The accounting and tax professionals at Foumberg, Juneja & Co., PC have helped businesses and individuals all across the country to start, grow and manage their businesses and enhance the quality of their financial lives. We have done this by providing timely tax planning, considered the options for enhanced asset protection, discussed and prepared for retirement and reviewed the many facets of personal wealth preservation and management in conjunction with our clients’ other legal, investment and other financial advisers and counselors. In the final analysis, it comes down to proper planning and understanding of your finances and we at FJC bring many years of experience and expertise to assist you in accomplishing those goals you wish to set for yourselves.
General Accounting & Finance
- Financial Statements- compiled, reviewed, and audited
- Audits of pension plans and Employee benefit plans
- Asset Protection
- Estate Planning
- Cash Flow analysis and projections
- Personal Financial Statements and other specialized statements on prescribed forms (for banks, and other investing and lending institutions)
- Operational and Management Overviews and Reviews
- Presentations to Management
- Financial Planning
- Retirement Planning
- Payroll Services
- Bookkeeping/Write Up
With a keen eye for complete and well-documented tax research, access to legal and other tax experts, we provide our clients with aggressive representation and the most current information available. We do this by constantly seeking out updates from nationally recognized tax services, AICPA publications, unlimited research access to tax literature and online databases, such as RIA™ and CCH™, and other resources for which FJC prides itself. Such services include:
- Business and Personal Tax Planning and Preparation
- Tax Research
- Federal, California and Arizona Audits
- Estate, Trust, and Gift Tax Planning
- International Tax Issues
- Payroll Tax Support
- Sales Tax (Transaction Privilege Tax) Audits and Issues
- Pension and Retirement Planning
- Tax Strategies
- Tax Collections Intervention and Support
The IRS estimates that the net tax gap is $290 billion. FJC has been told by reliable sources that the IRS has plans to step up enforcement and collection activities. The Phoenix field office alone has plans to triple their enforcement personnel within the year.
What that means is we can expect more vigorous collections activities in the form of liens, levies and garnishments. There will also be more audits, especially of small business owners, due to improperly prepared tax returns, faulty accounting records, unsubstantiated deductions (failure to maintain receipts), etc. If you are afraid you might be next, give FJC a call.
A special note about Offers-in-Compromise: We have all seen ads on television touting “pennies on the dollar settlements for your IRS debts…” Well, the OIC process is hardly easy — or inexpensive. In fact, it can be terribly complex, involving thousands of dollars in professional, legal and accounting fees and can take a year or more to complete. In order to arrive at such a settlement, a client must:
- Be in full and total compliance with the filing of all income, payroll, excise and other tax returns.
- Be current with all tax installments (i.e. estimated payments and payroll tax deposits) for the current year.
- Demonstrate an inability to finance their tax debt through equity in their homes or other substantial assets.
- Demonstrate an inability to substantially pay down their tax debt through adequate income relative to reasonable living expenses (based on IRS guidelines).
- Be able to document all the numbers presented on the specially designed financial statements created by the Internal Revenue Service (or various state Departments of Revenue) for the purpose.
FJC has expertise and experience in preparing and supporting OICs on behalf of their clients and has achieved substantive results in the past. However, the IRS is under no obligation to accept an offer and many times, only through persistent inquiry and follow-up have desired results been achieved.