ZZZ - GMG - VEGAS INC 2011-2014

17 | 3 F e b r u a r y 2 0 1 4 | DaviD Grant, partner Grant Morris DoDDs David Grant handles asset protec- tion and estate planning for some of Nevada's wealthiest families. His firm specializes in trust, probate and guard- ianship law. "I enjoy helping people with answers to questions that are sometimes hard to find," he said. "It's kind of like delivering peace of mind to people." Grant also writes and speaks about asset protection, veil piercing (dealing with the rights and duties of corpora- tions), trusts, estates and taxation. He began his career in account- ing, earning a bachelor's degree from Southern Utah University. He worked an extended internship at Deloitte be- fore earning his master's degree in ac- counting from the University of Utah. During the same period, he also lived in Guatemala for two years on a church mission that allowed him to learn fluent Spanish, a skill he capitalizes on today. "There are an increased number of investors in the Southern Nevada mar- ket from Mexico and South America," Grant said. "I've advised many of them in the local real estate market. I actual- ly probably land five to 10 new clients a year who prefer to do business in Span- ish." Grant earned a law degree from the University of Houston in 2004 and be- gan working at the Jeffrey Burr Law Firm, which handles estate planning and probates. He became a partner in 2010. "Jeffrey Burr was a great mentor to me," Grant said. "I learned so much." In 2011, Grant and two partners — Rob- ert Morris and Mark Dodds — left Burr's firm to establish their own practice. "We all have different areas of the law that we enjoy," Grant said. "I enjoy using my tax and accounting expertise to help find solutions for families so that their business can survive divorce, disability or other issues. Families need to have a plan in place." Grant also serves as chair of the Ne- vada State College Foundation and a member of the board of directors of Gift Planning Advisors. "I really enjoy helping people with charitable intents," he said. "It's impor- tant to take the first step and just have the conversation about philanthropy. Charitable planning has some great tax benefits." Grant is licensed to practice law in Nevada and Utah and is a member of the Southern Nevada Estate Planning Council and Society of Financial Ser- vice Professionals. C O V E R S T O R Y by rob Langrell staff writer the letter lands in your business mailbox. the return address shows it's from the internal revenue ser- vice. Before it's even opened, ner- vousness sets in. it informs you that your busi- ness has been selected for an au- dit. But don't fear the worst, local tax professionals advise. "an audit can be time-consum- ing and an inconvenience, but it's not the end of the world," said Dan Gerety, owner accounting firm Gerety & associates. "some things you just can't help." according to irs data, small businesses are three times more likely to be audited than people. "the goal is to file a complete and accurate return with all of the information that the irs is looking for," Gerety said. "if your company is dealing with a lot of losses, that could trigger a red flag with the irs. But if you really are losing, then take those deductions and have the documentation to back it up." there are a number of things business owners should keep in mind when preparing tax forms. "You never want to raise any red flags out there," said Heather Grech, a CPa at Bradshaw, smith & Co. "report the numbers as they are. there are some audits that are simply random. But in some in- dustries, the irs looks for certain trends. "an irs audit isn't the most pleasant thing, but it can go smoother if you have your records correct and file your tax returns correctly," she added. "remember, the key is document, document, document." Here are more tips and strate- gies to avoid an audit or cope with one if it occurs: n File forms completed and on time. Even if you can't pay your taxes, file your forms by the deadline. You'll save 25 percent in penalties from the get-go. Fil- ing for an extension is just putting off the inevitable as it applies to documents, not payments. also make sure to fill out all forms com- pletely. Leaving sections blank only forces the irs to take a sec- ond look. Don't forget to sign it as well. n report all income. the gov- ernment keeps close watch over whether self-employed business owners fully report income. the irs is on alert for errors on Form K-1, used to report income from partnerships, s corporations and some trusts. Cash-based busi- nesses are more likely to be scru- tinized, so make sure accounting is tight for businesses such as res- taurants. n Be thorough. Most tax ex- perts advise clients to wait for all income reports, investment documents, bank statements and other paperwork before begin- ning a return. Being realistic with reported income, deductions and credits can reduce the likelihood of an audit. n avoid payroll tax problems. Payroll taxes are one of the most important areas for small-busi- ness owners to focus on when fil- ing a return. Failing to pay taxes on employees can lead to some of the biggest headaches. n Be honest about business expenses. one of the biggest red flags that can trigger an audit is claiming false business expenses. Using money for personal reasons rather than legitimate business activities can be construed as a failure to report income on a tax return. n Hire a good bookkeeper or ac- countant. Finding a good CPa to prepare your tax return is a small investment that can pay big divi- dends. Unless you are well versed in tax forms, itemized deductions and business expenses, leave it to a professional. n e-filing helps. Using tax soft- ware can help a filer avoid red flags. Many programs even pro- vide a risk assessment showing the likelihood of an audit. Elec- tronically filed tax returns, first made available in 1986, now are commonplace. they also can re- duce mistakes. the error rate for paper returns is 21 percent, ac- cording to the irs, and 0.5 percent for electronic returns. SeVeN TIPS TO MaKING aN auDIT LeSS TrauMaTIC C O u RT E SY Since 1981, the company has provided more than $7.5 billion in SBA 504 fi- nancing for more than 4,500 businesses and has ranked among the top five cer- tified development corporations nation- ally for more than a decade. TMC's financing has helped create more than 33,000 jobs in Nevada and Northern California, Santiago said. Santiago, for instance, helped ar- range for La Bonita Supermarkets, a local grocery store chain with five loca- tions that cater to Hispanic shoppers, to move into a store at Rainbow Boulevard and Flamingo Road after another big box shop vacated the space. La Bonita "totally remodeled it, put in a bakery, a deli and a smoothie shop," Santiago said. "They hired 142 employ- ees, too. That whole strip mall is picking up momentum because of that. It's re- ally neat to see that area thrive now." Santiago graduated from UCLA and worked for the Nevada Development Corporation, another local certified development corporation, from 1995 to 2007. She is a member of the National Association of Industrial and Office Properties and Commercial Real Estate Women Network. "I enjoy helping people with answers to questions that are sometimes hard to find. It's kind of like delivering peace of mind to people. " — david grant, attorney 20140203_VI01_F.indd 17 1/30/14 11:52:54 AM

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