Tax Services
Katie Vander Veen
Katie Vander Veen
Lucia A. Whyte
Lucia A. Whyte
Tax Return Preparation
There’s more to effective tax return preparation than meeting the annual April 15 deadline. In fact, there are two major ways for businesses and individuals to minimize their overall tax burden. First, be aware that tax return preparation is a year-round job. Second, partner with CPAs who have detailed knowledge of federal and state tax laws, including year-to-year changes that can have a major impact on your specific situation.
For decades, Soren McAdam has helped thousands of Inland Empire clients with their tax preparation needs. By working as advisors – not just tax preparers – our CPAs can develop a detailed understanding of your tax picture. On the individual side, this role helps us evaluate how significant changes in base pay, bonus compensation, commissions or stock options may affect taxes, and recommend steps that can reduce that liability. For business clients, an advisory role allows us to forecast how reorganizations, international expansions, mergers, acquisitions or other key events may change the tax picture. Based on that forecast, we’ll offer actionable steps that will help minimize your business tax exposure.
Tax Planning
It’s no secret that effective tax planning is a key reason why some businesses succeed when others struggle. For example, business entity selection during start-up directly affects a range of future issues, such as taxation, capital formation and liability protection. For mature companies, regular challenges include tax planning, tax disputes or business succession planning. For those reasons, it makes good sense to choose an accounting partner that understands not only tax regulations, but real-world business needs.
At Soren McAdam, our team isn’t afraid to dig into your organization’s most pressing tax issues. We start each relationship by asking comprehensive questions, identifying goals and assumptions, and delivering practical counsel to help improve day-to-day business operations. Our low-key, approachable style – and focus on clearly-defined results – are some of the reasons why we maintain long-term relationships with most of our clients.
Katie Vander Veen
Katie Vander Veen
IRS Representation
Let’s face it: An IRS audit notice is something no one wants to receive. But for high-income individuals and companies, audits are a looming possibility. In fact, according to a recent IRS Data Book, 12 percent of individuals with income over $1 million were audited. On the business side, over 17 percent of corporate returns for enterprises with over $10 million in assets earned a closer look from the IRS.
If you receive an IRS audit notice, let the knowledgeable team at Soren McAdam step in on your behalf. Our experienced CPAs have a deep understanding of federal and state tax laws, which allows us to review your specific situation and quickly determine the best way to minimize or eliminate any potential tax liability. We handle all data review and case negotiation, which saves you time and money. In most cases, you’ll never need to communicate directly with the IRS.
Lucia A. Whyte
Lucia A. Whyte
Estate Planning
At a time when surveys show a majority of Americans don’t even have a basic will to help distribute assets after death, the need for sound estate planning remains vitally important. While less than one percent of citizens will have estates large enough to require the payment of estate taxes, other matters may be just as important to consider. For example, business owners may need to plan the ownership structure for their family business around children who are – or are not — involved in the company. In other cases, entrepreneurs with no heirs may wish to leave a legacy for various interests or causes they strongly support.
At Soren McAdam, we understand that estate planning is not just about finances – it’s also about ensuring that your personal wishes are carried out to the extent possible under the law. As CPAs, we stay current on all changes in federal and state tax law, which means we have the expertise to create estate plans that minimize tax liabilities for you and future heirs or beneficiaries. In addition, we frequently provide administration services as trustees or executors, where our fiduciary responsibility is to make sure estate management issues are handled in accordance with your documented goals.
Karen Kirchner
Karen Kirchner
