Our services provided to individual taxpayers include tax compliance and planning to assist in minimizing tax liabilities and accumulating wealth.
- Federal and State Income Tax Return Preparation and Planning
- Household Employee Tax Compliance and Reporting
- Assist with the household employment tax requirements
- Assist in obtaining a federal identification number and a Virginia unemployment account number as required
- Prepare year-end payroll tax reports
- Gift Tax Planning and Reporting
- Assist in determining what qualifies as a gift and if that gift is taxable
- Prepare gift tax returns
- Foreign Income Tax Exclusion and other International Tax Issues
- Determine if the foreign income qualifies for exclusion under the physical presence test or the bona fide residence test
- Federal and State Tax Credit Programs
- Assist in determining if certain expenditures meet the criteria for federal or state tax credit programs
- Tax Planning and Consultation for Sole-Proprietors
- Assist with small business planning, cash flow management, payroll and bookkeeping needs
- Assist in determining the most advantageous allowable tax deductions
- Tax Projections and Preparation of Estimated Taxes
- Assist in determining projected income and expenses. Use these calculations to estimate total taxes due for the year and prepare estimated tax vouchers.
- Representation and Assistance with IRS and State Notices or Audits
- Review notices from tax authorities, determine the appropriate course of action and assist with responses
- Review returns under audit and represent you during the audit to assist in coming to the most taxpayer-friendly outcome possible
- Roth IRA Conversion Analysis
- Assist in determining whether converting funds from a traditional IRA to a Roth IRA is advisable
- Advise on Roth segregation conversion strategy and recharacterization back to a traditional IRA if desirable
- Analysis and Tax Planning for Real Estate transactions:
- Like-kind exchanges
- Installment sales
- Mixed-use properties – vacation homes, rental properties, office in home
- Sale of principal residence
Our services provided to business owners go beyond income tax compliance and include Management and Consulting services and a full-service Bookkeeping and Payroll department. The entities that we serve include:
- S Corporations
- Advise on eligibility requirements for S Corporation status
- Assist with timely S-election
- Assist in determining reasonable compensation for employees who are also shareholders
- Assist in determining distribution amounts to cover tax liability resulting from S corporation ownership
- Assist with a C to S Corporation conversion
- C Corporations
- Assist with inventory valuation for manufactured materials (including indirect costs)
- Calculate domestic production activities deduction
- Personal Service Corporations – Compute year-end profit which should be taken as wages by owners to avoid the higher PSC tax rate
- Monitor accumulated earnings and advise on when a dividend is needed to avoid the accumulated earnings tax
- Partnerships
- Review and advise on content of Operating Agreements
- Maintain client capital account balances
- Limited Liability Companies (LLC)
- Help determine which tax entity best suits the business activity
- Sole-Proprietorships or Single-Member LLCs
- Maximize business deductions available
- Assist with quarterly estimated tax requirements
- Assist with home office deductions
- Advise on accounting system and record keeping requirements
- Limited Liability Partnerships (LLP)
- Review and advise on the content of Operating Agreements
- Maintain client capital account balances
- Allocate income and loss based on partnership agreement
- Calculate self-employment earnings for appropriate individuals based on material participation
- Limited Liability Limited Partnerships (LLLP)
- Review and advise on the content of Operating Agreements
- Maintain client capital account balances
- Allocate income and loss based on partnership agreement
- Calculate self-employment earnings for appropriate individuals based on material participation
- Preparation of Applications for Tax Exempt Status
- Form 990 Preparation
- Recommend best business practices and internal controls and assist with developing guidelines
- State Registrations to Solicit Contributions
- Research and advise on reporting requirements for each state in which charitable contributions are solicited
- Advise on Compliance with IRS Recommendations and Requirements
- Unrelated Business Income Tax Return Preparation
- Advise on business activities that will generate unrelated business taxable income and related tax liability
- Prepare appropriate tax returns to report unrelated business income tax
- Form 1041 Preparation
- Form 706 Preparation
- Advise on the responsibilities of an executor, personal representative, or administrator of an estate, or of a fiduciary of a trust
- Determine taxable effects of a distribution from an estate or trust to an heir, beneficiary, or other entity
- Assist the executor in preparation of probate reports required by the Commissioner of Accounts for estates, including inventory and accountings
- Advise the executor in determining whether to make the election to include a qualified revocable trust as part of the estate for income tax purposes
- Assist the fiduciary in preparation of reports required for trusts to the Commissioner of Accounts
- Form 1120-H Preparation
- Form 5500 Preparation
- Pension and Profit-Sharing Plans (including 401(k) plans)
- Simplified Employee Pension Plans (SEP)
- SIMPLE IRA Plans
- Cafeteria Plans, Flexible Benefits Plans