A tax review considers federal rules, state requirements and the credits or deductions relevant to your circumstances. Review the rules that apply to your tax year and circumstances, and agree the scope of any professional assistance.
Table of Contents
1) Proactive Monitoring of Tax Changes
Check official IRS, Florida Department of Revenue and applicable local guidance for the filing year and your activities. A tax engagement should specify any monitoring or update services included; continuous or real-time alerts should not be assumed.
2) Personalized Tax Planning
Review income streams, investments, obligations and plans under the applicable rules. Eligibility and outcomes depend on the facts; confirm which analysis is included in your engagement.
3) Year-Round Recordkeeping
Organized records and reconciliations support preparation and responses to information requests. Agree the reporting frequency, tools and responsibilities; recordkeeping does not guarantee an audit outcome.
4) Entity Classification Review
Separate the business’s legal form from its federal tax classification. An LLC may have default disregarded-entity or partnership treatment, or elect corporate treatment; qualifying entities may elect S-corporation status. Compare eligibility, payroll, administration and state consequences before making an election.
5) Strategic Timing of Income & Expenses
Evaluate income and expense timing under the business’s permitted accounting method and applicable deduction rules. Moving a payment or invoice does not by itself determine its tax year or produce a deduction; changes in accounting method may require IRS consent. See IRS Publication 538 and Form 3115 information.
6) Coordination with Your Financial Team
With your authorization, the agreed engagement may include coordination with your existing attorney, investment adviser or payroll provider. Legal, investment and payroll responsibilities should be defined separately; coordination does not guarantee a particular tax outcome.
7) Audit Readiness & Representation
An enrolled agent, appropriately licensed CPA or attorney may represent taxpayers before the IRS when authorized for the relevant tax matters and periods, generally using Form 2848. IRS representation does not itself authorize representation in court.
Before the tax review, summarize the changes since the last return: new income sources, ownership changes, major purchases or notices received. Identify the tax years and entities involved and list the documents still missing. Ask which questions can be addressed in the current engagement and which need a separate adviser. After the discussion, keep a written action list with responsible contacts and follow-up dates. Review any assumptions again if the facts or available records change before implementation.
Tax Review FAQs
Why is year-round tax planning important?
Earlier review can help identify records, payment requirements and election deadlines before they arise. It does not guarantee a deduction, tax saving or absence of surprises.
How can the right accountant lower my taxes?
A tax professional can help identify eligible deductions, credits and elections and improve reporting accuracy. Results depend on your facts and applicable law; professional help does not guarantee a lower tax bill or a particular refund.
Do you assist during IRS audits?
An enrolled agent, appropriately licensed CPA or attorney may represent taxpayers before the IRS when authorized for the relevant tax matters and periods, generally using Form 2848. IRS representation does not itself authorize representation in court.
Ready to Discuss Your Tax Review?
Henriquez Accounting & Tax Services helps individuals and businesses across Florida with tax preparation, bookkeeping, and tax strategy consulting. Schedule Consultation
©Copyright. All rights reserved.