Our mission is to establish lasting relationships with our clients in all sectors (corporate, small business, not-for-profit, personal) by providing exceptional service and exceptional results.
We believe a personal touch is imperative
for exceptional service.
Successful companies consider tax implications before making business decisions in order to reduce their income tax liability, avoid paying significant penalties and interests, and to help manage cash flows by not paying more than their legal obligation.
This makes tax compliance and structuring a crucial element in your business strategy. At Punit & Associates, we will collaborate with you and your organization to establish the most tax efficient solutions for the success of your business in today’s complex and competitive marketplace.
We offer tax savings solutions and in-depth analysis for sole proprietorships, partnerships, corporations, and more.
Just as in Canada, tax regulations, rules and tax treaties are constantly changing. Relevant tax planning strategies to reduce tax liabilities change from day to day and new opportunities to save money could be missed. As a result, compliance to various tax rules and the understanding of these rules can become very intricate – especially as you enter foreign markets.
The structure and laws governing the US differ considerably to that of Canada’s and other countries. This is why Punit & Associates offers specialized services in US income tax compliance and tax planning, as well as cross-border tax services. We help US citizens who live and/or work in Canada to understand their US and Canadian income tax obligations, as well as make them aware of beneficial tax treatments that they are entitled to receive in order to avoid double taxation.
We also help Canadian residents understand the potential implications of doing business across the border, since Canadian individuals engaged in cross-border employment can trigger US federal, state and other US filing requirements.
Our US and cross-border tax services include the preparation of individual federal and state returns (full-year, non-resident and dual status), corporate income tax returns, informational returns (such as special foreign bank account and financial asset reporting forms), and the calculation of foreign tax credits.
Audit services are essential to establishing credibility and building a reputation while reducing investor risk and increasing user confidence in the financial statements. Companies (including not-for-profit organizations) that successfully address audit issues, improve the quality of their financial reporting and stand to gain credibility within their industry and with leading sources of capital.
However, understanding what auditors are looking for, and preparing for a financial audit can be overwhelming, time-consuming and distracting from the countless daily priorities necessary to effectively run your business.
At Punit & Associates, we understand the importance of a successful audit and recognize the time-constraints you are faced with in preparing for and undergoing an audit. Therefore, we offer an Audit Readiness Package.
Our Audit Readiness Package includes:
• Assessment of key internal controls to identify gaps that pose future reporting risks
• Identification and documentation of any outstanding accounting issues
• Coordination with your external auditor
• A Prepared by Client (PBC) package to provide to your external auditor
• Generation of your financial statements
• Working collaboratively with your team, providing the custom-tailored service Punit & Associates is known for
Our experience in auditing enables us to provide you with an in-depth knowledge of industry-specific accounting practices and a preliminary assessment of audit risks while also knowing the basics of what your external auditor may look for.
Tax laws change frequently and tax rules are complicated and confusing. Any mistakes you make on your tax return can be costly in terms of fines, repayments, and missed opportunities to claim available deductions and credits.
Thankfully, Punit & Associates makes filing your taxes easy and affordable. We offer convenient, accurate and affordable preparation of personal income tax returns, returns for rental properties, terminal returns, non-resident returns, and more.
We always look for ways to capitalize on tax credits or tax deductions, as well as respond to any inquiries or notices you may receive from the Canada Revenue Agency (“CRA”) on your behalf in order to facilitate worriless communications with them. We stay informed of changes to the tax laws so you don’t have to. For worry-free, hassle-free personal tax returns, look no further than Punit & Associates.
Financial statements are generated through daily bookkeeping and provide the documentation that records the financial health of your company. The future of any business and resource allocation decisions depend in part on how well you understand and respond to the financial performance of your business. Therefore, our financial statement preparation makes it easy for you to see, understand, and use your statements as a vital resource.
Accounting and financial statement preparation services offered by Punit & Associates include:
• General financial statements
• Notice to Reader engagements
An Individual Taxpayer Identification Number (‘ITIN’) for individuals or a Federal Employer Identification Number (‘EIN’) for small businesses and corporations are tax processing numbers issued by the Internal Revenue Service (‘IRS’) to those that are not eligible to obtain a U.S. Social Security Number (‘SSN’).
It is necessary for foreigners, including Canadians, to have an ITIN or EIN when dealing with the IRS, so naturally there are several circumstances that give rise to an individual or entity requiring a U.S. identification number. One of the most common reasons being, the ability for these foreigners to work or conduct business in the United States.
As an IRS Certified Acceptance Agent (CAA), Punit& Associates can not only assist you in obtaining your ITIN or Federal EIN, but we can simplify the process by certifying your documents, without you having to send your original documents to the IRS. Whether obtaining an ITIN/EIN or renewing your ITIN, we would be happy to help.