We always take a proactive approach to personal and business tax planning.

Our goal is to minimize taxes while avoiding penalties, interest, and other year-end surprises as well as eliminating the burden of complying with complex laws and reporting requirements. We provide client representation with IRS and state authorities regarding past due tax liabilities, installment agreements, and offers in compromise.

We offer service and advice on:

Tax Planning

Federal Income Tax Planning

We aid businesses with all aspects of federal income tax planning.  This includes implementing federal income tax strategies that maximize savings, increase profits and manage cash flows.  Some strategies include retirement plans, changing entity structure to save taxes, tax strategies within small businesses, etc.

State and Local Tax Planning

Our team understands the structural and transactional underpinnings of state and local regulations in ways that allow us to create solutions that mitigate tax liabilities. We provide state and local tax planning in the following areas:

  • Income tax
  • Franchise tax
  • Sales and use tax
  • Property tax
  • Other miscellaneous taxes

Business Succession Tax Planning

You spent your life building your business and now you want to pass it on to the next generation or sell the value you built.  We advise businesses on the proper succession planning to preserve your family and business legacy while also looking out for potential tax consequences that may result.

Estates, Trusts and Gifts

If you have not considered what will happen to your hard earned assets as you age and eventually will pass on, you should.  Without an estate plan, the wealth you worked your entire life to build will be distributed according to state law and not according to your wishes. Estate planning is crucial if you want to minimize taxes and distribute as much as possible to your preferred beneficiaries.

We will work with you to design an estate plan customized to your particular needs by utilizing a variety of planning vehicles such as family limited partnerships, trusts and charitable entities.

We work with our clients to identify state planning needs, in creation of trusts to minimize estate taxes and protect assets.

Not-for-profit organizations

Bucci & Associates is committed to non-profit organizations. We have a diverse base of non-profit organizations that we assist in preparing certified financial statements and tax returns, and implementation with their accounting systems.

Tax effects of buying, selling, merging a business

Buying: Quickly evaluate situations, assess profitability, assist in negotiating the deal

Selling: Help business owners structure their business with an end sale in mind. Facilitate the sale of your business.

Merging: Establishing a plan for the future to merge with a strategic partner

We have vast experience in guiding our business clients in buying, selling and merging their businesses. We have worked in numerous negotiations for our clients that bought and sold their businesses. Let our expertise work for you.

Representation for federal and state tax audits

Professional representation can be important during an IRS or State income tax audit, and our experience with tax authorities helps us to guide our clients in their dealings with federal and state agencies. If you have been selected for an audit, the professional representation and integrity you will find with our firm can help you put your mind at ease. We will work with you and represent your positions to obtain the best tax results.

Federal and State Levies, Liens, and Seizures

Levies and liens are often confused, but they are actually quite different. A lien secures the government’s interest in your property when you don’t pay your tax debt. A levy actually takes the property to pay the tax debt. If you don’t pay or make arrangements to settle your tax liability the IRS can levy, seize and sell any type of personal property that you own or have an interest in. Even your retirement accounts and home are fair game. If you have received a Notice of Intent to Levy, please contact us immediately. There is a brief time period where we may be able to appeal the process and negotiate a workable payment plan before the levy even begins. Levies are best understood by examining their primary asset targets.

A Wage Levy occurs when the IRS sends a Notice of Levy to your employer demanding they send a portion of your paycheck to the IRS. If your employer fails to comply, they could be held responsible for your tax debt. A wage levy is extremely unpleasant. The IRS usually gets the bulk of your paycheck until your taxes are paid off and your relationship with your employer is put under a great deal of stress. If your wages are being garnished, you need help now. Our tax experts will work with you to arrange a payment plan with the IRS that is far more tolerable than having your regular paycheck garnished.

A Seizure is a levy on your property. The IRS can take your car, boat, jewelry, etc.–sometimes even your home–and then auction off your possessions to pay your taxes, interest, and penalties. If the IRS has notified you that they are going to seize your assets, you still have some legal rights concerning your property. Our team can walk you through the different options available to you. You may qualify for an Offer in Compromise, Innocent Spouse Relief, or, if you are under severe financial duress, Currently Not Collectable. If the IRS has already taken your property, we can request an Asset Levy Release–it may be possible to get your possessions back.

Federal and State Offers In Compromise

An Offer In Compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can’t pay your full tax liability, or if doing so would create a financial hardship. The IRS will typically approve anOffer In Compromise when the amount offered represents the most it can expect to collect within a reasonable period of time. The Offer In Compromise program is not for everyone, we will need to analyze your financial situation to see if you are eligible. If you do not qualify for an offer in compromise, we can recommend other payment options that will resolve your tax debt.

Payment Plans

We can help you establish a monthly payment plan with the IRS or any state agency. There are various payment options available and we have helped hundreds of clients resolve their outstanding tax, filing, and payment obligations.

Bankruptcy tax filings

Your back taxes, interest and penalties can be wiped out by filing bankruptcy. If you qualify, bankruptcy can be the best solution to resolve your crushing tax problems.

Unfortunately, not everyone qualifies to wipe out their tax debt in bankruptcy. Certain rules have to be met first. If you file bankruptcy and don’t meet the rules, the IRS will still be in hot pursuit after your bankruptcy is over. Proper pre-bankruptcy planning is key to determining if bankruptcy is or can be a viable solution.

Let us help you determine if bankruptcy is a viable solution for you. We are experienced in dealing with various business and personal bankruptcy proceedings.

Divorce issues

Divorce can be one of life’s most traumatic events and is seldom amicable. A couple must divide up their assets and establish separate households which, except for the wealthy, will bring about financial hardship and stress. Added to this financial burden are the legal costs and, where children are involved, custody and visitation issues. Not to be overlooked are the long-term financial issues of alimony and child support. Substantial tax laws have evolved to deal with these issues and are detailed below.

  • Attorney Fees & Court Costs
  • Property Settlements  
  • Children   
  • Primary Residence
  • Filing Status
  • Alimony

Bucci and Associates can help you work through all the challenges and provide input on how to structure your settlement in the most favorable tax light.

Sales and use

We can determine which states you are required to file, sales/use tax returns and state income tax returns. Making this determination has become even more complicated and states are more aggressive and actively pursuing additional revenue from taxpayers. We have experience in helping our clients navigate which states they may be required to file in.

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