductions on your real property, generating significant cash-flow savings through increased tax savings.

Cost segregation generates tax savings by identifying shorter-lived assets. Those assets are typically embedded in a building’s construction or acquisition costs and depreciated over 39 years. Our study helps identify personal property and land improvements components. These items typically qualify for shorter depreciable lives and quicker tax deductions.

ENTITY STRUCTURE
Each entity has its strengths. When considering the right entity for your new business, our consultants analyze the legal and tax consequences. We also consider the cost of administration of your new entity while considering your long-term goals.
ESTATE & PERSONAL FINANCIAL PLANNING
You have a vision of what should happen to your assets or business that you worked hard to build. We work with individuals and business owners to make sure the assets are distributed according to their wishes and the estate is administered in a tax and cost effective manner.
INCOME & ESTATE TAX COMPLIANCE
Our tax consultants have experience in all types of federal and state tax matters. We are in constant communication with our clients to monitor tax activities. Our goal is to create efficiencies to minimize the annual tax burden and smooth the filing process. Where some CPA firms turn away work during tax season, we say “bring it on!”
INDIVIDUAL & CORPORATE TAX
INTERNATIONAL TAX
Does your business buy, sell, or operate across national borders? LB Carlson understands the operational issues of international commerce. Our consultants have helped negotiate both inbound and outbound business expansions.
MERGERS & ACQUISITIONS

If your strategic plans include the pursuit of merger and acquisition opportunities or you are considering the sale of your business, LB Carlson has 30+ years experience in all aspects of the process. We customize our approach with each client in conjunction with their specific objectives. The following includes a brief description of some of the services we provide in the merger and acquisition process:

  • Planning – develop the plan, approach, and process in consideration of various options/alternatives and client objectives.
  • Prepare informational packet and presentation materials.
  • Prospects – define ideal target companies, research and identify prospective buyers and sellers, and contact.
  • Prepare various financial or other analysis in conjunction with process and as necessary.
  • Determine projected tax ramifications of proposed transactions and advise on structure.
  • Assist legal counsel in preparation, review, and negotiation of transaction documents/agreements.
  • Facilitate and participate in the due diligence process.
  • Assist with post-closing plans as applicable.
  • And others…please contact us to learn more.

MULTI-STATE
REPRESENTATION IN TAX AUDITS
In an era of budget shortfalls, federal and state tax authorities are aggressively pursuing tax dollars. If a conflict arises with a tax authority, we will defend your position and represent you to a successful conclusion.
RESEARCH & DEVELOPMENT CREDIT
The R&D tax credit can provide an immediate source of cash and can offer a significant reduction in current and future tax liabilities. We assist clients in claiming credits for up to three prior years. If your company is not in a refund position, these tax credits may carry forward for up to 20 years.

Activities that qualify must be related to a new or improved product or process, be technological in nature and be subject to uncertainty at the start of the process.

We’ll help you identify expenditures that will maximize your R&D credit potential. We will also work with you to develop an R&D tracking system for capturing qualifying research expenditures incurred in future years.

SALES TAX USE
There is no question the business world is becoming more “virtual” and more global. That said, collecting and remitting sales and use tax is more important than ever. We have the most up to date resources to track sales and use tax regulations for all states.
STATE & LOCAL COMPLIANCE
Regulatory compliance and proper reporting is one of the duties of top management and corporate boards, where we can assist as an outsourced specialist. We can provide financial reporting expertise where there is a shortage of time or experience within your organization. We can identify reporting shortcomings and assist with implementing new regulatory requirements or accounting principles and procedures.

If your company files with the SEC, we can assist with preparation of financial statements and notes, as well as preparation of appropriate documentation and supporting work papers.

We can provide many accounting services when such services, if performed by your current audit firm, would impede their independence and thus their ability to provide audit services.

SUCCESSION PLANNING
Energizing and preparing the next generation of managers and owners at your company is an opportunity that takes careful planning. LB Carlson can help you navigate all aspects of succession planning. We can coach you through this process and assist with training and development of succeeding family members or managers. We offer an objective viewpoint and will help you set the direction of your company.
TAX PLANNING
Our tax consultants are current on the latest tax laws. Our tax planning tools are state of the art. We offer key strategies to minimize federal and state taxes for our business and individual clients. An analysis can include long-term planning or comparing scenarios within a tax year.
TRANSACTION PLANNING

Related Posts

Tax deadline

One reason to file your 2020 tax return early

The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new law that was enacted late in December.) Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing earlier this year. Why? You can potentially protect yourself from tax identity theft — and there may be other benefits, too.

Education Tax Credits

Educate yourself about the revised tax benefits for higher education

Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may be eligible for tax breaks to help foot the bill. The Consolidated Appropriations Act, which was enacted recently, made some changes to the tax breaks. Here’s a rundown of what has changed.

Taxes 2021

2021 tax calendar

To help you make sure you don’t miss any important 2021 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them.

Cost segregation: Valuable tax savings strategy

Cost segregation is a tax savings strategy that allows owners of commercial real estate to achieve significant cash flow savings by accelerating depreciation deductions and deferring federal and state tax obligations. This tool is extremely useful for entities that purchased, expanded, or remodeled real estate that is used in a trade or business.

Employee Retention Tax Credit Expansion

The Consolidated Appropriations Act (CAA) was signed by President Trump on December 27, 2020. The expansion of the Payroll Protection Program (PPP) loans and tax-deductibility of expenses paid with the first PPP loan received the most fanfare.  Also included in the CAA was the expansion of the Employee Retention Tax Credit (ERTC). If the eligibility requirements are met, businesses could be entitled to significant credit amounts. There are separate eligibility requirements for 2020 and 2021.