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.
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.
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:
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.
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.
Many businesses have retained employees during the COVID-19 pandemic and enjoyed tax relief with the help of the employee retention credit (ERC). The recent signing of the American Rescue Plan Act (ARPA) brings good news: the ERC has been extended yet again.
On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA). The $1.9 trillion law is intended to provide far-reaching relief from the economic and other repercussions of the ongoing COVID-19 pandemic. In addition to funding for testing, contact tracing, vaccinations, education, and state and local governments, the ARPA includes extensive relief that could directly impact your finances.
It has been almost two years since the United States Supreme Court ruled 5-4 in South Dakota vs. Wayfair that states can require the collection and remission of sales tax without physical presence nexus. If you and your business have not yet educated yourself on the new requirements, now is a good time to do so.
A tax pendulum swings. It swings right and taxes may be cut, and then it swings left and taxes may rise. Meanwhile, taxpayers, accountants and tax counsel try to interpret what might be the outcome. The recent election swung the pendulum to the left, which will likely increase taxes.
If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when you reach a certain age — or you’ll be penalized. The CARES Act, which passed last March, allowed people to skip taking these withdrawals in 2020 but now that we’re in 2021, RMDs must be taken again.
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.
