Tax & Accounting

The FulServ Group LLC is dedicated to providing high quality accounting and tax services and has particular expertise in the following areas:

Individual tax returns

• We have prepared thousands of individual tax returns and have successfully worked through any conceivable issue you may face. We have substantial experience working with business owners, high net worth individuals, foreign citizens, independent contractors, etc. Our entire staff is extremely detail oriented and we make sure that you pay the lowest tax the law allows.

• We help clients meet their estimated tax payment responsibilities so that they may effectively plan their cash flow and avoid estimated tax penalties.

• We amend previous years’ returns to reduce taxes and correct errors where the return was self-prepared or not prepared to your maximum advantage.

• Additionally, where a taxpayer has a net business loss in a tax year, we can carry this loss back to obtain tax refunds from an earlier tax year.

Tax and financial planning

• We strategize with clients to help them minimize their tax liabilities on an overall basis and on specific transactions.

• Additionally, we work closely with several highly qualified financial advisors who will help you to structure your overall financial picture to ensure current liquidity and protection while encouraging you to save and invest wisely to meet your financial goals.

Personal financial statements

• Many clients require assistance with these statements when they are purchasing a new apartment. In addition, some clients find them useful when evaluating their current financial position for planning purposes.

Tax audit representation

• We represent individuals and businesses under examination by the Internal Revenue Service or state and local taxing authorities. Our experience includes income tax, payroll tax, and sales tax audits.

• Where clients are not satisfied with the result obtained after the close of an examination, we have significant experience representing taxpayers at the Appeals Division and in the United States Tax Court. This allows them further review of their issues and a chance to negotiate with more experienced personnel who are very interested in settling the case.

Tax problems and Offer in Compromise

• We assist clients with their outstanding tax liabilities. Once we fully understand the nature of the debt, we consider amending previous returns to reduce liabilities, establishing installment payment agreements with the taxing authorities, having the client’s account classified as temporarily noncollectible, or applying for an Offer in Compromise (see below).

• We negotiate Offers in Compromise with IRS and New York State. We understand the process that the government must follow and help you to plan your financial life in advance of your offer to allow you to settle your tax debt for the lowest amount possible.

Credit report review and assistance

• We assist clients in reviewing their credit reports and help them to correct errors wherever possible so they can improve their scores and reach their financial goals.

Estate and trust planning

• We help you to effectively plan your estate to ensure tax minimization and the comfort of knowing that your assets will be transferred to your loved ones according to your desires, while providing for them comfortably in your absence.

Estate administration

• When a loved one passes away, we will assist you with the burdens of managing and distributing their estate, including all legal and tax filings.

Business tax returns

• We have prepared over a thousand corporation and partnership tax returns and have successfully worked through any conceivable issue you may face.

• We have substantial experience helping business owners minimize their tax liabilities and structuring their transactions to their maximum advantage.

Tax research and consulting

• We are well-known for our excellence in guiding our clients to the best course of action for them. Our firm has outstanding research skills and we review the relevant facts and analyze the legal authorities to help you make the best business decisions. We have an attorney and 4 accountants on staff who will help research your issues as they arise so that you can move forward with confidence.

• We have successfully advised business clients involved in mergers and acquisitions (including tax-deferred reorganizations) and have prepared several private letter rulings where a client desired IRS approval before moving forward.

Bookkeeping and financial management

• All business owners must maintain accurate books and records. We take as much of this load off of your hands as you will allow us to. Whether we review your books on a quarterly or annual basis or act as your offsite bookkeeper, we help you to make sure your books properly reflect your company’s results.

• Since all of our days only have 24 hours, we highly recommend that you hand over this entire process to us. Your time is too valuable to spend time cutting checks, reconciling accounts, and trying to figure out the accounting. Use your time doing what you do best and spending more time away from the office. This change of habit will result in a happier life and a more profitable business.

• Many clients who handle their own books only at year-end do not know what their annual numbers looked like until their returns are prepared each year. This approach does not allow them to evaluate their company’s success throughout the year, which can lead to missed opportunities or uninformed business decisions. We believe your business will perform better if you give us the opportunity to help you with your bookkeeping needs on a regular basis. Please give us a call.

Quickbooks training

• We help business clients gain control over their business accounting by simplifying the Quickbooks accounting software program for them. We train them on the basics so they can get started and encourage them to utilize more tools as they progress to better monitor their business’ performance and growth.

Organizing new business entities

• We consult on the proper business entity to be formed based on the client’s personal facts and future plans.

• Formation of corporations and limited liability companies in New York, Delaware and other states. Includes assistance with all the nuts and bolts (e.g., Federal Tax ID Number, S corporation elections, and bank accounts) required to get your business started as quickly as possible.

• When necessary, we assist clients in dissolving corporations and limited liability companies which are ceasing business. We efficiently handle all legal and tax matters to minimize future correspondence and tax notices.

Minority certification

• Many businesses which are owned by women or members of minority groups can benefit by obtaining certification of their status by New York State and/or the Federal government. This certification can greatly benefit your business by opening the doors to certain government contracts and other opportunities.

Payroll taxes and sales tax

• We take the confusion of payroll out of your hands and set you up on a calendar to make it as easy as possible for you to manage your payroll tax deposits and quarterly filings, and stay out of trouble with the government. No need to make weekly calls to your payroll service, our staff will be contacting you to coordinate your deposits and quarterly filings.

• As a business owner, the IRS expects you to pay payroll to yourself and your employees. Treating all your workers as independent contractors is not permissible. We assist you in making the determination of which workers must be employees and how much salary you should pay yourself.

• As a business owner, you must be very clear on which items are subject to sales tax. Uncollected sales tax can become the personal liability of the person responsible for overseeing the business.

Notary services

• Michael Breslin is a licensed Notary Public in New York and New Jersey. Please call to make an appointment if you need him to notarize any documents for you. There is no charge for this service.