Frequently Asked Questions
What Do You Want To Know
What is Proactive Tax Planning?
Proactive tax planning is also known as “tax strategy,” or “tax advisory,” but these terms typically mean the same thing. Your accountant or CPA is really good at recording history. Proactive tax planning takes a look at that history in the form of your prior year’s tax returns, discusses any changes to the current or upcoming tax year along with your goals for the future, and comes up with a comprehensive tax plan that is tailored to your situation.
My CPA is already doing this. Why do I need you?
While CPAs are great at what they do, most of it is backwards looking in that they are in the business of recording what happened last year. CPAs that do “tax planning” are typically using software that identifies high level changes that could be made to generate some savings. In short, CPAs don’t have time to do the type of work we do in the midst of compliance work. Because of our specialized training and experience, we are able to take a proactive look at your tax situation and identify specific steps you can take to save money on your taxes – legally. We do not take the place of your regular CPA. Rather, we work closely with CPAs to ensure your proactive tax plan is properly implemented. We are always happy to discuss our services with your CPA if that makes the CPA more comfortable with what we do.
How Does it Work?
- Discovery Call: Fill out a request for a short Discovery Call to start the process. We want to hear about where you are now and where you want to be. We’ll ask a few easy questions about your current situation and from that determine the best path forward.
- Tax Plan Proposal: After some high-level analysis and calculations, we’ll present you with a proposal outlining the estimated tax savings we’ve identified. This is also where we discuss our fees, should you decide to move forward with a Tax Plan.
- Tax Questionnaire and Supporting Documentation: This is where you tell us your financial, business and investment goals and where your money currently goes. We’ll need copies of your prior year’s tax returns and a little information on each business entity (S Corporation, LLC, Limited Partnership, etc.) that you currently have set up. It’s all in the Tax Questionnaire, and we’re here to help you if you have more questions. The more information you give us, the more savings we can identify.
- Tax Strategy Analysis: Ashlee reviews your information and develops a comprehensive proactive tax strategy. This process typically takes up to two weeks so we can research your best possible options and customize a plan that meets your goals.
- The Tax Plan Meeting: Provided you decide to proceed, you will get a written Tax Plan that includes information on all available deductions, credits, loopholes, and strategies tailored to you. The Tax Plan will outline the savings generated by each strategy and gives you the roadmap to get there. The Tax Plan will also include all relevant Internal Revenue Code sections and case law citations to support each strategy.
- Ongoing Support and Implementation: We offer various levels of service, from quarterly meetings to annual reviews, to ensure you get the most out of your Tax Plan. We also will help you implement your Tax Plan, whether it’s setting up additional business entities, drafting contracts, or referring you to one of our trusted referral partners for strategies such as retirement savings and health plans.
What if I’m audited?
We only provide court-tested and IRS-approved tax strategies, and all of the code sections and caselaw are provided as part of your Tax Plan. Your Tax Plan should be enough to satisfy an IRS examiner, should you be selected for audit, but we are also happy to assist with any additional audit services, should they be needed. It’s important to note that implementing a Tax Plan does not make you any more or less susceptible to audit, and there are never any guarantees the IRS won’t audit you. Full audit representation will require a separate engagement and will likely require additional fees.
How much does a Tax Plan cost?
We know that you won’t like to hear this, but it depends. Each client’s situation is different, and each Tax Plan is customized to the client’s situation and goals. Therefore, it’s impossible to know the cost until we begin the process and tax savings are identified. You can rest assured, though, that (1) there will be no fees if no tax savings strategies are identified, and (2) our fees are always a fraction of your tax savings. We do not bill by the hour, and there are no surprises. You will know how much the Tax Plan will cost before we do the work. There is no fee for the Discovery Call.
What is ERC Support?
Due to Ashlee’s vast knowledge of the Employee Retention Credit law and guidance, she is able to provide an array of services to both business owners and other practitioners in the form of eligibility review, document review, substantiation, supporting government orders, aggregation analysis, PPP loan interaction rules, PEO issues, qualified wage analysis, calculation review, audit support, and others. The ERC is often misunderstood, including by IRS examiners. Ashlee has taught numerous CPAs how to prepare their clients for an ERC audit. Whether you’re a business owner or fellow practitioner, don’t wait until it’s too late.
I’ve heard a lot about ERC fraud and am worried about my claim. Do you offer ERC second opinions?
Yes. Please submit an inquiry to info@hall-lawgroup.com including as much detail as possible about your ERC claim and your concerns. We’re also happy to discuss with your CPA.
What if my situation changes and I need a new Tax Plan?
This is exactly why we offer ongoing services, whether it’s quarterly meetings or annual reviews. These checkpoints will allow you to provide us with any new information or updates and will ensure we are maximizing your tax savings by adjusting the Tax Plan.
