Situation: A business experienced duplicate bank accounts and incomplete transaction history in QuickBooks Online after reconnecting its bank feeds. Solution: Tronconi Segarra & Associates identified that the feeds had been connected to new accounts rather than existing ledger accounts and guided the client through the corrections. Impact: The bank feeds were connected to the correct […]
Situation: An estate planning client had incomplete foreign corporation filings and an unaddressed transition tax obligation going back several years, creating extended tax and penalty exposure. Solution: Our team completed the required forms and prepared the transition tax calculations and disclosures. Impact: Our expertise reduced the client’s current tax liability by more than $100,000 and […]
Situation: A multistate waste removal and equipment resale business was preparing for sale with more than 20 years of uncollected sales tax exposure. Solution: Tronconi Segarra & Associates completed registrations and voluntary disclosure agreements (VDA) and implemented the Vertex tax engine across four of the business’ entities to manage approximately 450 annual sales tax returns. […]
Situation: A health and welfare plan received an IRS notice suggesting that additional employer reporting was required and that significant penalties could apply. Solution: Our team explained the plan’s status to the IRS and documented that the appropriate federal reporting forms had already been filed. Impact: Our timely and accurate response avoided potentially erroneous penalties […]
Situation: A plan sponsor learned in late August that an employee benefit plan audit was required before the October 15 filing deadline. Solution: Tronconi Segarra & Associates coordinated an accelerated audit and identified an approximately $300,000 prior-year misstatement in employer contributions. Impact: The audit was completed in time for the filing deadline, and the misstatement […]