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It’s an incredible advantage for business owners when they know what’s coming next. One of the best ways to minimize surprises is to have a team of tax professionals guide you through the corporate tax return process. In this episode of “Unique Perspectives – The DGC Podcast,” our guest is Dan Gaudet, CPA, a Principal at DGC and the leader of our Accounting & Business Advisory Services Group. Dan will explain the corporate tax return process and why it makes sense to get the proper level of tax support.
This is the fifth episode in a series of podcasts geared towards our Accounting & Business Advisory Services clients. Other episodes in the series include:
The following is a partial transcript from Dan’s interview with host Tom Annino.
Tom Annino: Let’s just say I am a business owner with no accounting team, I do my own books, and, above all else, I’m terrified of paying too much in taxes. All of that said, I come to DGC. I want to work with you and your team. What is step one in the corporate tax return process?
Dan Gaudet: It starts with a conversation. We want to make sure that we understand your business. We want to make sure that we understand how you are keeping your books. Are you reconciling cash? Are your books complete? We can work with you during that process and provide as little or as much support as you need, making sure that you are maximizing your business deductions. We also do a lot of tax planning at year-end. If your goal is to minimize taxable income, we can help you achieve that goal. That way, when you file your tax return, you know what to expect.
TA: Tax reform is always there in the background. How does the new tax law impact the corporate tax return process?
DG: We have spent a lot of time at DGC over the past year since tax reform came out, and as guidance has been released over the year. We are making sure we understand the rules and how they impact our clients. There have been a lot of changes forcing us to look at entity types and whether it makes sense to switch those. But also, in terms of the compliance of the corporate tax return reporting, we also make sure transactions are recorded in the right categories. For example, meals and entertainment generally used to be 50% deductible. Now we have to split that because entertainment is no longer deductible, so you want to make sure that things are not categorized in the wrong category where you could potentially lose the deduction. Also, interest expense, similarly. There have been changes in that area, so we want to make sure we can appropriately report that.
Later on in the episode, Dan discusses how doing business in other states could impact corporate tax returns, and what happens once the process is completed. Listen to the episode by using the Soundcloud player above or click here.
DGC’s Accounting & Business Advisory Services Group can guide you through every step of the corporate tax return process. For more information, contact a member of your DGC client service team or Dan Gaudet, CPA at 781-937-5142 / email@example.com.