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Unmatched mastery of the tax laws
The foundation of Decosimo's corporate tax services is a sophisticated, innovative approach to minimizing tax liability. The focus of our solutions is you and your business. We take time to fully understand your organization and the industry in which it functions.
Decosimo's corporate clients benefit from our mastery of the tax law-unmatched in this region-and the most seasoned professionals who adhere to a philosophy that puts the client first. Each member of our corporate tax team invests significantly in continuing professional education and the most up-to-date research and preparation technology.
This 'client-centric' approach minimizes our clients income tax liabilities by using proven, innovative planning techniques and compliance systems. These processes assure complete, accurate and efficient compliance and filing preparation.
Additionally, Decosimo can help you determine the right organizational structure that best fits your tax goals. For instance, selecting the proper type of entity in which to operate is an essential question today, and there are many options:
- The C corporation is a taxable entity and must pay taxes on the income it earns. Under current law, the income is taxed again when it is distributed to the shareholders. Shareholders in C corporations have limited liability (they are not liable for corporate debts).
- Partnerships are the traditional form of joint ownership of businesses. Each partner is taxed on the portion of the entity's income attributable to that partnership interest. A partnership may be general (no partner has limited liability) or limited (some partners have limited liability and may not perform any management role).
- Limited Liability Companies retain the pass-through tax status of a partnership (except for state taxes in Tennessee and a few other states), while offering limited liability to all owners (although this is not fully tested in court).
- The S corporation has the solid limited-liability status of a corporation, and the pass-through tax status of a limited liability company. The drawback is that S corporations are substantially restricted in the number and kinds of shareholders they may have and in the types of equity they may issue.
Each form of business has its own advantages. For example, if a company needs to retain all of its earnings to fund growth, the C corporation is likely the best choice. If simplicity is of the essence and liability concerns are minimal, the general partnership may be best. We work closely with you to determine the best structure for your business.
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