Tax Services

Cover & Rossiter provides a wide array of tax services to both Individuals and Businesses. Below is a small example of the services we can provide. Please contact us to discuss your particular needs.

• Tax Planning and Preparation:
  • Corporate
  • Individual
• Tax Controversy Services
  • IRS issues
  • Payroll tax problems
• Corporate Tax Outsourcing
• International Taxation Services
• State and Local Tax Services
• Bankruptcy

Corporate Tax Preparation & Planning

Cover & Rossiter represents many of the region’s best managed closely-held businesses. We strive to maintain year-round, personal relationships so that our tax planning strategies will meet the changing needs of our clients.

Our firm provides comprehensive guidance about federal, state, local, and international tax laws and regulations. Our teams of professionals are experts in various tax areas and offer a significant depth of resources. The technical expertise and dedication we provide to our clients is what sets us apart from other accounting firms.

Our tax services include:

• Strategic business tax planning to minimize tax liabilities
• Preparation of federal tax returns for C corporations, S corporations, and partnership returns
• Preparation of pension plan tax returns
• Preparation of non-profit company tax returns
• Preparation of multi-state and local tax returns
• Sales & Use Tax
• Multi-state nexus studies
• Tax controversy services including IRS issues and payroll tax problems
• Consulting services regarding corporate directions, cost controls, financing arrangements
• Employee benefits plans and acquisition and succession planning

Please contact a Cover & Rossiter representative to assist you with your Tax needs at 302-656-6632.

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Individual Tax Preparation & Planning

We go far beyond 1040 preparation, providing extensive tax planning and strategies to minimize individual taxes.

We provide stock option exercise planning in order to minimize or prevent an Alternative Minimum Tax burden.

• Individual tax preparation
• Strategic tax planning
• Gift tax and estate tax returns
• Tax Examinations and problem resolution
• Education planning
• Retirement planning

Our personal tax staff is available throughout the year to respond to concerns, conduct special analyses and revise tax estimates as individual situations and/or tax laws change.

For further information, contact Diane Burke at 302-656-6632 or send her an email.

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Individual Tax Preparation

Tax return preparation continues to grow more and more complex. We specialize in tax preparation for our clients that have a multitude of circumstances including but not limited to:

• Multi-state income
• Household employees
• Sole proprietorships
• Rental properties
• Tax free (Section 1031) exchanges of property
• Railroad benefits
• Foreign nationals
• Complex investments that produce K-1's
• Foreign tax credits
• Employee business expenses
• Alternative Minimum Taxes
• Moving expenses
• Depreciation of business-use property

Individual Income Tax Planning

• In the late fall, clients will receive a tax planning letter
• This is an optional service
• We recommend it for those who have had changes in their tax situation compared to the prior year.
• We advise clients of a January 15th payment
• We will estimate any balance due with the filing of the return in April.
• We will evaluate a client’s Alternative Minimum Tax status and make recommendations to minimize this tax where possible

Tax Organizer

• Clients will receive tax organizer by mail in January
• It’s streamlined to a few pages to save time
• It incorporates recent tax changes, deductions and credits
• Its purpose is to assist clients with organizing tax documents
• It assists in identifying tax deductions

Tax Preparation

• We prepare your return using your tax documents and organizer.
• We offer individual one on one meetings should you request assistance in gathering your tax data.
• We contact you if there is any missing information.
• We contact you about tax savings options such as making an IRA contributions.
• We will contact your investment broker for cost basis information if you sold investments.
• Upon request we will issue a draft copy of your return for review
• We efile your return to accelerate refunds and/or schedule payments as late as allowable.
• We provide you with a computer disc back up of your original documents and your return.
• Paper copies of returns are also available.

Tax Estimates

• As a general rule we use the "safe harbor" method of producing your estimates which is 100% or 110% of your prior year tax liability depending upon your income levels. Installments are due 4/15, 6/15, 9/15 and 1/15 of each year.
• The benefit of "safe harbor" payments is that if your income levels increase substantially in the current year you are protected from underpayment penalties and will have until April of the following year to pay in your additional taxes.
• If you prefer, we can modify your tax vouchers so that you can pay your taxes over time and avoid a large balance due at the time of filing.
• In times of change we work with you to develop your ideal estimates so that you don't pay your taxes any earlier than necessary.
• If tax laws change, we automatically revise your estimates so that you don't pay your taxes any earlier than necessary.

For further information, contact Diane Burke at 302-656-6632 or send her an email.

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Tax Controversy Services

Tax Problem Resolution

Should you receive a notice from a taxing authority we are available to provide services to support you.

• We will obtain from you a power of attorney giving us authority to talk to the taxing authority on your behalf.
• We are familiar with the taxing authorities and also have access to taxpayer advocates and practitioner hotlines
• We will work with you and the taxing authority to come to a successful conclusion.

 

Tax Examinations

No one wants to have the dreaded tax audit but if you are selected here are a few items that will give you comfort:

• As Certified Public Accountants we are authorized to represent you in the event of a tax examination.
• If we prepared your tax return, we maintain electronic copies of your original tax documents. No digging for lost paper files.
• We believe that the key to a successful tax examination is advance planning.
• We organize the materials and only provide the materials that the examiner requested.
• We spend time to identify key issues and discuss them with you and develop our position on these issues prior to meeting with the examiner.
• We maintain control of the examination by having the examiner come to our offices and meet with the examiner on your behalf.
• Should your case go to a tax court we have experience in appearing before the tax courts.

For further information, please contact a Cover & Rossiter representative to assist you with your resolution needs at 302-656-6632.

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Corporate Tax Outsourcing

Your tax manager just quit during your busiest season. Due to the shortage of experienced accounting professionals, it could take months to find a qualified replacement. What do you do?

Look to Cover & Rossiter for your temporary staffing needs until you can find a replacement. You can retain control over your internal tax functions while receiving the qualified help that you need to operate your business. By partnering with Cover & Rossiter, you will be able to meet your deadlines, gain confidence in the accuracy of your financial statements, and ensure that you have the expertise in all areas of taxation and compliance.

For further information, please contact a Cover & Rossiter representative to assist you with your staffing, accounting, and tax needs at 302-656-6632.

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International Tax Services

Cover & Rossiter is available to assist you in international tax planning and compliance. We have built a team of tax professionals with the experience that it takes to devise global tax solutions and the ability to perform tax planning strategies that can lead to enhanced financial performance.

Call Cover & Rossiter for assistance with any of the following services:

• Identifying and supervising the formation of U.S. Businesses by non-resident individuals and businesses
• Preparation of U.S. tax forms including W-7, W-8BEN, W-8IMY, 926, 1042, 1042-S, 1040-NR, 1116, 1120F, 5471, 5472, 8802, 8833, 8840
• Preparation of expatriate tax returns

For further information, please contact Jennifer Pacilli to assist you with your global needs at 302-656-6632 or send her an email.