Partners
Brooklyn Tax Services for Businesses & Individuals
Comprehensive Tax Services in Brooklyn for Businesses and Individuals.
At GTA Accounting Group, we provide a comprehensive range of tax services designed to meet the unique needs of Brooklyn businesses and individuals. From state tax planning to filing and compliance, our expert team is here to help you reduce tax liabilities, avoid penalties, and stay compliant with ever-changing regulations.
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Income Tax Preparation and Filing
Filing income taxes can be stressful, especially with complex state and federal requirements. Our team specializes in income tax preparation in Brooklyn for individuals and businesses, ensuring that your taxes are filed accurately and on time.
Our Process
- We do a comprehensive review of your financial information to ensure accuracy.
- We give careful attention to detail to identify all possible deductions and credits.
- We file promptly to avoid penalties or delays.
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Sales & Use Tax Compliance & Filing
Sales and use taxes can be complicated, especially for businesses that sell products across state lines. At GTA Accounting Group, we help Brooklyn businesses comply with sales and use tax regulations and meet all filing requirements.
Our Expertise
- We do a detailed assessment of your sales tax obligations based on where and how you do business.
- Preparing and filing sales and using tax returns to ensure compliance with state and local laws.
- We guide you on how to manage your tax liabilities, particularly for out-of-state sales.
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Nexus Determination and Compliance
If your business operates in multiple states or sells online, you may have a "nexus" in other states, meaning you're responsible for tax obligations in those areas. We provide expert assistance in nexus determination and help you comply with tax regulations across state lines.
We Support You
- Evaluate whether your business has tax nexus in other states.
- Ensure you comply with all related tax laws to avoid potential penalties.
- Assist with multistate tax filings so you stay compliant no matter where you operate.
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State Audit Representation
Receiving a state tax audit notice can be unsettling, but with GTA Accounting Group, you don't have to face it alone. We offer audit representation for Brooklyn businesses, working on your behalf to resolve issues and achieve the best possible outcome.
What We Do
- Prepare all necessary documentation for the audit.
- Represent you throughout the audit process, ensuring compliance and defending your interests.
- Address any post-audit issues to ensure your business remains compliant moving forward.
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Payroll Tax Compliance and Filing
Managing payroll taxes requires accuracy and attention to detail. At GTA Accounting Group, we help Brooklyn businesses with payroll tax compliance by ensuring timely filings and compliance with all state regulations.
Services
- Calculating payroll taxes accurately to avoid underpayment.
- Filing payroll tax returns on time to prevent penalties.
- Ensuring compliance with New York State payroll tax laws for your business.
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State Tax Credits and Incentives
State tax credits and incentives are powerful tools that can help reduce your overall tax burden. At GTA Accounting Group, we assist businesses and individuals in identifying and applying for these valuable credits. Whether you're eligible for industry-specific tax incentives or credits related to energy efficiency, we'll guide you through the process.
How we Help
- Identify applicable tax credits and incentives based on your situation.
- Assist with the necessary paperwork to claim these benefits.
- Ensure you remain compliant while reducing your tax liability.
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State Tax Planning and Consulting
Effective tax planning is critical to minimizing tax liabilities while fully complying with state laws. Our state tax planning services are tailored to the specific needs of Brooklyn-based businesses, helping you strategically plan for the future.
What we Offer
- Personalized tax planning strategies for businesses of all sizes.
- In-depth consultations that look at your current financial situation and tax obligations.
- Ongoing support to adjust your strategy as tax laws change.
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Property Tax Assessments
Understanding property tax assessments can be challenging, especially if you believe you're being overcharged. We assist Brooklyn property owners by ensuring accurate property tax assessments and providing guidance on appealing unfair evaluations.
Services
- Reviewing your property tax assessment to ensure accuracy.
- Assisting with appeals if necessary to reduce your tax burden.
- Advising on strategies to manage property taxes better.
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Excise Tax Compliance
Certain businesses, especially those in industries like alcohol, tobacco, or transportation, may be subject to excise taxes. We help Brooklyn businesses comply with excise tax regulations, ensuring proper filing and payment to avoid legal issues.
How we Assist
- Determine if your business is subject to excise tax.
- Handle all necessary filings to ensure compliance.
- Advise on any excise tax-related issues to avoid fines or penalties.
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Franchise Tax Filing
If you're operating a franchise in Brooklyn, you must stay on top of franchise tax filings to avoid penalties. GTA Accounting Group provides expert support to ensure your franchise taxes are filed correctly and on time.
Our Expertise
- Review and preparation of franchise tax returns to meet all state requirements.
- Ensure timely filing to avoid penalties or additional charges.
- Ongoing support to ensure your business stays compliant with franchise tax laws.
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Federal Tax Services for Brooklyn Businesses
At GTA Accounting Group, we provide a full range of federal tax services for businesses of all sizes in Brooklyn. Our team has the expertise to ensure that your federal tax filings are accurate, timely, and compliant with the latest IRS regulations. Whether you need help with corporate tax returns, tax credits, or audit representation, we are here to guide you every step of the way.
Corporate Tax Returns
Filing corporate tax returns can be complex, but with GTA Accounting Group, you can count on accurate and timely filings for your Brooklyn-based business. We handle everything from small businesses to large corporations, ensuring compliance with federal tax laws.
What We Do:
- Prepare and file corporate tax returns, ensuring all deductions and credits are correctly accounted for.
- Review financial documents to ensure accuracy and compliance with IRS regulations.
- It provides a guide on reducing corporate tax liability while staying within legal guidelines.
Partnership Tax Returns
Filing partnership tax returns requires a solid understanding of partnership structures and tax obligations. At GTA Accounting Group, we specialize in helping Brooklyn partnerships file their tax returns correctly and on time.
What We Offer:
- Prepare and file partnership tax returns, ensuring proper income, losses, and credit allocation.
- Ensure compliance with IRS p, including any specific filing requirements.
- Provide ongoing tax planning to help your partnership manage its tax obligations effectively.
Nonprofit Tax Returns
Nonprofit organizations in Brooklyn face unique tax requirements, and our team is experienced in managing these filings. We help local nonprofits comply with federal and state tax laws while maximizing available exemptions and credits.
How We Help:
- Prepare Form 990 and other necessary filings for your nonprofit to meet IRS requirements.
- Ensure your nonprofit takes advantage of all eligible tax exemptions and credits.
- Offer ongoing support to help your organization stay compliant with evolving tax laws.
- Payroll Tax Filings
Payroll taxes are essential to running a business, and failure to comply with IRS and state regulations can lead to penalties. We handle Brooklyn payroll tax filing for businesses, ensuring everything is accurate and filed promptly.
Our Payroll Tax Services:
- Calculate payroll taxes, including federal withholding, Social Security, and Medicare.
- File payroll tax returns with both the IRS and state tax authorities.
- Help you avoid penalties by ensuring timely and accurate filings.
Estate and Trust Tax Returns
Ensuring accurate tax filings is crucial for managing an estate or trust in Brooklyn. GTA Accounting Group has the expertise to help high-net-worth individuals and families file estate and trust tax returns that comply with federal tax laws.
How We Assist:
- Prepare and file estate and trust tax returns, ensuring all income, deductions, and distributions are correctly reported.
- Guide how to minimize estate and trust tax liabilities.
- Help you navigate the complexities of estate planning and tax law to protect your family's wealth.
IRS Audit Representation
Facing an IRS audit can be intimidating, but with GTA Accounting Group by your side, you have an experienced team ready to represent you. Our proven track record of defending Brooklyn businesses during IRS audits ensures that you have expert guidance throughout the process.
What We Offer:
- We offer comprehensive audit preparation, including document review and strategy development.
- We provide direct representation during the audit to address any IRS concerns or questions.
- We also provide post-audit support to resolve any outstanding issues and ensure future compliance.
Federal Tax Credits and Incentives
Federal tax credits and incentives can significantly reduce tax liabilities, but identifying and applying for them can be complicated. We help Brooklyn businesses and individuals take full advantage of the credits available to them.
How We Help:
- Identify eligible tax credits and incentives for your business or individual tax situation.
- Assist with the application process to ensure compliance and maximize benefits.
- Provide ongoing support to help you claim available credits in future tax filings.
International Tax Compliance
Managing international taxes can be challenging for Brooklyn businesses with cross-border operations. Our team is experienced in handling international tax compliance, ensuring you fully comply with U.S. tax laws while managing global tax obligations.
Our International Tax Services:
- Assist with tax planning for businesses that operate in multiple countries.
- Ensure compliance with IRS regulations for foreign income, transactions, and reporting.
- Help mitigate double taxation and identify tax-saving opportunities internationally.
Tax Planning and Strategy Development
Proactive tax planning is essential for minimizing liabilities and maximizing returns. At GTA Accounting Group, we offer personalized tax planning strategies for Brooklyn businesses and individuals, ensuring you pay what you owe while taking advantage of available tax-saving opportunities.
What We Offer:
- Tailored tax planning strategies that align with your financial goals.
- Ongoing consultations to adjust your tax strategy as laws change and your needs evolve.
- Expert advice to help you manage your tax liabilities effectively and legally.
Comprehensive Accounting Services in Brooklyn
At GTA Accounting Group, we understand the importance of accurate and well-organized financial records for the success of your business. Our comprehensive accounting services help Brooklyn businesses manage their day-to-day finances, meet tax obligations, and plan for future growth. From bookkeeping to financial planning, we ensure your business remains financially stable and compliant.
Bookkeeping Services
Keeping accurate financial records is crucial for the success of any business. At GTA Accounting Group, we offer comprehensive bookkeeping services to ensure that your financial records are organized, accurate, and up to date. Whether you're a small or growing business, we help you stay on top of your financial data.
Our Bookkeeping Services Include:
- Recording and organizing all business transactions, including sales, expenses, and payments.
- You always maintain a clear and accurate ledger of your financial position.
- Regular reconciliations to ensure your accounts match your bank statements.
Financial Statement Preparation
Presenting accurate and detailed financial statements is essential for business owners, investors, lenders, and tax authorities. At GTA Accounting Group, we specialize in financial statement preparation for Brooklyn businesses, ensuring that your financial documents reflect a clear and accurate picture of your company's performance.
What We Provide:
- We prepare vital financial statements, including income, balance sheets, and cash flow statements.
- We provide clear and precise reports that meet the requirements of lenders, investors, and regulatory bodies.
- We also provide expert guidance to help you understand and utilize your financial statements for better decision-making.
Payroll Services
Managing payroll taxes can be complex and time-consuming. With our payroll services, you can ensure your employees are paid on time while fully complying with all Brooklyn payroll tax regulations. Let us take care of your payroll tax filing so you can focus on growing your business.
Our Payroll Services Include:
- Accurately calculating payroll taxes, including deductions for federal and state taxes.
- You are filing payroll tax returns on your behalf, ensuring timely and accurate submissions.
- We also maintain detailed payroll records to ensure compliance with tax authorities.
Financial Planning
Every business and individual needs a solid financial plan to achieve their long-term goals. GTA Accounting Group offers personalized financial planning services aligning with your immediate needs and aspirations. Whether you're planning for business expansion, retirement, or personal financial goals, we're here to help.
Our Financial Planning Services:
- We make customized plans according to your current financial situation and goals.
- We guide you in investing, saving, and risk management to ensure financial growth.
- Ongoing support to adjust your financial plan as your needs evolve.
Budgeting and Forecasting
Effective budgeting and forecasting are essential for the success and stability of any business. At GTA Accounting Group, we help Brooklyn businesses create accurate budgets and financial forecasts that guide decision-making and improve overall economic health.
How We Help:
- Develop realistic budgets that reflect your business's current and projected financial needs.
- Create financial forecasts that help you plan for future growth and expenses.
- Provide expert advice on how to manage cash flow and reduce financial risk.
At GTA Accounting Group, we take pride in providing comprehensive accounting services that help your Brooklyn business succeed. Whether you need help with bookkeeping, financial statements, or strategic financial planning, our team guides you through every step. Let us help you achieve your financial goals with expert, reliable services.
Advisory Services for Brooklyn Businesses
At GTA Accounting Group, we offer a wide range of advisory services to support the growth and success of Brooklyn businesses. From business consulting to succession planning, our team provides expert guidance to help you make informed decisions and achieve long-term stability. Whether you're looking to improve operational efficiency, plan for future growth, or evaluate business opportunities, we're here to guide you every step of the way.
Business Consulting
Running a business has many challenges, and having the proper support can make all the difference. At GTA Accounting Group, we offer business consulting services tailored to your needs, helping you improve strategic growth, operational efficiency, and financial health.
How We Help:
- Evaluate your current business operations to identify areas for improvement.
- Provide actionable recommendations to improve processes, reduce costs, and increase profitability.
- Offer ongoing support to help your business stay on track for long-term success.
Strategic Planning
A solid strategic plan is essential for achieving long-term success. Our strategic planning services are customized to fit the unique needs of Brooklyn businesses, ensuring you have a clear roadmap for sustainable growth.
What We Offer:
- Develop a tailored strategic plan that aligns with your business goals.
- Identify growth opportunities and create actionable steps to achieve them.
- Provide ongoing support and adjustments to your plan as your business evolves.
Risk Management
Managing risk is critical to protecting your business from unexpected challenges. At GTA Accounting Group, we offer risk management services that help you identify, assess, and mitigate potential risks so you can focus on growing your business with confidence.
How We Support You:
- Identify critical risks that could impact your business, from financial to operational vulnerabilities.
- Develop a risk management strategy to minimize the impact of those risks.
- Provide ongoing monitoring and adjustments to ensure your business remains protected.
Succession Planning
Planning for the future is essential, especially regarding your business's leadership and ownership. Our succession planning services help Brooklyn businesses prepare for smooth transitions, preserving your company's value and legacy.
What We Provide:
- Develop a comprehensive succession plan that outlines the transfer of leadership or ownership.
- Ensure your succession plan aligns with your long-term business goals and family interests.
- Provide expert legal, financial, and tax guidance to make the transition seamless.
Business Valuation
Knowing your business's actual value is crucial, whether you're preparing for a merger, acquisition, or exit planning. At GTA Accounting Group, we offer accurate and reliable business valuation services for Brooklyn businesses, ensuring you understand your company's worth clearly.
Our Valuation Process:
- Conduct a thorough analysis of your business's financial health, assets, liabilities, and market position.
- Provide an accurate valuation that reflects the true worth of your business in the current market.
- Offer guidance on using the valuation for decision-making, whether you plan to sell, merge, or secure financing.
Mergers and Acquisitions
Mergers and acquisitions can be significant opportunities for growth or exit, but they require careful planning and expert support. At GTA Accounting Group, we assist Brooklyn businesses through every stage of the merger and acquisition process, from valuation to negotiation and post-deal integration.
How We Help:
- Conduct thorough due diligence to evaluate the financial health of the target company.
- Provide expert advice on structuring the deal to ensure short-term and long-term success.
- Assist with post-merger integration to ensure a smooth transition and operational alignment.
At GTA Accounting Group, our advisory services are designed to help Brooklyn businesses thrive. Whether you need support with business consulting, risk management, or succession planning, our experienced team is here to provide the guidance you need to succeed.
Filing Late or Missing Deadlines
One of the most common tax mistakes is missing the filing deadline. Filing late can result in penalties and interest charges, which can quickly increase, especially for businesses.
How to Avoid It:
- Mark tax deadlines on your calendar and set reminders well in advance.
- Work with a tax professional to ensure all your documents are prepared and filed on time.
- If you can't meet the deadline, consider filing for an extension, but remember that an extension to file is not an extension to pay.
Underreporting Income
Underreporting income can happen accidentally, especially for those with multiple income streams or freelance work. However, failing to report all income can lead to audits, fines, and penalties.
How to Avoid It:
- Keep track of all your income sources, including freelance work, rental income, and side gigs.
- Double-check your tax forms (such as W-2s, 1099s, etc.) to ensure all income is reported accurately.
- Use reliable accounting software or hire a professional to track your income and avoid discrepancies.
Misclassifying Employees and Independent Contractors
Many businesses mistakenly classify workers as independent contractors when they should be classified as employees. If the IRS determines that the classification was incorrect, this can lead to costly penalties and back taxes that the classification was incorrect.
How to Avoid It:
- Understand the IRS guidelines for classifying employees vs. independent contractors. Key factors include the level of control you have over the worker and the nature of the relationship.
- Consult a tax professional to ensure that your classifications are accurate.
- Review your employee and contractor agreements regularly to ensure compliance.
Missing Out on Tax Deductions and Credits
Many businesses and individuals fail to take full advantage of the deductions and credits available to them. This mistake can mean paying more in taxes than you need to.
How to Avoid It:
- Keep thorough records of all business expenses, including travel, equipment, and home office use.
- Work with a tax professional familiar with the deductions and credits that apply to your industry or situation, such as small business tax credits or education deductions.
- Regularly review tax laws to stay updated on changes that could benefit you.
Errors in Math and Calculations
Simple math errors or miscalculations are common mistakes when preparing tax returns. These errors can lead to underpayment or overpayment, triggering IRS attention or causing money loss.
How to Avoid It:
- Use reliable tax preparation software that can handle calculations automatically.
- Have a tax professional review your returns to ensure correct numbers.
- Double-check figures before submitting your tax return, especially if you're preparing it manually.
Failing to Keep Proper Records
Inadequate record-keeping can lead to missed deductions, errors on your tax return, and even an inability to defend yourself during an audit.
How to Avoid It:
- Keep all relevant receipts, invoices, and financial statements organized annually.
- Use cloud-based accounting software to store and organize documents, making them easily accessible during tax season.
- Work with a bookkeeper or tax professional who can help you maintain accurate records annually.
Not Planning for Estimated Taxes
If you're self-employed or have significant income outside of regular employment (such as rental or investment income), you may need to pay estimated taxes quarterly. Many people need to plan for these payments, which can lead
How to Avoid It:
- Estimate your tax liability for the year and divide it into quarterly payments to avoid penalties.
- Use accounting software or a tax professional to help calculate estimated payments based on your income.
- Set aside a portion of your monthly income specifically for estimated taxes to avoid a large lump sum at the end of the year.
Ignoring IRS Notices or Letters
Ignoring IRS notices will not solve the problem. Failing to address an IRS notice can lead to further penalties, interest, and, in some cases, legal action.
How to Avoid It:
- Open all IRS correspondence immediately and read through it carefully.
- Contact a tax professional to help you understand the notice and determine how to respond.
- Take prompt action to resolve any issues before they escalate.
Not Seeking Professional Help When Needed
Many individuals and businesses attempt to handle their taxes without professional guidance, which can lead to mistakes and missed opportunities for tax savings.
How to Avoid It:
- Consult a tax professional with a proven track record of handling personal and business tax matters.
- Schedule a tax planning session early in the year to ensure you're prepared for filing season.
- Consider working with a CPA to ensure you comply with tax laws while taking advantage of all available deductions and credits.
By avoiding these common tax mistakes, you can reduce stress during tax season and save money in the long run. At GTA Accounting Group, we are here to guide you through the entire tax process, ensuring that you file accurately and take advantage of every tax-saving opportunity.
Common Tax Mistakes and How to Avoid Them
Filing taxes can be complex and stressful, especially when unaware of the common pitfalls businesses and individuals face. At GTA Accounting Group, we help you avoid these mistakes so you can confidently file and minimize your tax liabilities. Below, we've outlined some of the most frequent tax errors people make in Brooklyn and how to avoid them.
Our Amazing Team
Dennis Williams
Manager Cross Border Tax department (Canada–US)
Sohail Afzal
CEO & Founder
Steven Matos
Principal
Nathan Kazmierski
Tax & Assurance Partner
Industry-Specific Tax and Accounting Tips
At GTA Accounting Group, different industries face unique tax and accounting challenges. Whether you're a real estate investor, a nonprofit organization, or a freelancer, our tailored strategies can help you stay compliant and minimize your tax burden. Below, we've outlined vital tax tips for three major sectors in Brooklyn: real estate, nonprofits, and freelancers.
Real Estate Tax Strategies for Brooklyn Investors
Investing in real estate offers tremendous opportunities but comes with complex tax obligations. As a real estate investor in Brooklyn, understanding property tax assessments and taking advantage of available deductions can save you significant money each year.
Critical Strategies for Real Estate Investors:
- Understand Property Tax Assessments: Brooklyn property taxes are based on the assessed value of your property. Review your property tax assessment annually to ensure it accurately reflects your property's value. If you believe the assessment is too high, you can file an appeal to lower your tax bill.
- Depreciation Deductions: One of the key tax benefits for real estate investors is the ability to deduct property depreciation. This deduction allows you to write off the value of your investment property over time, reducing your taxable income. Be sure to consult with a tax professional to maximize these deductions.
- Expense Deductions: Many expenses related to your investment property are tax-deductible. These may include mortgage interest, property management fees, repairs, insurance, and legal fees. Keeping detailed records of these expenses throughout the year is crucial for accurate deductions.
Nonprofit Tax Compliance in Brooklyn
Operating a nonprofit organization in Brooklyn comes with specific tax responsibilities. You must meet federal and state tax obligations to maintain your tax-exempt status. Failing to do so could lead to penalties or the loss of your nonprofit status.
Tax Obligations for Nonprofits:
- File Form 990 Annually: All tax-exempt nonprofits must file Form 990 annually with the IRS. This form provides detailed information about your organization's finances, including revenues, expenses, and the compensation of key employees. Failing to file can result in penalties and, after three years of non-filing, the loss of your tax-exempt status.
- State-Specific Requirements: Besides federal requirements, Brooklyn-based nonprofits must comply with New York State's regulations. This compliance may include registering with the Charities Bureau and submitting annual financial reports, depending on your organization's size and activities.
- Available Incentives: Brooklyn nonprofits may be eligible for tax credits and exemptions, such as property tax exemptions for qualifying charitable organizations. Consult with a tax professional to ensure you take full advantage of these benefits.
Freelancer and Contractor Tax Tips in Brooklyn
Freelancers and independent contractors in Brooklyn have unique tax obligations compared to traditional employees. Understanding these responsibilities is essential for avoiding penalties and taking advantage of available deductions.
Critical Tips for Freelancers and Contractors:
- Pay Self-Employment Taxes: As a freelancer or contractor, you pay the employer and employee portions of Social Security and Medicare taxes. This self-employment tax payment is typically 15.3% of your net earnings. Be sure to factor this into your budget and make estimated tax payments quarterly to avoid a large bill at the end of the year.
- Track Your Expenses: Many of your business expenses are tax-deductible. Standard deductions for freelancers include home office expenses, internet and phone bills, software subscriptions, travel expenses, and professional development. Keeping accurate records of these expenses can significantly reduce your taxable income.
- Set Aside Money for Taxes: Freelancers often underestimate how much they'll owe in taxes, leading to financial stress when tax season arrives. Set aside a portion of your income for quarterly tax payments. A good rule of thumb is to save 25-30% of your income for taxes.
- Estimated Tax Payments: If you expect to owe more than $1,000 in taxes, you must make quarterly estimated tax payments to the IRS and New York State. Missing these payments can result in penalties, so staying on top of them throughout the year is crucial.
At GTA Accounting Group, we provide industry-specific tax and accounting services designed to meet the needs of real estate investors, nonprofits, freelancers, and contractors in Brooklyn. Our team has the expertise to ensure you stay compliant while maximizing your tax benefits. Let us help you navigate the complexities of your industry with confidence.
Discover testimonials for insights into our approach.
"GTA Accounting Group has been a game-changer for our business. Their attention to detail and proactive tax planning helped us save a significant amount on our taxes. We couldn't have done it without their expert guidance. Highly recommend their services!"
John S
Manufacturing Business Owner
"We were in a tight spot with the IRS, but GTA Accounting Group handled everything with professionalism and expertise. They fixed the mistakes made by our previous accountant and got us back on track. Their CPA firm NYC is truly top-notch."
Sarah M
Tech Startup Founder
"As a foreign-owned business, we were overwhelmed by U.S. tax laws. GTA's corporate tax advisors in New York made everything clear and straightforward, and they saved us a lot of money by avoiding double taxation. They're the trusted partner we needed."
Pierre L
International Business Owner
"GTA's digital platforms are a lifesaver for someone like me, always on the go. Their user-friendly apps and online resources make it easy to keep track of my finances and make transactions. I appreciate the convenience and security they offer."
Amma Hidson
Business Owner
"GTA Accounting Groups attention to security is impressive. As someone who values the safety of my financial information, I trust GTA to keep my data protected. Their encryption and security measures give me peace of mind."
Liam Johnson
Business Owner
"GTA's technology-driven approach has truly transformed my financial experience. Their advanced tools and resources help me make informed decisions and plan for the future. I'm grateful to have GTA Accounting Group as my financial partner."
Sophia Mitchell
AUX Founder
