A longtime presence in New York City, Doonan Tax Services recently expanded and moved to a new location in the Bronx. In addition to meeting the tax needs of clients throughout the tri-state area, Doonan Tax Services works to give back to the community. The firm is especially committed to supporting the U.S. military. Individuals who would like to help provide for those who serve the country have many ways to do so. Donating to military families financially is one of the easiest and most popular ways to support the troops, but there are a few things to consider before making a donation. Currently, there are more than 400,000 military-focused charities in operation. With so many organizations to choose from, it can be difficult to decide where to donate. If in doubt, groups such as Army Emergency Relief and the Navy and Marine Corps Relief Society are excellent options to consider because they provide a variety of important assistance services to military members and their families. Another option is to give to the Combined Federal Campaign (CFC), a workplace-giving program that benefits over 20,000 military charities. Federal employees can sign up to have a portion of their paycheck donated to the CFC, which makes supporting the campaign very easy to do. Of course, giving intelligently is important regardless of how one chooses to support service members. With a little research, however, donors can ensure that the charity they are supporting pursues a mission they believe in.
Doonan Tax Services offers tax preparation and filing support for taxpayers in and around New York City. All clients receive free representation by IRS-certified enrolled agents in case of demand letters or audits.Although the IRS may audit any taxpayer, certain practices and characteristics may increase a person's risk. Individuals with substantially higher than average income are more likely to undergo an audit, as the IRS stands to recoup more funds from these individuals. Relatedly, if a return is significantly lower than expected, or if deductions do not seem commensurate with income, the IRS may begin an audit to assess whether the taxpayer is claiming these deductions correctly or not. This is particularly likely for charitable donations that are much higher than average for a person at a particular income level.Similarly, individuals who file a Schedule C for business income between $25,000 and $100,000 have an audit risk of 2.4 percent, which is significantly higher than wage earners in the same income bracket. This higher risk largely stems from the many potential business deductions, such as home office expenses and entertainment costs, that some taxpayers may abuse. Those with valid deductions must be sure to keep all receipts and written evidence in case an audit does occur.
Doonan Tax Services was originally founded in 1981 by William Doonan, Esq. The company has recently expanded to reestablish its facilities in the Bronx, New York. The staff at Doonan Tax Services is devoted to giving back to the community through charitable acts. Every tax season, the company donates to Catholic Charities of America. Catholic Charities of America is one of the biggest charities in the United States. Forbes Magazine named the organization number nine on its Top 100 Largest U.S. Charities list in 2016. Catholic Charities strives to improve the community through a variety of social, legal, and economic programs. The Catholic Charities Social Enterprise Initiative teaches participants about financial literacy and freedom. In entrepreneurship courses, participants learn about self-employment options, startup business strategies, and saving plans. The program seeks to encourage individuals to build up and sustain their own communities, ultimately resulting in self-sufficiency. The Social Enterprise Initiative launched over 50 businesses in 2016. Over the course of 10 years, the program has generated 424 new businesses.
Based in Bronx, New York, Doonan Tax Services serves clients throughout the tri-state area, in addition to other states such as Texas and California, through its mail-in service. Many of the tax professionals at Doonan Tax Services are enrolled agents and often respond to IRS correspondence on behalf of clients.An enrolled agent is a person recognized by the Internal Revenue Service (IRS) as having unlimited practice rights, meaning there are no restrictions as to which taxpayer they’re able to represent, which tax issues they handle, or which IRS office they represent clients in front of. The highest credential awarded by the IRS, individuals who achieve enrolled agent status have done so by either passing a comprehensive test on both business and individual tax returns or through experience gained as an IRS employee.Dating back to 1884, enrolled agents have been the only federally licensed tax professionals who specialize in taxation. Enrolled agents are bound by IRS regulations, including a code of conduct and ethics, and are required to complete continuing education requirements to maintain their status.
