You May Be Overpaying Your Taxes
Mortgage banking is a highly regulated industry. Similar to the regulatory challenges faced when managing and operating your business, regulation is a significant component of tax planning and tax compliance. Convergence CPA Group knows and understands the federal and state tax laws that impact your business. Unlike many other industries, a number of federal and state tax laws were written specifically for the mortgage banking (financial services) industry. When it comes to mortgage banking tax compliance, ignorance can be extremely costly in multiple ways – if you are not working with a firm that specializes in this area, you may be overpaying your taxes or putting your company at risk.
Lead Mortgage Banking Partner: Chris Hambor, CPA, MT, AMP
The managing partners at Convergence CPA Group have over 15 years of experience working with mortgage banking businesses that have multi-state operations. Our expertise is unparalleled in understanding your business and identifying how both federal and state tax laws apply to your industry and specific entity structures. State and local tax planning plays an integral part in minimizing taxes paid by mortgage banking entities operating in multiple states. We have helped clients claim and receive millions of dollars in state income and franchise tax refunds on amended tax returns as well as hundreds of thousands of dollars in future annual tax savings. Convergence is well apprised to each state’s individual statutes, including states that have preferential statutes for mortgage banking entities, so that we can help you implement procedures and strategies during the planning process that will minimize state income and franchise tax liabilities.
Provide proactive service and communication in order to meet our clients’ expectations in regards to timing and deliverables
Federal and state income tax planning meetings to communicate key tax law changes and discuss changes to your business
Preparation of Schedule K-1s, including detailed schedules related to state filings and tax payments, to assist partners and S corporation shareholders with the preparation of their personal income tax returns
Preparation and review of state and local income tax returns
Preparation and review of Federal income tax returns
We help you determine that the correct and most beneficial Federal tax accounting methods are being applied on your income tax return.