E. Martin Davidoff & Associates

SERVICES

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Tax and Financial Planning for Individuals

You work hard for your money and we want you to enjoy the fruits of your labor. Through proper planning-- and by monitoring ever-changing tax laws -- we can minimize your tax liability and help you plan for the future growth of your earnings. Our services in this area include:


Preparation of: Trust (Fiduciary) Income Tax Returns, Individual Income Tax Returns, Gift Tax Returns Estate Tax Planning
Year-round and Year-end Tax Planning Retirement Planning
Brokerage Analysis Bill-paying Services
Tax Research College Financial Planning
Resolution of State and Federal Tax Problems

If you are having trouble with the IRS or a State Taxing Agency, please visit our tax attorney website at E. Martin Davidoff, Attorney at Law.


Receiving notice of an IRS audit can send shivers down your spine, but handling disputes with the IRS need not be frightening. Our experienced staff can represent you and/or your business to quickly settle disputes with the most beneficial outcome for all parties involved. We can provide assistance with:


Offers in Compromise Classification Issues
Negotiating with IRS Collection Division regarding Installment Payment Plans and Penalty Abatements Representation During Audits of Income, Sales and Unemployment Taxes
Responding to IRS and State Notices Independent Contractor vs. Employee Issues
Levy/Lien Release Assistance Preparing and Filing Original and/or Amended Returns

Examples of our accomplishments in the area of federal and state tax problems:


  • We have successfully completed dozens of offers in compromise with the IRS, and the NJ and NY Divisions of Taxation; with liabilities up to and over $1 million and payouts ranging from 4% to 62%.

  • We convinced the IRS to reverse an assessment of over $10,000 even though the time to appeal to the U.S. Tax Court had expired prior to our first meeting with the client.

  • In another instance, with only 5 weeks remaining before the deadline, we convinced the Internal Revenue Service to reverse over $110,000 of trust fund recovery penalties and associated interest.

Foreign Bank Account Reports (FBARs)

Federal law requires U.S. taxpayers (both citizens and permanent residents) to annually file a Report of Foreign Bank and Financial Accounts, FinCen Form 114, commonly referred to as an “FBAR,” if they own or are signatories to foreign financial accounts with a collective total value exceeding $10,000. Federal law also provides for severe penalties for failure to file an FBAR. These range from civil penalties of $10,000 for “non-willful” failure to file, to criminal penalties of $500,000 and up to ten years in prison for willful violations.


Frequently taxpayers are simply unaware of these obligations under Federal law. For example, they may have inherited foreign accounts with which they haven't had much interaction, or perhaps they were jointly listed on an account with a foreign national. Even in such situations, if the taxpayers did not file an FBAR, and the collective total of the accounts was greater than $10,000, they are in violation of Federal law.


There are several programs currently offered by the Department of the Treasury to resolve outstanding FBAR issues and significantly minimize penalties. Our Firm has the knowledge to assist you with your FBAR issues and to help you to stay compliant with FBAR filing obligations. It is imperative you act before you receive any notifications from the IRS. Once you receive notice from the IRS, you will not be eligible for any of the beneficial voluntary disclosure programs.

Federal Tax Lien Withdrawal Program

Every day thousands of individuals and businesses are denied loans, credit, and jobs due to Federal Tax Liens. Even if you have paid off your tax lien and had it released, the tax lien still appears on your credit report resulting in lower scores, higher interest rates, and limited access to credit. We can help obtain withdrawals of released Federal Tax Liens for you and/or your business. A withdrawal of a Federal Tax lien expunges the lien from public record, as though the lien never existed or was never filed. For more information, please go to:  LienBusters.com

"CFO in a Box" Services

As a business owner, you devote most of your time and expertise to providing a quality service or product. When your primary responsibilities leave little time to handle the Financial aspects of the business, leave that part to us. With over 20 years experience as a small business advisor, we can assume the role of Chief Financial Officer and take responsibility for functions vital to keeping your business afloat. While you apply your knowledge to your specialty, we will use ours to handle a number of financial activities, such as:


Bill Paying Interacting with Auditors
Accounting for all Financial Transactions Budgeting
Overseeing Cash Flow Requirements and Money Management Designing and Implementing Accounting Systems
Tax Compliance/Tax Returns Monitoring and Forecasting Business Growth
Your Personal CFO

As life in the 21st century becomes more complicated, you are devoting time and energy to a variety of activities, including your career, family, and volunteer work. As your daily life becomes more hectic, we handle the day-to-day financial activities on your behalf. The firm of E. Martin Davidoff & Associates has a long-standing record of competency and integrity. Our experience works for you in many ways. By acting as your personal Chief Financial Officer, we will keep your records accurate and current so you can focus on other priorities. We follow your instructions and keep you informed of what is going on. Our services include:


Bill Paying Dealing with Vendors/Service Providers
Arranging for Mortgages and Loans New Business Formation and Counseling
Telephone Consultations and Meetings with You Tax Planning to Maximize Your After-Tax Cash Flow
Summarizing Your Financial Situation and Reporting to You Where Your Money Is Going Preparing Payroll Tax Returns for Household Employees
Overseeing Your Estate Planning Process Banking
Budgeting/Cash Flow Planning  
Probate/Death Taxes

The loss of a loved one creates a tremendous amount of stress and anxiety. Dealing with the financial implications of death should not worsen the situation. We can guide you through the process to properly handle all the tax and financial matters, including:


Probating Wills Estate Income Tax Returns Preparation
Inheritance Taxes Gift Tax Returns
Estate Taxes
U.S. Form 706
Liquidation and Distribution of Assets
Business Start-Ups, S Corporations & LLC's

Starting a new business or selecting the appropriate form for a business can often be a confusing process for entrepreneurs or business owners. Our qualified staff can lead you through the maze for:


CFO in a Box Securing Employer Identification Numbers
Formation of Corporations Registration with Tax Agencies
Formation of Limited Liability Companies Consultations Regarding Choice of Entity
S Corporation Elections Setup of Accounting Systems and Related Training (e.g. Quick Books)
Tax & Financial Planning For Business

The success of your business relies on effective planning, analysis and decision-making. We can evaluate your operations to develop short-range and long-range plans for business management, tax and financial issues, and information technology. Our goal is to maximize your after-tax cash flow and your bottom line, through:


Preparation of Corporate and Partnership Income Tax Returns Cash Management & Cash Flow Forecasts & Projections
Tax Planning & Consulting Business Plan Development
Business Loan Applications Tax Planning for Mergers & Acquisitions

Management Information Services:

  • Training on Spreadsheet Applications
  • Selection of Hardware and Software
  • Design & Implementation of Accounting Systems
  • Training and Implementation of Quick Books General Ledger System
Accounting & Auditing Services

By streamlining your day-to-day operations, we can enhance your ability to evaluate business performance and simplify reporting functions. We can assist you with:


Compilations Audits
Reviews Analysis and Interpretation of Financial Statements
Financial Management, Controllership and Accounting Functions Budget Preparation