Expert CPA Services for Tax, Bookkeeping, and Financial Planning in New York City
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Expert CPA Services in New York City
Comprehensive Tax Services in New York City for Businesses and Individuals
At GTA Accounting Group, we provide a full range of tax services in New York designed to help you stay compliant, reduce tax liabilities, and make informed financial decisions. Whether you're managing state taxes for your business or navigating complex federal filings, we offer expert guidance every step of the way.
State Tax Services
We understand the complexities of New York State's tax system and offer various services to help businesses and individuals manage their state tax obligations.
State Tax Credits and Incentives
New York offers various tax credits and incentives for businesses, but these can be tricky to identify. Our team helps you take advantage of every opportunity and ensures you receive the benefits you're entitled to.
Income Tax Preparation and Filing
Filing state taxes can be stressful, especially with the risk of penalties for incorrect filings. We provide accurate tax preparation in NYC to ensure you file your state income taxes on time and without errors, relieving you of stress and worry. With our expert services, you can be confident in your tax filings.
Sales and Use Tax Compliance
If your business sells goods or services in New York, you must comply with state and local sales tax regulations. We ensure that your sales and use taxes are filed correctly, helping you avoid unnecessary penalties. You must comply with state and local sales tax regulations if your business sells goods or services in New York
Nexus Determination and Compliance
If your business operates across state lines, knowing where you have a tax "nexus" means a tax obligation is essential. We help determine whether your business owes taxes in other states and ensure you're fully compliant.
Payroll and Excise Tax Compliance
Managing payroll taxes can be time-consuming and complicated. We handle everything from calculating withholdings to filing returns, ensuring your payroll tax filings are always accurate and timely. If your business is subject to excise taxes, we manage those filings, ensuring seamless compliance.
Property and Franchise Tax Filing
New York businesses are often subject to property and franchise taxes. Our team handles property tax assessments and prepares your franchise tax filings precisely, helping you stay on top of your obligations.
Federal Tax Services
In addition to state taxes, we offer a comprehensive range of federal tax services to ensure you meet your business and personal tax obligations.
Corporate and Partnership Tax Returns
Filing corporate taxes can be complicated, especially for businesses with unique structures like partnerships. We provide accurate and timely corporate tax filing in New York to ensure your business complies with federal tax regulations.
Nonprofit Tax Services
If you run a nonprofit in New York City, maintaining your tax-exempt status is crucial. We handle nonprofit tax services, ensuring your organization meets all IRS requirements and complies with state and federal laws.
Estate and Trust Tax Returns
Filing taxes can be overwhelming for individuals managing estates or trusts. We offer expert assistance in filing estate and trust tax returns, helping you comply with federal rules while minimizing tax liabilities.
IRS Audit Representation
If you're facing an IRS audit, we provide professional support to represent your interests. Our experienced team will guide you through the audit process, ensuring you have the support to resolve any issues efficiently. With our team, you can have peace of mind during this challenging process.
International Tax Planning
Whether you're a business with international operations or an individual with cross-border tax obligations, our international tax planning services help you comply with U.S. tax laws while navigating foreign tax requirements.
Reliable Professionals
From tax preparation in NYC to handling federal tax filings for corporations and individuals, our focus is always on making your life easier and giving you the confidence that your financial matters are in good hands.
Contact us today to schedule a consultation. During this consultation, we'll assess your particular needs and provide you with a clear plan of how our CPA services in New York City can benefit your business.
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Accurate and Timely Accounting Services in New York City
At GTA Accounting Group, we understand the importance of confidentiality regarding your financial information. Our accounting services in New York City ensure your financial records are well-organized, compliant, and up-to-date while maintaining the highest level of privacy and security.
Keeping your books in order is the foundation of strong financial management. Our bookkeeping services in New York City ensure that your financial records are always accurate, organized, and ready when needed. We handle everything from tracking daily transactions to reconciling bank statements so you can focus on growing your business.
- We maintain detailed records of all your income and expenses.
- We provide regular financial updates so you always know where your business stands.
- With our expert bookkeeping, you'll be ready for tax time without the usual stress.
Your financial statements are essential for making informed business decisions. At GTA Accounting Group, we prepare financial statements that comply with accounting standards and give you a clear picture of your company's financial health. Whether it's for lenders, investors, or internal planning, our financial statements are always precise and reliable.
- We prepare balance sheets, income statements, and cash flow statements.
- We ensure compliance with relevant reporting standards, reducing the risk of errors.
- Accurate financial statements give you the confidence to make sound decisions about your business's future. With our precise and reliable financial statements, you can feel empowered to steer your company in the right direction.
Managing payroll can be time-consuming and complex, especially with changing tax laws and employee regulations. Our payroll services in NYC ensure that your employees are paid accurately and on time while keeping you compliant with payroll tax laws. We handle everything from calculating salaries to filing payroll taxes, making the process hassle-free.
- We calculate wages, withholdings, and other deductions for your employees.
- We file payroll taxes with the appropriate local, state, and federal agencies.
- You can trust that your payroll will be processed smoothly, ensuring employee satisfaction and compliance.
Planning for your business's financial future is as essential as managing day-to-day operations. Our budgeting and forecasting services help you set realistic financial goals, manage cash flow, and plan for growth. We analyze your economic data to create forecasts that guide your decisions and keep your business on track.
- We work with you to develop a budget tailored to your business's needs.
- Our forecasts help you anticipate expenses, revenues, and cash flow.
- With our financial planning support, you'll be better prepared to achieve long-term success.
At GTA Accounting Group, we aim to provide accounting services in New York City that help your business thrive. From bookkeeping services to comprehensive financial planning, we take the burden of managing finances off your shoulders so you can focus on what matters most.
Ready to get started? Contact us today to learn how our services can benefit your business and keep your finances running smoothly.
Strategic Advisory Services Tailored to New York City Businesses
Running a business in New York City requires thoughtful planning, strategic decisions, and a clear vision for the future. At GTA Accounting Group, our business consulting in NYC provides the guidance and expertise you need to succeed in this competitive market. Whether you're planning for growth, navigating a significant transition, or managing risks, our advisory services are designed to help you make informed decisions that move your business forward.
Business Consulting
In a fast-paced environment like New York City, you have the right advice at the right time. Our business consulting in NYC focuses on giving you the strategic insights needed to grow and manage your company. From improving operational efficiency to scaling your business, we offer practical solutions that help you overcome challenges and reach your goals.
- We help you analyze your business's current position and identify areas for improvement.
- Our expert team provides tailored recommendations for growth, profitability, and long-term success.
- We focus on helping you make data-driven decisions about expansion, cost-cutting, or restructuring.
Succession Planning and Business Valuation
Planning for the future is critical to ensuring your business continues to thrive. Whether preparing for retirement, passing the company to the next generation, or looking to sell, we offer succession planning services that guide you through the process. We also provide business valuations to help you understand your company's worth.
- We develop customized succession plans to ensure a smooth transition of leadership or ownership.
- Our valuation experts assess your business's financial health, market position, and growth potential to provide an accurate valuation.
- With our guidance, you'll be fully prepared for critical decisions like selling, transferring ownership, or passing your business to your family.
Risk Management and Mergers & Acquisitions
Managing risks is essential to protecting your business in a constantly changing market. Our risk management services help you identify potential challenges and develop strategies to address them. If you're considering a merger or acquisition, our expert team offers comprehensive advice to ensure the process is successful and beneficial for your business.
- We identify financial, operational, and strategic risks that could impact your business and help you mitigate them with practical solutions.
- We provide thorough analysis and expert guidance for mergers and acquisitions to ensure smooth transitions and sound investments.
- We work with you every step of the way, ensuring you have the knowledge and support you need to make confident decisions.
At GTA Accounting Group, we understand that every business has unique challenges and opportunities. Our business tax services in NYC and advisory support provide you with the tools and insights to tackle those challenges head-on. Whether you're planning strategic initiatives, managing risks, or preparing for the future, we're here to help you succeed.
Ready to take the next step? Contact us today to learn how our business consulting in NYC can help you achieve your goals and secure your business's future.
Understanding New York City Tax Compliance – What You Need to Know
New York City and New York State have complex tax systems that businesses and individuals need to understand to stay compliant and avoid penalties. The regulations can be challenging, from state income tax to specialized local business taxes, but you can navigate them successfully with the proper knowledge and guidance.
State and City Income Taxes
New York State has a progressive income tax system, with rates ranging from 4% to 10.9% depending on your income bracket. If you're a New York City resident, you'll also be subject to additional city income taxes ranging from 3.078% to 3.876%. For individuals, it's essential to file both state and city taxes on time to avoid penalties.
New York City imposes several business-specific taxes that you won't find in other jurisdictions. For example, corporations operating in NYC may be subject to the General Corporation Tax (GCT) or Business Corporation Tax (BCT), which generally applies to "C" and "S" corporations. These taxes are based on income, and the rate is usually 8.85% for taxable income.
Sales and Use Taxes
If your business sells goods or services, you must comply with New York's sales and use tax regulations. The state-wide base sales tax rate is 4%, but New York City adds 4.5%, bringing the total to 8.875%. Businesses are required to collect and remit these taxes to the Department of Taxation and Finance quarterly or annually, depending on their revenue.
Failure to properly collect or file these taxes can result in significant fines. To ensure compliance, businesses should regularly review whether they have nexus (a taxable connection) in New York State, which would require them to file and remit taxes.
Unincorporated Business Tax (UBT)
If you operate as a sole proprietor or partnership in New York City, you may be subject to the Unincorporated Business Tax (UBT). The UBT applies a 4% tax on net income for businesses operating in NYC but doesn't apply to wages or income earned as an employee.
IRS and State Audits
New York State and City tax authorities can audit businesses and individuals to ensure tax compliance. If selected for an audit, it's essential to have clear records of all income, deductions, and filings. Engaging professionals for IRS audit representation in NYC can significantly reduce the stress of an audit and increase the chances of a favourable outcome.
Property and Excise Taxes
Businesses in New York City may also face property taxes based on the assessed value of real estate owned by the industry. In addition, certain companies must pay excise taxes, such as those on tobacco products, utilities, or hotel room occupancy.
Deadlines and Filing Requirements
Meeting all state and city tax deadlines is critical to avoid penalties. Corporations generally must file by March 15, while individuals must meet the April 15 deadline. For businesses with multiple tax obligations (sales, income, UBT, etc.), creating a tax calendar can help ensure timely compliance.
New York's tax system can be complex, but with the proper planning and support, you can stay compliant and minimize your liabilities. At GTA Accounting Group, we specialize in tax planning in New York, helping businesses and individuals manage their tax responsibilities effectively.
Need help with tax compliance? Contact us today for expert guidance and support for your New York tax needs.
Standard Tax Deductions and Credits for New York City Businesses
Running a business in New York City comes with a unique set of tax regulations. Still, it also offers valuable opportunities to reduce your tax burden through various deductions and credits. Below is a breakdown of some common tax incentives available to businesses in NYC and how you can take advantage of them.
NYC Start-Up Business Tax Credit
The START-UP NY program offers significant tax incentives for new businesses that operate in designated tax-free zones. This program allows companies to avoid paying corporate or sales taxes for up to 10 years. Businesses must partner with academic institutions and create jobs to qualify for this credit, making it an excellent option for growing businesses launching within these zones.
Excelsior Jobs Program Tax Credit
The Excelsior Jobs Program provides tax credits to businesses in specific industries (like technology, manufacturing, and biotech) that create jobs or make significant investments in New York State. These credits cover several areas, such as property tax, real estate, and payroll tax reductions. This incentive is aimed at encouraging long-term investments in New York's economy.
Investment Tax Credit (ITC)
For manufacturers or businesses investing in tangible property like equipment, the Investment Tax Credit (ITC) allows a percentage of the investment to be deducted from your taxable income. This deduction helps businesses lower their tax burden when upgrading machinery or other operational assets.
Unincorporated Business Tax (UBT) Credit
Businesses operating in New York City as sole proprietorships or partnerships are subject to the Unincorporated Business Tax (UBT). However, those with liabilities under $3,400 can claim a full credit to offset their UBT, and businesses with liabilities between $3,400 and $5,400 may receive partial credits. This credit ensures that smaller firms with lower profits are manageable.
Employment Incentive Credit
Businesses that increase their workforce may be eligible for the Employment Incentive Credit. This credit rewards companies for creating new jobs and benefits startups and expanding companies in New York City. These credits and deductions provide substantial savings for businesses operating in New York City. Working with a trusted NYC tax accountant ensures that your company takes full advantage of these opportunities while remaining compliant with local and state tax regulations. Ready to maximize your savings? Contact us today to learn more about how we can help with state tax planning and applying for tax credits and incentives tailored to your business.
Corporate Tax Deadlines
- March 15, 2024: New York S Corporations must file tax returns or request an extension. This is also the deadline for partnerships to submit their filing fees and tax returns.
- April 15, 2024: New York C Corporations must file their tax returns for the calendar year or request an extension. This date is also the due date for the pass-through entity tax (PTET) return for businesses that have elected this tax.
- June 17, 2024: Estimated tax payments are due for S and C corporations for the first half of the year.
Unincorporated Business Tax (UBT)
- March 15, 2024: Calendar-year filers are due the first instalment of estimated taxes for businesses subject to the UBT.
- April 15, 2024: Final returns or extensions must be submitted for sole proprietorships and partnerships subject to the UBT.
Sales and Use Tax
- January 22, 2024: Monthly sales tax filers must submit their December 2023 returns by this date. For businesses filing quarterly, the next deadline is March 20, 2024.
Employer Taxes
- January 31, 2024: Employers must submit quarterly combined withholding, wage reporting, and unemployment insurance returns. This applies again at the end of every quarter, with upcoming due dates on April 30, July 31, and October 31, 2024.
Property Taxes
- July 1, 2024: First quarter property tax bills are due for NYC properties. Quarterly installments continue throughout the year, with deadlines on October 1, 2024, January 1, 2025, and April 1, 2025.
Key Penalties to Avoid
Late filings can result in penalties that add up quickly. For example, NYC businesses failing to file corporate tax returns on time may face a penalty of 5% per month, up to 25% of the unpaid tax. Late sales tax filings can incur a penalty of up to 10% of the tax owed, plus interest.
Missing a tax deadline can be costly, but proper tax planning in New York and staying on schedule can avoid unnecessary fines. For expert assistance in meeting these deadlines, our team at GTA Accounting Group offers comprehensive state tax consulting in NYC and tax preparation services to ensure your business remains compliant.
Avoiding Penalties: Key Tax Deadlines for New York City Businesses
Staying on top of tax filing deadlines is essential for New York City businesses to avoid late penalties and interest charges. Here's a timeline of crucial tax deadlines to help your business remain compliant.
Our Amazing Team
Dennis Williams
Manager Cross Border Tax department (Canada–US)
Sohail Afzal
CEO & Founder
Steven Matos
Principal
Nathan Kazmierski
Tax & Assurance Partner
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
