Tax Services

Tax Services

In today’s business environment it is increasingly prudent and necessary for business executives, entrepreneurs and individuals to take a proactive approach when managing compliance with federal and state tax laws.

Loftus Associates offers a range of capabilities to help you stay current with federal, state and local tax regulatory requirements.  Here is a look at the services offered by our tax professionals.

Tax Return Preparation and Review

Among our services are preparation and/or review of:

  • Federal Income Tax Returns for Individuals, Corporations, S-Corporations, Partnerships, Limited Liability Companies and Non-Resident Aliens.
  • Amended Federal & State Income Tax Returns
  • State Resident & Nonresident Individual Income Tax Returns
  • State Business Tax Returns
  • Federal Tax Returns for Tax-Exempt and Non-Profit Organizations
  • Federal & State Estate Tax Returns
  • Federal & State Trust Tax Returns for Decedent Estates
  • State Inheritance Tax Returns
  • Federal Gift Tax Returns
  • Federal Information Tax Returns
  • Employment Tax Returns
  • Federal Report of Foreign Bank and Asset Accounts – FBAR (Form T.D. F 90.22.1)
  • City of Philadelphia Business Income & Receipts Tax (BIRT) & NPT Tax Returns

Tax Controversy

Our tax professionals help individuals and businesses identify and develop strategies and manage challenges by federal, state and local tax authorities. New tax regulations and increased government enforcement require a hands-on approach to planning and managing federal, state and local examinations. Our team will review your circumstances to grasp the nature of the issue, analyze pertinent information and work with you to achieve the most desirable approach for a successful resolution. Our experienced practitioners include enrolled agents who are admitted to practice before the Internal Revenue Service, possessing the knowledge and professional insight to position clients through challenges by taxing authorities.

We can help you tackle a wide-range of federal, state and local tax scenarios including:

Tax Audits:

  • Representation During the Audit
  • Review and Preparation of Response to Information Document Requests
  • Review and Preparation of Response to Revenue Agent’s Report of Proposed Examination Changes
  • Negotiate with Tax Authorities to Resolve Proposed Tax, Penalty and Interest Assessments
  • Negotiate and Review Closing Documents
  • Partnership Tax / TEFRA
  • IRS Administrative Appeals of Proposed Deficiencies
    • Prepare Protest Letter
    • Representation in Appeals Conferences
    • Negotiate with Appeals Officers including Alternative Dispute Resolutions
  • Notices, Letters & Correspondence
    • Review Tax, Penalty and Interest Assessments
    • Assistance with Gathering Necessary Documentation
    • Preparation of Response to Tax Authorities
  • IRS Collection Proceedings
    • Representation During IRS Collection Actions Including Liens & Levies
    • Negotiate with IRS including:
      • Collection Due Process
      • Installment Arrangements
      • Offers-in-Compromise
      • Innocent Spouse Proceedings
      • Financial and Medical Hardships
      • Tax Penalty Relief
      • Workers Classification
  • IRS Offshore (Foreign) Voluntary Disclosure Program
    • Consultation and Representation
    • Preparation of Offshore Voluntary Disclosure Letters and Attachments
    • Preparation of all necessary Federal & State Income Tax Returns and/or Amended Income Tax Returns
    • Preparation of FBAR (Foreign Bank Account Reporting)

Tax Planning

Our tax professionals can deliver a range of tax advisory services to meet your specific needs and objectives, including:

  • Choices of Business Entities
  • Tax Considerations of Starting a Business
  • Buying & Selling a Business
  • Divorce & Child Support Matters
  • Payroll Tax Considerations
  • Sales & Use Tax
  • Individual Tax Planning
  • Researching Tax Issues

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