COVID-19 Update: Your safety is important to us!  We are fully operational and equipped to conduct remote meetings.  Contact us at 561.276.8576 or Susan@SusanTothCPA.com to book now.

What I do

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My Specialites

Businesses

Corporations, S Corporations, LLC, Partnerships, Sole Proprietors, Not For Profit Organization 501 (C) (3); Condominium and Homeowner Associations.
Tax Preparation - Federal and all 52 states
The U.S. tax code is in a constant state of flux and other events such as natural disasters from hurricanes, earthquakes, fires or a pandemic bring interim changes to the tax laws.  To make sure your taxes are calculated properly, contact Susan Toth CPA MBA.  She offers quality tax preparation and proactive tax planning strategies to reduce income tax for clients.  She is knowledgeable and up to date on the laws for federal taxation and all states taxation laws.  She prepares all federal and state necessary returns, forms, and filings.  

Even though there are several tax preparation software packages on the market, they are no substitute to the one-on-one services of an experienced tax professional. In addition to making sure you take advantage of all deductions and credits, Susan Toth CPA MBA also will check and recheck to prevent potential tax problems, and file your return electronically so you get your refund faster. And don’t worry if you haven’t kept up with your bookkeeping – Susan Toth CPA MBA will assist you in getting your books back in order and keeping them that way.  

Some of the tax forms she prepares for business are:

  • Form 1120 – U.S. Corporation Income Tax Return
  • Form 1120S – U.S. Income Tax Return for an S Corporation ‍
  • ‍Form 1120H – U.S. Income Tax Return for Home Owners Associations ‍
  • ‍Form 1065 – U.S. Return of Partnership Income
  • Form 990 – Return of Organization Exempt From Income Tax
  • This includes all EZ variations and all State forms
  • ‍All Payroll Tax Forms – Form 941; Form 940; Forms 1099/1096; Form W2/W3; and all State payroll forms
Tax Planning
Tax planning is the process of analyzing finances from a tax angle, with an aim to ensure maximum tax efficiency.  Considerations concerning tax planning includes timing of income, timing of purchases, planning for expenditures, and size.  Tax planning is vital for small as well as large businesses, since it will be helpful for achieving business-related goals.

Susan Toth CPA MBA offers a proactive approach to tax planning that helps her clients realize significant tax savings. She is a skilled tax specialist with years of experience working with the U.S. tax code.  

For business clients, she understands that tax compliance is an ongoing project. Business decisions you make during the year often have tax consequences. She has the foresight to help you consider the possible financial outcome before you make a financial move that could increase your tax burden.  You can rely on her for tax advice.  She will manage your tax obligations throughout the year to ensure there are no surprises at tax time and you never overpay. For individual taxpayers, she offers tax planning techniques that will provide tax savings. She will look at your complete financial situation and make recommendations to reduce taxes now and in the future.
Financial Statement Preparation – Audit, Review and Compilation Services
Susan Toth CPA MBA’s financial statement services comprise all three levels of assurance depending on your company's needs.

‍Audits
Audits offer the highest level of assurance to third parties, and include in-depth examination and confirmation of account balances, inventories, and selected transactions. We perform audits for you to remove errors, ascertaining the validity and reliability of your information.

‍Reviews
Reviews provide limited assurance to outside interests and involve inquiries and analytical procedures that confirm financial statement matters and identify any items requiring further analysis. We perform reviews to ensure the integrity of your data.

‍Compilations
Compilations are usually requested for internal purposes and are based upon information provided by a company's management. They do not offer assurance but may involve some adjustment to accounting records.
Bookkeeping and Accounting
From start-ups to established enterprises, businesses rely on accurate and insightful financial information in order to maintain profitability and capitalize on new opportunities. Susan Toth CPA MBA’s accounting services steer you closer to these goals with accurate record-keeping and reporting as well as support on financial issues such as initial accounting system setup, cost-containment, tax planning, investments, and employee benefit and profit-sharing plans. These services include but are not limited to:
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  • ‍General ledger and financial statement preparation
  • Bookkeeping (Monthly, quarterly, or annual)
  • Accounting system setup and support
  • Payroll processing
  • Cash flow budgeting and forecasting
  • Personal financial statements
  • Employee benefit and profit-sharing plans
  • Corporate tax planning and return preparation
  • Litigation support
QuickBooks Services
QuickBooks Accounting Help and Assistance for Small Businesses  

QuickBooks can provide useful and timely information in the form of financial statements, reports and graphs. However, it can only provide this information if you purchase the right product and then install, setup and use it properly. Susan Toth CPA MBA is ready to assist you in the following areas:
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  • ‍Selecting the right version of QuickBooks for your business
  • ‍QuickBooks software setup
  • ‍Initial setup to map accounts correctly
  • ‍Creating custom templates for invoices
  • ‍Monthly, quarterly, and annual payroll tax services using QuickBooks
  • Responsive to questions on QuickBooks by phone or email
  • ‍Advice on time-saving shortcuts
  • ‍Data file review and clean up
IRS Resolutions and Negotiations
Susan Toth CPA MBA does not judge a person or business for having tax problems.  There are always underlying circumstances that placed them in this position, and she understands this and is sympathetic towards it.

IRS tax negotiation is possible, but you must act quickly, as ignoring tax debt will only lead to more problems.  Penalties and interest will increase the amount owed, and the IRS will take action to secure the debt by any means available to them. This may include tax levies and/or liens, as well as wage garnishment, which can also ruin your credit score. Depending on your financial situation, however, the type of tax settlement you receive will differ.

Susan Toth CPA MBA is very experienced and has a high success rate at negotiating a resolution with the IRS and States.  Here are some of the most common types of resolutions and negotiations she assists clients with:

  • ‍Penalty Abatement - In some cases, it is possible to negotiate with the IRS to reduce or eliminate penalties and interest that has accrued on your unpaid taxes.
  • ‍Payment Extension - If your tax debt is fairly recent, and you think you can pay in full fairly soon, you may be granted a short extension by the IRS.
  • ‍Payment Plans - If you’re unable to pay your taxes in full, you may be able to pay the debt over time with small monthly payments.  This includes the Fresh Start program.
  • ‍Partial Payment Agreement - Similar to a regular payment plan, except that the IRS agrees to accept less than the full amount owed.
  • ‍Offer in Compromise - If you want to negotiate with the IRS to pay substantially less than you currently owe, it is typically done through an Offer in Compromise.
  • ‍Currently Not Collectible - In cases of extreme financial hardship, the IRS may deem you as currently not collectible, which will temporarily halt all collection efforts against you.
IRS and State Tax Audit Representation
What is Tax Audit Representation?

Tax audit representation, also called audit defense, is a service in which a tax or legal professional stands in on behalf of a taxpayer (an individual or legal entity) during an IRS or State income tax audit.  During an income tax audit or examination, the IRS and all states allow a taxpayer to have an authorized representative. The representative must have permission to practice before the IRS or State, and specific credentials are required. Susan Toth CPA MBA is licensed and has the required credentials to represent a taxpayer with the IRS or State.

Susan Toth CPA MBA will develop a strategy used to defend the taxpayer’s position. She assists the taxpayer in preparing all documents requested by the taxing authority and typically attends all meetings and handles correspondence on behalf of the taxpayer.  She will provide you with the experience and professionalism necessary when dealing with the IRS or State audit.
Disaster Recovery
Tax and accounting professionals have the right mix of competencies and skills that are very helpful in case a disaster occurs – from the way they analyze numbers and plan for the future to their extensive knowledge of the company’s history, goals, technology and systems. When clients are going through a crisis, they should turn to their accountant for help.  

Susan Toth CPA MBA readily offers her clients proactive business continuity and disaster planning services, which, of course, is much more useful than having to put the pieces together after disaster has struck.

A crisis can occur anytime, anywhere, and it can strike in a variety of ways. This includes natural disasters such as hurricanes, fires, floods or tornadoes; Pandemic; man-made disasters such as arson; intentional disasters (terrorism); and vital mistakes made by a CEO or senior leadership. Disasters also include white collar crimes.  Contact Susan Toth CPA MBA to help you create a documented plan of action.
Business Planning
A new company must formulate a well-conceived business plan. Established companies must maintain a business plan that is flexible enough to adjust as challenges and goals evolve over the years. Without a sound business plan, employees, management, and customers might find themselves at odds about expectations, which can erode employee morale, harm the customer-company relationship, and threaten profitability.

Susan Toth CPA MBA can help your company’s management team formulate a business plan that will create the proper structure for your business, streamline procedures, outline a company philosophy, and make sure that the talents and abilities of your people are being incorporated to their fullest extent. In general, a well-written business plan will be broken down into the following sections:
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  • ‍Executive summary
  • Market analysis
  • Company description
  • ‍Organization and management
  • ‍Marketing and sales management
  • ‍Service or product offered
  • ‍Funding requests
  • ‍Financial information  
Whether you are about to start a new business or you are looking for ways to improve an existing company, contact Susan Toth CPA MBA. She will help you prepare a business plan that will give you every opportunity to reach and exceed your goals, including financing, grant requests and leases origination.
Bankruptcy Preparedness
Chapter 11 Bankruptcy

Small businesses, corporations, partnerships, sole-proprietorships, and certain qualified individuals that are overwhelmed by debt may seek refuge through Chapter 11 bankruptcy. Chapter 11 can involve both reorganization and liquidation. If a reorganization is used, business owners are generally left in control while a court-sanctioned repayment plan is implemented to repay creditors. Otherwise, liquidation of assets will be used to satisfy all debts. This plan, as well as its execution, are left in the bankruptcy court’s control until it is completed.

Recent changes enacted as part of the Small Business Reorganization Act (SBRA)and temporarily enhanced by the CARES Act—make bankruptcy reorganization much more affordable and viable for small businesses. Prior to the enactment of the SBRA, bankruptcy options for small businesses were limited. A Chapter 7 bankruptcy brings a business and its ownership to an end, resulting in the liquidation of all of the entity’s property. A Chapter 11 bankruptcy, if successful, allows the business to continue operating. Management retains control of its business operations during the Chapter 11 process while also working to obtain court approval of its proposed “plan of reorganization.” The reality, however, is that the risk and costs of the Chapter 11 process (especially for a small business) are frequently prohibitive. While in a Chapter 11 bankruptcy, the business is subject to substantial additional monthly and other reporting obligations and oversight by creditors, interested parties, and the bankruptcy court. In addition, in many cases, a committee of unsecured creditors is appointed to act as representatives on behalf of all unsecured creditors. Attorneys and other professionals hired by the unsecured creditors’ committee are paid from the assets of the company, they are not paid by the members of the unsecured creditors’ committee.

Although the facts and circumstances vary significantly for why a particular company might elect Chapter 11, cost alone has been a significant barrier for viable yet small businesses. At its core, Chapter 11 is designed to preserve the going-concern value of a company, preserve jobs, retain business for suppliers, and benefit the economy, while repaying creditors an amount that is greater than the liquidation value of the company assets. With a large portion of the U.S. economy based on small businesses, the streamlined procedures and resulting cost savings of the SBRA provide reorganization opportunities for small business that were not previously a realistic option.  

‍The Small Business Reorganization Act

In August 2019, Congress passed the SBRA, which became effective February 19, 2020. The purpose of the SBRA is to make Chapter 11 reorganization faster and less expensive for small businesses. It has been characterized as a balance between Chapter 7 and Chapter 11. A new subchapter V added to Chapter 11, titled “Small Business Debtor Reorganization,” brings several changes beneficial to qualifying small businesses, allowing them to restructure while avoiding some of the costs of a traditional Chapter 11 bankruptcy.

The SBRA and the CARES Act make substantial changes to the Bankruptcy Code that will affect both debtors and creditors, and will make small business reorganization a more viable option for the numerous businesses struggling in the wake of COVID-19. For further guidance on the potential impact to or opportunities for your business, contact Susan Toth CPA MBA.

Susan Toth CPA MBA is experienced in guiding a business and its owners in preserving assets and its business when working with an expert attorney in that field.  She provides support for the plans and reports required by the courts and creditors should the need arise.  She offers a kind heart and is sympathetic to a client needs in a time like this.
Entity Selection and Restructuring
Your business entity has a large impact on your taxes and other liabilities. From your company's inception through its growth and development, Susan Toth CPA MBA can advise you on choosing an entity type and later restructuring if advantageous. With her knowledge and expertise, you will always be receiving the most advantageous entity type for the functions your business performs. In supporting the formation of your business, Del Real Tax Group seeks to gain a thorough understanding of your business needs and goals, and can supply a detailed analysis of your options for:
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  • ‍Choosing the correct entity structure
  • ‍Formation and organization of an entity, including corporation, limited liability companies, partnerships, limited partnerships and others
  • ‍Financing
  • Regulatory compliance and future maintenance of entities
  • ‍Taxation
Susan Toth CPA MBA finds that the relationships formed with our clients during business formations are often the beginning of a long-lasting partnership. If you’d like to receive more information about your entity selection and restructuring services, please contact her.
SBA Loan and Grant Applications
Susan Toth CPA MBA can be a great resource to assist your small business with its EIDL application or other loans and grants offered by the SBA and other COVID-19 relief measures being implemented by Federal, State and Local authorities.

She can assist with providing and preparing the forms, returns and financial statements required by the SBA or banks as part of the application process, allowing you to continue to focus on operating your business.  

She has prepared many grant applications over the years, with a 100% success rate.  In the past she assisted the CRA of Delray Beach, FL as a consultant with applications for block program grants and applications for resources to improve Delray Beach community and other areas in Palm Beach County.
International Taxation
From a global tax and accounting standpoint, tax laws are constantly changing and each country has its own specific rules and possibly treaties. Furthermore, there are enormous language and administrative challenges.  Susan Toth CPA MBA is at the forefront of these changes.  International tax services include international tax planning, foreign bank accounts, income, expenses, and many other accounting segments of an individual or a business that are subject to international law.

Some major factors and forms that should be carefully monitored by way of an international tax review include the following: ‍
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  • Form 8802 Request for Certification of US  Residency (Form 6166 in letter format)
  • Tax treaties
  • Form W-8 BEN-E for Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities)
  • IRS negotiations
  • Penalties
  • Unfiled or incorrect tax returns
  • Tax returns for foreign corporations (Form 5471 and Form 5472), foreign partnerships (Form 8865), foreign gifts and inheritances (Form 3520), foreign trusts and foundations (Form 3520-A)

Estates and Trusts

Susan Toth has spent much of her tax career focusing on the specialty of trust and estate tax compliance. This field of expertise is vast and intensive, requiring years of practice and knowledge. The typical tax CPA does not practice in this field, and Susan Toth CPA MBA is a trust and estate tax specialist.

As a Certified Public Accountant specializing in fiduciary income tax preparation and accounting services, you can count on Susan Toth CPA MBA to provide top-notch personalized support for trustees, executors, and conservators in carrying out their fiduciary responsibilities. Her goal is to handle financial matters related to your fiduciary obligations in an efficient, cost-effective, and ethical manner, while ensuring that all accounting and income tax obligations are met.

Every will, trust agreement and estate plan have different circumstances and goals.  The administration of trusts and estates can be tricky to maneuver.  If you do not know the available elections, distribution requirements, and the filing deadlines you may come across some issues. Susan Toth CPA MBA can help to minimize the stress and administrative burdens of the executors, trustees, and heirs.  She can collaborate with your estate attorney and financial planner to ensure that the estate or trust minimizes tax liabilities and maximizes the benefits to the assigned heirs.  
Types of Estate and Trust Tax and Accounting Services Provided for IRS and State Taxes
  • Simple and Complex Trust Income Tax Preparation – Form 1041
  • Charitable Trust Income Tax Preparation – Form 1041  
  • Special Needs Trust Income Preparation – Form 1041 
  • Qualified Disability Trust Income Preparation – Form 1041
  • Estate Income Tax Preparation – Form 1041
  • Estate Tax Returns – Form 706
  • Gift Tax Returns – Form 709    
  • Fiduciary Accounting
Trust Tax Return and Estate Tax Return Form 1041
Form 1041 is filed for trusts and estate income taxes.  A trustee, administrator or personal representative is typically responsible for filing the returns.

Some things to note regarding Trust and Estate tax returns:
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Once a trust or estate’s taxable income exceeds $13,051 the trust’s income is taxed at the top ordinary income tax bracket, which is currently 37% for Federal taxes.  Also, states ordinarily tax trust and estate income as well.  Trust tax rates can quickly approach 50%; thus, care must be taken to ensure income is passed out to beneficiaries who are in a lower tax bracket where possible.  

The tax rates for estates and trusts have four brackets.    
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Tax Rate Chart
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Long-term capital gains and losses are ordinarily allocated to principal and the trust or estate must pay the capital gains income tax for Federal and States purposes at the entity level at tax rates, which can be in some cases be dramatically higher than individual income tax rates.  However, in the final year of the estate or trust, long-term capital gains and losses are usually passed out to beneficiaries.  Susan Toth CPA MBA can assist you with tax planning where large capital gains may be taxable at the entity level - as this can make a significant difference regarding how much money beneficiaries are able to keep.   

Net Investment Income Tax (NIIT) is an add on tax separate from the income and capital gains tax.   In the case of an estate or trust, the NIIT is 3.8 percent on the lesser of:

(A) the undistributed net investment income, or
(B) the excess (if any) of:  

the adjusted gross income over the dollar amount at which the highest tax bracket begins for an estate or trust for the tax year. (For estates and trusts, the 2021 threshold is $13,051)  
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When someone passes away, she works with the fiduciary of the trust or estate to minimize taxes and prepare forms to shorten the Statute of Limitations for the Internal Revenue Service and State(s) and limit liability to the Fiduciary.  

The fiduciary can be held personally responsible by the IRS and State(s) for taxes owed.  
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Susan Toth CPA MBA is here to help walk you through the complex maze of estate and trust tax including explaining how taxes are calculated and discussing what may be done to minimize taxes.  

She will confer with you and your attorney regarding how to title to assets and to determine who owes taxes on the related income.  

She can advise on determining and adequately documenting the cost basis of assets, such as real property, investment and securities, and other assets.  

Identify return filing deadlines and extensions, income distribution deadlines, and fiscal year reporting (where applicable).  

Prepare tax elections, where appropriate.  

Analyze trust documents for tax returns preparation and tax planning.
Estate Tax Return Form 706
This is a specialized area, and Susan Toth CPA MBA receives referrals not only from professional fiduciaries and attorneys, but also from other CPA firms.  Estate taxes are exceptionally complex, and you need someone like Susan Toth CPA MBA in your corner if you must deal with the IRS.
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Important information to note about Estate Tax Returns:
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The estate tax exemption for 2021 is $11.70 million; the 2020 exemption was $11.58 million, and the 2019 exemption was $11.4 million.  Taxable estates valued at more than that amount are subject to a 40 percent tax on the excess.
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When a spouse passes away, the surviving spouse may want to file an estate tax return when the estate is less than $11.70 million – as there is something called the Deceased Spouses Unused Exemption, that can be claimed on the Surviving Spouse’s Estate Tax Return.  This is also referred to as the Portability of the Deceased Spouses unused exemption.

Federal estate tax is generally due if an estate is worth more than $11.58 million for people who die in 2020 or $11.7 million for 2021 deaths.
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Your estate will not be taxed if it is transferred to your surviving spouse.
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You can decrease the value of your estate by giving away assets to others, making charitable contributions, or using an irrevocable trust.
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Seventeen states and the District of Columbia also have a state-level estate tax
Fiduciary Accounting (aka Trust Accounting)
Most trust agreements require that a Fiduciary accounting be prepared.  Preparing the required accounting will result in the Statute of Limitations stopping legal challenges after the time has passed under state law – after the accounting has been presented to beneficiaries.  Susan Toth CPA MBA has many years of experience in preparing these specialized accountings in a very concise, explanatory way that provides an ease of use for all it is distributed too, whether it is a judge in probate court or an heir or beneficiary.  A fiduciary (trustee, personal representative, administrator) is open to legal challenges well into the future for not preparing accountings required under a trust agreement.
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Important information to note about Fiduciary Accountings:
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Fiduciary accounting are prepared following state probate laws.  Generally Accepted Accounting Principles (GAAP) accountings are not used.
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Many accountants are not familiar with Fiduciary Accountings.  Do not presume your accountant knows how to prepare these correctly.  If the Fiduciary Accounting is not prepared in the proper format, the Court may rule that the Fiduciary did not properly account to the beneficiaries - and the Statute of Limitations may not run.
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Susan Toth CPA MBA has prepared Fiduciary Accountings for years and has had her accountings reviewed by numerous law firms and presented in Court matters.  Also, she has a high-end software program that the software company updates frequently that is written solely for preparing Fiduciary and Trust Accountings.  
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The software she uses has the specific report formatting required by the courts in the State of Florida.  It can also be efiled with the courts.
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She understands the rules on “principal” and “income” for trusts and estates and takes advanced trust and estate continuing education classes to keep up on the latest matters.
Decedent’s final personal income tax returns
It is usually advisable for Susan Toth CPA MBA to prepare the decedent’s final tax returns when a corresponding trust or estate tax return must be prepared.  She performs an extensive review of includable income if required.  Sometimes the personal representative or trustee does not have access or cannot find records needed for this.  
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She has the ability to call into a priority number with the IRS and obtain tax transcripts to ensure everything reported to the IRS is also reported on the final tax return.  This ensures there will not be an under reported letter from the IRS after the return has been filed.
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Allocations of income and deductions usually must be made between the deceased taxpayers and trust and estate tax returns.  She can make the decisions of what belongs where and prepare the allocations.
Gift Tax Returns / Form 709
Gift tax returns are required for gifts greater than the annual exclusion of $15,000.  If you are married, you and your spouse can each gift up to $15,000 to any one recipient for a total of $30,000 to that recipient. If you gift more than the exclusion to a recipient, you will need to file tax forms to disclose those gifts to the IRS. You may also have to pay taxes on it. If that is the case, the tax rates range from 18% up to 40%.  Susan Toth CPA MBA is very experienced in filing these forms and helping you determine how to gift in the most effective way to reduce tax exposure.
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There are other kinds of gifts that are exempted entirely, as well, including:
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  • Gifts to directly pay for medical or educational expenses
  • Gifts to a political organization to be used by the organization
  • Gifts to one’s spouse (some limits apply if the spouse is not a U.S. citizen)  
These other “gifts” allow a grandparent to provide a college education for a grandchild by paying the tuition directly to the university.
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Failing to file required gift tax returns can cause problems in the future, especially if an Estate Tax Return will need to be prepared. 
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The Lifetime Gift Exclusion for 2021 is 11.70 million for individuals and $23.40 million for U.S. couples; in 2020 it was $11.58 million for individual and $23.16 million for U.S. couples and in 2019 it was $11.40 million for individuals and $222.40 million for U.S. couples.  The IRS ruled in late 2018 that it will not "clawback" gifts for estate tax purposes when the Tax Cuts and Jobs Act expires in 2025.
Trust Tax Consulting and Estate Tax Consulting
Minimizing your total tax burden between estates and trusts is a complicated matter.  Susan Toth CPA MBA will work with you and your professional advisors to help reduce the tax “bite”.  She understands how personal your tax situation is and will do her best to help you pay the lowest legal taxes – without running afoul of tax laws.
Sub Trust Funding
Oftentimes people overlook funding sub trusts, which are spelled out in the trust agreements.  She can work with you to ensure the sub trusts are properly funded and accounted for.

Invidivuals

Comprehensive service for clients' individual financial needs:
Tax Preparation - Federal and all 52 states
The U.S. tax code is in a constant state of flux and other events such as natural disasters from hurricanes, earthquakes, fires, or a pandemic bring interim changes to the tax laws.  To make sure your taxes are calculated properly, contact Susan Toth CPA MBA.  She offers quality tax preparation and proactive tax planning strategies to reduce income tax for clients.  She is knowledgeable and up to date on the laws for federal taxation and all states taxation laws.  She prepares all federal and state necessary returns, forms, and filings.  

Even though there are several tax preparation software packages on the market, they are no substitute to the one-on-one services of an experienced tax professional. In addition to making sure you take advantage of all deductions and credits, Susan Toth CPA MBA also will check and recheck to prevent potential tax problems and file your return electronically, so you get your refund faster. And do not worry if you have not kept up with your bookkeeping  – Susan Toth CPA MBA will assist you in getting your books back in order and keeping them that way.  

Individual taxes can be complex and there are many caveats involved in reporting the income and any deductions to result in the lowest taxes possible.  The main areas of a personal income tax return and the various elements are described below.


INCOME‍

  • ‍Wages, salaries, and tips, W2  
  • Interest and dividend income, seller financed mortgage interest; installment sale income; election to report child interest and dividends.
  • State tax refund previously deducted.
  • Sole Proprietor Schedule C income; 1099 NEC (1099 MISC)
  • Capital Gains and Losses; employee stock transactions; multiple lots; Section 1256 straddles; sale of home; sale of business property (4797); installment sale income; sale of business property pass through; like kind exchanges.
  • Retirement income; social security income; lump sum distributions on disability income.
  • Schedule K1 pass through income from partnerships, S corporation, trusts and estates.
  • Other income; gambling income; alimony received; jury duty; unemployment compensation; net operating loss recovery; cancellation of debt (such as credit card or auto loan write off on 1099C.  
ADJUSTMENTS TO INCOME
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  • Educator expenses
  • Health savings account deduction
  • Moving expenses (for military)
  • Deductible self-employment tax
  • Self-employed SEP, SIMPLE and qualified plans
  • Self-employed health insurance deduction
  • Alimony paid
  • IRA deduction
  • Student loan interest deduction
  • Domestic production deductions
DEDUCTIONS  
 
  • Itemized deductions if in excess of standard deduction includes medical expenses
  • Property taxes
  • Sales tax
  • Mortgage interest
  • Gambling losses
  • Qualifying disaster losses
  • Investment interest expense
  • Charitable contributions
  • Qualified Business Deduction (QBI)
INCOME TAX AND OTHER TAXES

  • Tax amount due per tax tables or capital gains computations
  • Alternative minimum tax
  • Excess Advance premium credit repayment
  • Self-employment tax
  • Household employment taxes
  • Net investment income tax
  • Additional Medicare tax
  • Tax on tips not reported
  • Repayment of first-time home buyer’s credit
  • Miscellaneous taxes
  • Additional tax on early distribution of retirement income
  • Kiddie Tax  
CREDITS – NON-REFUNDABLE AND REFUNDABLE

  • Child related; child and dependent care; adoption credit; education credit
  • Earned income credit
  • Credit for elderly and disabled
  • Foreign tax credit
  • Prior minimum tax credit
  • Residential energy credits
  • Qualified electrical vehicle credit
  • Retirement savings contribution credit
  • General business credit (pass through)
  • Health coverage tax credit
Tax Planning
Susan Toth CPA MBA offers a proactive approach to tax planning that helps her clients realize significant tax savings. She is a skilled tax specialist with years of experience working with the U.S. tax code.  

For individual taxpayers, she offers tax planning techniques that will provide tax savings. She will look at your complete financial situation and make recommendations to reduce taxes now and in the future.  

Upon a client request she will prepare an analysis of “what if” situations or for planned increases in revenue.  For example, she would calculate what your taxes and capital gain would be if you sold an asset or perhaps a business.

Estimated tax payments are required on income earned if they are not withheld from the income sources.  Tax planning is also important to prevent penalties from not paying enough estimated tax.
Personal Financial Statement Preparation and Mortgage and Loan Application Assistance
A Personal Financial Statement is often required by banks when applying for a mortgage or a larger loan or line of credit.  Such as an SBA loan for a business, a home or commercial property mortgage, equipment purchases or line of credit.   Susan Toth CPA MBA is thorough and helps clients complete these pro forma applications.  She has the knowledge and ability to easily include all income and expenses to calculate an individual’s net worth.

The Personal Financial Statement ties directly to the bank or lending institutions loan application.  There are several schedules to complete on the application that require accuracy.  Susan Toth CPA MBA can provide assistance by completing the application ready for client signature or reviewing what the client has prepared.it for you.
Expatriate tax preparation and FBAR filing
International tax laws in the United States are complicated and require proper filing of all tax forms necessary to safeguard your personal and/or business interests. Susan Toth CPA MBA has the experience and professionalism to make sure you are in compliance with the laws.   International tax services include international tax planning, foreign bank accounts, income, expenses, and many other accounting segments of an individual or a business that are subject to international law.

‍Some Examples of Typical International Tax Issues Include:
 
  • U.S. Citizens who live and work abroad or own property abroad
  • Undocumented residents filing business or personal tax returns in the US
  • Foreign residents who live, work or own property in the United States
  • Business Investors who are trying to obtain legal immigration Visas to the US
  • Those who have business clients outside of U.S. Borders IRS filing of Form FBAR (Foreign Bank and Financial Accounts Report)
IRS Resolutions and Negotiations
Susan Toth CPSA MBA does not judge a person or business for having tax problems.  There are always underlying circumstances that placed them in this position, and she understands this and is sympathetic towards it.  

IRS tax negotiation is possible, but you must act quickly, as ignoring tax debt will only lead to more problems.  Penalties and interest will increase the amount owed, and the IRS will take action to secure the debt by any means available to them. This may include tax levies and/or liens, as well as wage garnishment, which can also ruin your credit score. Depending on your financial situation, however, the type of tax settlement you receive will differ.  

Susan Toth CPA MBA is very experienced and has a high success rate at negotiating a resolution with the IRS and States.  Here are some of the most common types of resolutions and negotiations she assists clients with: ‍
 
  • ‍Penalty Abatement - In some cases, it is possible to negotiate with the IRS to reduce or eliminate penalties and interest that has accrued on your unpaid taxes.
  • ‍Payment Extension - If your tax debt is recent, and you think you can pay in full fairly soon, you may be granted a short extension by the IRS.
  • ‍Payment Plans - If you are unable to pay your taxes in full, you may be able to pay the debt over time with small monthly payments.  This includes the Fresh Start program.
  • ‍Partial Payment Agreement - Like a regular payment plan, except that the IRS agrees to accept less than the full amount owed.
  • ‍Offer in Compromise - If you want to negotiate with the IRS to pay substantially less than you currently owe, it is typically done through an Offer in Compromise.
  • ‍Currently Not Collectible - In cases of extreme financial hardship, the IRS may deem you as currently not collectible, which will temporarily halt all collection efforts against you.
  • ‍Innocent Spouse Relief. When you are married, your spouse’s debts often become yours as well. This can be unfair when the tax debt is not actually yours. She can advise you on how to remove the debt and penalties of a spouse and get a clean slate.
  • ‍IRS Tax Discharge. For the most part, bankruptcy cannot eliminate tax debt. However, it can if multiple criteria are met. For example, the tax return must be filed at least two years before the bankruptcy filing and the taxes must not be due to fraud or evasion. 
  • ‍IRS Tax Expiration. It is possible that your tax debt could expire. Under the law, the IRS generally has 10 years to collect a tax debt, so if your debt is older than a decade, then you may be able to get it eliminated. 
  • ‍Levy Release. If the IRS informs you that assets will be seized and taxes will be levied, you have 30 days to resolve the situation. Your options include paying the debt in full, requesting an installment plan, file an offer in compromise, negotiate a levy release or prove that you have an undue hardship.
  • Tax Lien Removal. Sometimes the IRS makes errors when it comes to tax liens. There are ways to remove one, such as bankruptcy filing, the statute of limitations, proving that proper procedures were not followed and collection options.
  • ‍Stop Wage Garnishment. Wage garnishment is a tactic of the IRS to collect your IRS debt.  It can eat up most of your paycheck. Setting up an installment plan can remove this burden.
  • ‍State Tax Issues. Those with IRS tax issues often owe money to the state as well. The states can be more aggressive than the IRS. We have options to protect your assets.
  • ‍Unfiled Tax Returns.  The IRS requires a tax return on income earned over a particular threshold every year.  If you fail to file your tax returns, the IRS may try to contact you to prepare a return.  If you do not respond they will prepare and file a tax return based on information they have received via various forms of income reported such as W2 income, sale of stocks or bonds, 1099MISC for sub-contractor earnings, to name a few.  The taxable income the IRS computes can be very different than what you would have if you had filed a tax return.  The IRS does not have the expenses or costs that normally reduce the gross income reported.  Their computation would have a higher tax amount.  If you owe money, you can be forced to pay penalties and interest.  Susan Toth CPA MBA can represent you and file your forms including the expenses or costs.
IRS and State Tax Audit Representation

What is Tax Audit Representation?

Tax audit representation, also called audit defense, is a service in which a tax or legal professional stands in on behalf of a taxpayer (an individual or legal entity) during an IRS or State income tax audit.  During an income tax audit or examination, the IRS and all states allow a taxpayer to have an authorized representative. The representative must have permission to practice before the IRS or State, and specific credentials are required. Susan Toth CPA MBA is licensed and has the required credentials to represent a taxpayer with the IRS or State.

Susan Toth CPA MBA will develop a strategy used to defend the taxpayer’s position. She assists the taxpayer in preparing all documents requested by the taxing authority and typically attends all meetings and handles correspondence on behalf of the taxpayer.  She will provide you with the experience and professionalism necessary when dealing with the IRS or State audit.
Bankruptcy Preparedness
Individuals filing under Chapter 7 and Chapter 13 of the Bankruptcy Code are eligible for a bankruptcy discharge. The bankruptcy discharge releases you from your legal and personal liability for certain debts. In other words, you are not required to repay a discharged debt. Furthermore, creditors cannot take any action to collect a discharged debt, including filing lawsuits, sending threatening letters, or calling you. The days of being afraid to answer the telephone or get the mail out of the mailbox are over. However, the bankruptcy discharge does not remove valid liens on collateral. For example, if you owe money for a car loan, the lien on the car remains after you complete your bankruptcy case. You must either pay the car payments or surrender the vehicle. In some cases, you might be able to reduce the amount owed on the lien or get rid of a second mortgage in a Chapter 13 repayment plan.  

Susan Toth CPA MBA will work with you and your attorney to ensure your tax returns are up to date so you can file bankruptcy.  She will review tax debt for previous years and make sure the bankruptcy attorney gets the tax debt included in the bankruptcy.

After the bankruptcy is over and your debts have been discharged or modified you will receive 1099C forms from the various lenders or credit card companies for the discharge of the debt.  The IRS considers this income.  She will help you file your tax return using certain tax attributes and prepare various tax forms for insolvency, so these are not included in your taxable income.
SAME SEX -LGBTQ -TAXPLANNING AND PREPARATION
On June 26, 2015, the U.S. Supreme Court struck down all state bans on same-sex marriage, legalized it in all fifty states, and required states to honor out-of-state same-sex marriage licenses in the case Obergefell v. Hodges.

Susan Toth CPA MBA strives to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and tax environment. As society moves forward, she is ready at the forefront of new laws and tax rules. Let her help you navigate through LGBTQ marriage tax filing and benefits.

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I highly recommend Susan Toth CPA MBA. Susan has been my CPA for me personally and my businesses for over 20 years. She is very professional and has exceptional knowledge in taxation, financial reporting, business structure and business transactions. She has helped me save money in many areas. I am very pleased with her services and timeliness. Susan is pleasant to deal with and always finds the right solutions for me.
AR, delray business owner
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