Tax Services in New York
Taxes are complex in any circumstance, and when you have significant investments or a high net-worth, it's imperative that they're handled correctly. At Akram | Assurance, Advisory & Tax Firm, we provide expert tax services for fund managers, traders, investors, Family Offices and the ultra wealthy.
We have decades of experience helping clients with nuanced tax situations and strict requirements to navigate their taxes with accuracy and efficiency. Our accountants can provide pertinent tax advice to help you employ effective strategies and legally reduce your tax liability. When tax problems arise, we provide the insight and information you need to understand and resolve the situation.
Contact our office today to find out how we can help you with your taxes.
Preparing Taxes for Hedge Funds and Other Investment Fund Types
Fund managers have many responsibilities on their plate and adding tax responsibilities on top of this can be a significant burden. We are experienced in the tax reporting obligations that investment funds owe their investors, and can help you organize, prepare, and deliver on these obligations efficiently and accurately.
"This past year Akram & Associates excellently managed the tax work of my hedge fund. Firm industriously worked beyond the usual business hours and delivered me the tax work ahead of schedule. Staff is polite and trustworthy. Muhammad Akram is very diligent, very courteous, and very hard-working. I highly recommend Akram & Associates CPAs."
Farris Hassan - Farris Fund Management, LLC - New York, NY
Our accountants can fulfill numerous essential tasks, from reviewing the fund's net asset value and creating the initial fund structure to serving as your designated Partnership Representative. Naturally, we can prepare Schedule K-1 forms for U.S. and state tax returns as well.
Find out more about what we can do for investment fund taxes.
For easy reference, you may download our Alternative Investments Audit & Tax Services brochure (PDF).
Tax Preparation for High Net-Worth Individuals
Your high net-worth comes with many tax complexities, especially when it comes to assets, property, investments, and multiple sources of income. Failing to account for or properly classify all of these factors can result in audits and serious fines.
Our accountants offer years of experience helping HNWIs prepare and file their taxes accurately and on time. We can organize your financial data, apply the correct tax forms, and complete them with efficiency and precision.
We stay consistently up-to-date on all changes to tax legislation, ensuring that nothing is overlooked in your preparation. When preparing your forms, we also look for opportunities to utilize tax deductions, exemptions, credits, and deferment to limit your tax liability when available.
Living abroad can be incredibly satisfying, but it also adds extra complexities to your tax filing. Rather than trying on your own to sort out the many variables determining what you owe, put your expatriate taxes in the hands of our experienced accountants.
We can file your federal income tax returns (and state, if applicable), as well as small business tax returns and foreign bank account reporting (FBAR). If you have fallen behind in your taxes, we can help you to work toward compliance and develop strategies for resolving tax debt.
Foreign Bank & Financial Accounts Report
Whether you have foreign bank accounts, international investments, or are living abroad, the IRS requires you to disclose assets gained from or held overseas. The foreign bank & financial accounts report (FBAR) can be frustrating if you are uncertain of what needs to be disclosed and where the threshold for filing actually lies.
We consult with clients to evaluate whether they meet the threshold for filing and can prepare and file these reports as needed.
Helping You Save With Effective Tax Planning
As with many other areas of finance, when it comes to taxes, the most effective path to success is planning. Strategies applied throughout the year can help you to take advantage of opportunities and lower your tax liability.
Our accountants work with you to help you find personalized strategies you can use to minimize your tax liability. We thoroughly evaluate your situation, seeking any deductions, exceptions, and credits available to you. We also take the time to understand your financial goals and incorporate them into your strategies, allowing you to reap benefits both now and in the future.
Helping You Take Control of Your Tax Situation
Even simple tax issues like late filing can lead to hefty fines and consequences if not dealt with quickly and effectively. Our experience and understanding of IRS procedures can help you to identify the best course of action for handling your tax problems, from audits to tax debt.
We can act as your representative to the IRS. If you owe, we can negotiate with them to find the optimal resolution to your situation, including payment plans, Offers-in-Compromise, and Innocent Spouse Relief.
Tax Services Tailored to You
At Akram | Assurance, Advisory & Tax Firm, we use our experience and expertise to provide effective tax services for each client. Whatever your tax needs, you can depend on us to be thorough, diligent, and to tailor every service to your unique circumstances.