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Improved Management Processes at Manufacturer
- December 8, 2017
- Posted by: Smith & Smith
At the conclusion of our initial audit, we submitted recommendations for improvement to management. Over the following three years, we worked with them to implement the suggestions that provided their organization with the most benefit. Management now has a greater sense of comfort over its inventory process and believes its internal controls are operating more efficiently and effectively.
Saved unemployment taxes with tighter controls
Using internal reports, we helped a client identify individuals who were being paid both as contractors and employees. This insight prevented the client from having to pay more in unemployment taxes.
Organized asset schedules to save thousands in taxes
When our client came to us, their fixed asset schedules were in total disarray. We developed a process to determine which assets to capitalize and which to expense. We also cleaned up their personal property declarations, removing tens of thousands of dollars of equipment the company didn’t own anymore. We saved them thousands in personal property taxes over several years.
Trained client on QuickBooks® to maximize efficiency
The Anders construction team worked with a client to setup and implement the QuickBooks® software. We also trained staff to use the software effectively and efficiently. The client now spends less time entering data, creating customer invoices and preparing payroll.
Saved client $1,500 in personal property tax dispute with St. Louis City
Our client received a notice from the City of St. Louis disputing the valuation of the company’s construction equipment. We responded promptly on their behalf, dealing with the city’s revenue department to resolve the discrepancy. Our client won the dispute, saving $1,500 in annual personal property taxes.
Turned net operating loss into tax refund
Our contractor client had net losses for the tax year. We used these losses to offset all of their income from the prior tax year. This resulted in an immediate tax refund of $75,000 which they were able to apply to their current cash flow.
Used Missouri tax credit purchase to save thousands
We have implemented an annual program to purchase Missouri tax credits, saving our clients tens of thousands of dollars each year on both their individual and business taxes.
Performed Tax Savings Analysis on Solar Panels
In less than 24 hours, we were able to provide a tax savings analysis for our client who was installing solar panels. The analysis illustrated how the 1st year after-tax cash outlay would be less than 0.7% of the initial solar panel investment.
Identified a Tax Savings Scenario by Grouping Interrelated Businesses
Identified a tax savings scenario by electing to group interrelated businesses we enabled our client to treat otherwise passive income as non-passive for purposes of the 3.8% net investment income tax. By doing so, we were able to reduce the taxpayers’ current year tax liability by nearly $16,000.
Performed Depreciation Planning and Cost Segregation Study Resulting in $172,000 in Tax Savings
Through depreciation planning surrounding the IRS Repair Regulations, along with performing a cost segregation study, Anders accelerated over $220,000 in depreciation deductions to save the owners of a medical office building over $100,000 in Federal and State income taxes on their 2014 individual income tax return. As a result of the accelerated first year deductions and additional accelerated deductions during the first five years of the building’s life, this tax planning will result in a total of over $172,000 in tax savings for the owners …