Tax Advisory Services
Meaningful tax savings aren’t achieved by just correctly filing at the federal, local, or state levels. They are realized through a knowledgeable, integrated approach that anticipates how each tax challenge influences the decisions you make to achieve corporate and personal growth.
When you partner with WASHOON, our tax advisors work alongside you at every stage of your personal or business lifecycle. With a breadth of services extending far beyond filing and compliance issues, our approach is focused on capturing value by strategically planning around your core financial objectives. By leveraging our extensive experience, we help you achieve your goals.
Federal Taxes
Your federal tax challenges do not exist in a vacuum–our tax professionals help ensure they aren’t addressed in one.
Federal taxation is complex, and complying with today's tax laws presents challenges and opportunities. We offer a deep insight to help you address your federal tax burden within the context of your personal or business goals, structure and industry.
State and Local Taxes
The devil is in the details, and with state and local tax regulations, those details could mean increased tax liability for you and/or your business. There are over 80,000 state and local tax jurisdictions nationwide, each with its own set of evolving rules and regulations. For most individuals and businesses, state and local taxes represent the majority of overall tax burden. You may not even realize you have incurred liabilities, which can lead to penalties and interest payments. To add to this complexity, digital service providers, e-commerce sellers, consumers, as well as buyers and sellers of businesses are still assessing compliance with new economic nexus statutes.
WASHOON’s experienced state and local tax professionals provide you favorable, accurate and defendable tax solutions. Our clients benefit from our depth of expertise working with state and local jurisdictions.
Share with us your goals and objectives and receive a tax strategy that is tailored to meet your needs. From creating the appropriate entity structure, to tax preparation outsourcing, compliance resolution, transaction planning and tax credit identification, we offer a full range of services to assist you with the challenges you face.
Nonprofit Taxes
WASHOON’s tax advisors take a proactive approach to managing the tax aspects important to your nonprofit organization. We continually scrutinize new and pending federal, state and local tax laws that impact nonprofits, alerting you to changes as they occur. This strategy allows you to respond in a timely fashion and also to implement internal changes for favorable tax outcomes.
In an increasingly fluid tax environment, providing constant communication is a focus of our tax practice. We develop in-depth thought leadership that helps your nonprofit organization stay current on existing and proposed tax legislation.
Bitcoin/Crypto Tax
Virtual currencies like Bitcoin are a digital representation of value, other than a representation of the U.S. dollar or a foreign currency (“real currency”), that functions as a unit of account, a store of value, and a medium of exchange. Some virtual currencies are convertible, which means that they have an equivalent value in real currency or act as a substitute for real currency.
When the IRS issues a warning, it’s important to sit up and take notice! This year, the IRS put out a press release specifically regarding Bitcoin tax and other cryptocurrency taxes for international and national tax accountants. The federal government treats virtual currency as property, which means that taxpayers who do not correctly report their virtual currency transactions can be audited for those transactions and, when appropriate, be held liable for penalties and interest. In IR-2018-71 the IRS noted that “taxpayers could be subject to criminal prosecution for failing to properly report the income tax consequences of virtual currency transactions”. In short, this means it’s time to get serious about Bitcoin taxes!
The regulation of Bitcoin taxes and other cryptocurrency taxes has raised questions for many taxpayers. In previous years, very few people have reported their cryptocurrency holdings, gains, and losses. In fact, in 2015, only 802 people reported cryptocurrency on their returns! To put this number in perspective, the popular cryptocurrency exchange, Coinbase, now has over 13 million unique users. Although digital currency is popular across the world, there is still a shockingly low rate of reporting for United States taxpayers.
Our experienced advisors provides tax and consulting services sensitive to your unique needs. Federal taxation is complex, and complying with today's tax laws presents challenges and opportunities. We offer a deep insight to help you address your federal tax burden within the context of your personal goals.