We offer an extensive list of professional tax planning, preparation and accounting services for individuals, partnerships, corporations, LLCs, LLPs, non-profits, trusts and estates. In addition to offering core accounting services, we take a "whole life" approach to solving our clients' problems and fulfilling their needs. We listen to our clients and pay attention to the story behind the Form 1040 to help develop strategies in the context of the issues that impact them, their businesses and their families.
Tax Return Preparation
At the heart of our practice is tax return preparation. Preparing your own income tax returns can be a task that leaves you with more questions than answers. Even a computer software program is no substitute for the assistance of an experienced tax professional. Today's tax laws are so complicated that filing a relatively simple return can be confusing and it is easy to overlook deductions and credits to which you are entitled. Our firm offers professional preparation of all federal, state and local income tax returns as well as the full range of business tax returns. With extensive experience in tax return preparation, we will ensure that you pay only the tax for which you are liable.
From start-ups to established enterprises, businesses rely on accurate and insightful financial information in order to maintain profitability and capitalize on new opportunities. Our accounting services help steer you closer to these goals with accurate record-keeping and timely reporting. We offer ongoing bookkeeping services (including general ledger analysis, bank account reconciliation and financial statement compilation), timely filing of payroll and sales tax returns and preparation of year-end financial statements and tax documents to help your business stay on track and grow successfully.
Comprehensive tax planning is paramount for businesses, individuals, estates and trusts. At O'Mara & Associates we guide our clients through a full range of tax planning decisions with strategies that minimize their tax liabilities, maximize their cash flow and keep them in full compliance with tax laws. Our expertise and experience, combined with thorough research and analysis, allow us to optimize financial opportunities to be found in continually-evolving tax laws. Are you considering starting a business? We can advise you on the choice of entity and the tax ramifications of doing business, help you to successfully incorporate and assist in structuring your business to minimize the tax impact while maximizing your goals. Planning is the key to successfully and legally reducing your tax liability and personal exposure to lawsuits.
Professional representation can be vital during an audit, and our knowledge of tax laws and experience with tax authorities enables us to guide clients effectively in their dealings with federal, state and local agencies. Whether a site audit or a correspondence audit, our tax professionals will help you explore the best avenue to defend, dispute or settle against the enforcement of a tax debt and will help you navigate the process to ensure your rights are protected.
Whether you are facing a tax controversy, struggling with insolvency, looking to refinance or have healthcare reporting questions, we are here to help you turn problems into solutions. Tax debts resulting from non-filed returns or overdue payments can incur substantial penalties and interest and result in garnishments and levies. We have decades of experience working with the IRS and state taxing authorities to structure Offers in Compromise, installment payment plans, penalty abatements and other tax relief agreements. Burdensome mortgage payments and the prospect of carrying heavy debt over the long term can be overwhelming, and applying for a loan modification or refinance can be equally daunting. We are available to facilitate the process of restructuring mortgages, evaluate the pros and cons of loan modifications, answer refinance questions and help our clients take advantage of government-sponsored HARP and HAMP programs. For clients contemplating bankruptcy, we will help you evaluate your situation carefully, weigh the alternatives and implications, and refer you to an experienced attorney from our network of professionals.