Sonali Kaul

Non Profit/Tax Exempt Organization

• Collect and review financial statements, income and expense records, donor information, and other relevant documentation from clients.
• Accurately complete and file Form 990 and 990T in compliance with IRS regulations and guidelines.
• Perform data analysis and reconciliation to ensure the accuracy and consistency of financial information provided by the organization.
• Stay updated with current tax laws, regulations, and reporting requirements related to tax-exempt organizations.
• Provide guidance and advice to clients on compliance matters, including organizational structure, activities, and reporting obligations.
• Identify potential risks or issues that may affect the organization's tax-exempt status and propose appropriate solutions.
• Collaborate with clients to develop tax planning strategies aimed at maximizing tax benefits and minimizing tax liabilities.
• Analyze financial data, identify tax-saving opportunities, and make recommendations on tax-efficient strategies.
• Assist clients in understanding the implications of their financial decisions on their tax-exempt status and tax liabilities.
• Ensure clients maintain accurate and comprehensive records required for Form 990 and 990T reporting.
• Provide guidance on proper recordkeeping practices and assist clients in organizing and maintaining their financial and operational documents.
• Review documentation to support the organization's tax-exempt status and activities, ensuring compliance with IRS guidelines.
• Establish and maintain strong working relationships with clients, acting as a trusted advisor on tax-related matters.
• Communicate clearly and effectively with clients to gather information, explain tax laws and requirements, and address any inquiries or concerns.
• Provide regular updates and guidance to clients regarding changes in tax laws, regulations, and reporting requirements.
• Assist clients in preparing for and responding to IRS audits or examinations related to Form 990 and 990T filings.
• Coordinate with clients and internal teams to gather necessary documentation and information.
• Provide guidance and support throughout the audit process, ensuring compliance with audit procedures and addressing any inquiries or requests from auditors.

Withholding Tax

• Stay updated with withholding tax laws, regulations, and changes in tax rates across applicable jurisdictions.
• Ensure compliance with local and international withholding tax requirements.
• Identify potential risks and assess the impact of withholding tax obligations on the organization's operations.
• Calculate and determine the appropriate amount of withholding tax to be deducted from payments to employees, contractors, and vendors.
• Validate withholding tax calculations performed by payroll or accounts payable departments.
• Review contracts and agreements to determine the applicability of withholding tax and ensure proper withholding rates are applied.
• Maintain accurate and complete records related to withholding tax transactions, exemptions, and declarations.
• Prepare and submit withholding tax reports and returns (Form W-2, 1099, 1042, 941 and 945) to tax authorities within prescribed deadlines.
• Reconcile withholding tax amounts with financial records and resolve any discrepancies.
• Collaborate with internal departments, such as finance, payroll, and procurement, to gather necessary information and ensure compliance with withholding tax requirements.
• Liaise with tax authorities and external vendors, such as tax consultants or payroll service providers, to address inquiries, provide documentation, and resolve withholding tax-related matters.
• Continuously evaluate and improve the efficiency and effectiveness of withholding tax processes.
• Identify opportunities for automation, streamline procedures, and implement best practices to enhance accuracy and reduce manual effort.