Services


Individual Tax Return Preparation

No matter where you live in the U.S., we can provide you convenient, efficient and personal service, and all state returns are available. To see how easy it is, just take a look at the procedures described on the Home page. While preparing your return, we always look for any potential tax savings to which you may be entitled. We are available year-round for tax preparation, consulting or questions.


Limited Liability Companies (LLCs) & Self-Employed Individuals

There are no federal tax filing requirement specifically for LLC's. The basic rule is that if the LLC has more than one member (owner), it must file a partnership return (IRS Form 1065). If there is only one member, the LLC is considered a disregarded entity and its income and expenses are reported on the schedule C of personal return (IRS Form 1040). 


If you work for yourself, you are considered self-employed. A self-employed person include those known as independent contractors or as sole proprietors of an unincorporated business. A big advantage to this status is that you can deduct business expenses almost without limitation (See IRS Publication 535). However, being self-employed also means that in addition to income tax, you will have to pay your own social security and Medicare taxes. Nevertheless, since this is computed on your net self-employment income, rather than on gross income, you may not be that much worse off, especially if you have a lot of business expenses. In any case, We will calculate these amounts on your tax return. If you have substantial self-employment income you probably should start making quarterly estimated tax payments.


C-Corporations, S-Corporations, Partnerships & LLC Tax Return Preparation

Corporations, both C-Corp or S-Corp, have a filing deadline of March 15 (the next Monday if the 15th falls on a weekend). Partnerships have the same deadline as individuals (usually April 15). In order to properly file your tax return, please provide the following:

  • Copy of the incorporation or formation documents.
  • Copy of last year's return, unless this is the first year in existence.
  • Income statement and balance sheet.
  • Amounts and dates of estimated taxes paid.
  • List of owners, their social security numbers, percentages owned, and number of shares of stock.


Bookkeeping

Whether you are a High Net Worth individual with investments to track or a small business in need of someone to make sure you are staying organized and on budget, we can help! We can assist you in setting up a simple process to keep track of your personal spending and business income and expenses. We can also prepare monthly Financial Statements, such as: Trial Balance, Balance Sheet, Statement of Income, Statement of Cash Flows and detailed account activity reports for any period or range of time.


Payroll, Quarterly Taxes, Unemployment Insurance and Workers Comp

If you hire employees for your small business as well as domestic (household) helpers (such as a nanny or a housekeeper), you are required by Federal and State laws to withhold taxes from their paychecks if it meets certain criteria. But that is not all! You need to pay for your portion of Medicare and Social Security taxes (FICA), as well as withholding their portion as well.


Other requirements include complying with Federal and State Labor Laws, getting them unemployment insurance (UI) and workers compensation (WC) and MCTMT (if applicable). Sounds complicated? It is, but we can help. Give us a call and we can help you with all your payroll needs, as well as complying with your obligations regarding monthly and quarterly taxes and annual W-2 and W-3 preparations.


Business Formation

Are you confused between tax implications of an LLC and a C-Corp? What is an S-Corp and why it is taxed like partnership if it is a corporation? Does it matter if I get an EIN for my single member LLC? I sell books online, can I form a P.C.? Can someone come after my house if they sue me? Well your first step should be getting advice from your legal counsel; however, if you need help with tax implications of forming entities such as Limited Liability Partnership (LLP/PLLP), Corporation (Corp/Inc), Professional Corporation (PC), C-Corporation, S-Corporation, or a Limited Liability Company (LLC/PLLC), we can help.


Sales Tax & Gift Tax

Sales tax is a tax paid to the state for the sale of certain goods and services. Sales tax laws require the seller to collect funds for the tax from the consumer at the point of purchase. Not all goods and services are subject to sales tax; for example, sales tax is only imposed on the final end consumer and not on the sellers that sell their products for resale. At Abraham Cohan CPA, we can research the issue at hand to determine if you need to collect sales tax, register you with the appropriate authority to collect sales tax, determine the percentage of sales tax to be charged and file your sales tax return on your behalf.


Also, any gifts to any one donee, including one's offspring, that is more than $14,000 (for tax years 2014 and 2015) may be taxable at the federal level for the donor. We can research if the gift was subject to tax and file a gift tax return on your behalf.


Tax Estimates (Failure to Withhold)  

Did you know you could incur penalties if you don't pay 100% of your tax liability by December 31 of every year? That is right! If you don't withhold enough taxes by the end of the year, you'll be penalized. This could happen if you are self employed, have investment income, or you overstated the number of dependents on your W-4 form. We can help you avoid this penalty by calculating your tax liabilities before the year-end and instruct you to make estimated payments.


Failure to File 

Tax forms have due dates and failure to file or late filing will cost you penalties and interest. At the federal level, penalties are 0.5% per month of the outstanding balance plus 3%+ interest calculated at the beginning of each quarter. Simply put, for each $1,000 of taxes owed, you could pay as much as $45 of penalty and interest per month. 


If you have not filed your taxes in prior years, your responsibility will not fade away. At Abraham Cohan CPA, we will help you file your prior years taxes. If you can not make the full payment, we will help you set up a payment plan approved by Federal and State Tax Authorities. 


Free e-file

In recent years, IRS has required that all professionals involved in the preparation of tax returns, e-file their clients' forms, unless instructed by the client not to do so. Some firms charge as high as $400 to e-file on behalf of their clients. 


At Abraham Cohan, CPA, we never charge to file returns on your behalf electronically. Electronically submitting your tax return to the IRS is faster, more convenient and more secure than paper filing. Confirmation from the IRS is the biggest benefit for electronic filing. You will receive a confirmation that the IRS has received your tax return and has started processing it.


E-filing is faster and more accurate also. Moreover, your refund is likely to be processed faster. E-filing means the IRS does not have to re-type your tax return at their service center, which means less chance that the IRS will make a mistake when processing your return.


Please note that IRS shuts down its servers around Thanksgiving till January of next year to update their system and prepare them for the upcoming tax season. During this period, no onc can e-File. 


Notary Public

Here at Abraham Cohan, CPA, we provide notary services for your convenience. Please call us at (718) 261-2277 to make an appointment. Notarization fee is $2 per document as set by the New York State Department of State. Mobile notary (on your site) is available for $25 for the first document and $2 for each additional document. We notarize our tax preparation clients' documents for free. 

Tax Preparation & Accounting Services


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Office (718) 261-2277
Text (516) 384-9217
Fax (516) 710-7067