Strategic Tax Planning After the Tax Cuts & Jobs Act
- Tax planning ideas such as a comparison of C vs S corporation
- Continuing significant benefits of S corporations
- Qualified Business Income Deduction
- Possible sale of personal goodwill
- Methods of Accounting for businesses whose average annual gross receipts do not exceed $25,000,000
- Tax treatment of passive activities
- Deductibility of interest after 12-31-2017
- Independent contractors vs. employees
Assistance with choosing whether to operate your business as a sole proprietor, partnership, regular C corporation, Sub-S corporation, or Limited Liability Company. We can help with establishing a computerized accounting system, obtaining all necessary employer identification and employment numbers, state sales/use tax registration, and multi-state tax compliance.
High Net Worth Individuals
We maintain a close relationship with clients, offering extensive experience serving high net-worth individuals, families, and their businesses by listening to clients’ needs, goals, and offering solutions and on-going communication in response to current and changing tax rules and regulations.
Estates & Trusts
We work along with attorneys to develop a personalized estate plan, optimize tax results, and preserve wealth for future generations. Preparation of federal and Massachusetts estate tax returns, fiduciary tax returns, and gift tax returns.
Real Estate Activities
Deciding whether to group or aggregate real estate activities in order to take advantage of section 199A qualified business income deduction is a hot topic under the Tax Cuts and Jobs Act. Understanding how to qualify as a real estate professional is critical.
Federal Income Taxation of Real Estate
- Importance of basis and adjusted basis
- Holding Periods
- Classification of real estate
- Choice of entity for real estate owners, investors, and developers
- The tax implications of owning real estate in various entity types including LLC’s and corporations
- Special tax issues for real estate including 1031 like-kind exchanges
- Cancellation of indebtedness
- Installment sales
- Involuntary conversions
- Investing in real estate through self-directed IRA’s.
- Passive activity losses
- And more…
- Assistance with obtaining Exemption Under Section 501(c)(3) status
- Preparation of necessary tax returns and all levels of financial statements for non-profit organizations
Internal Revenue Service & Massachusetts Department of Revenue Dispute Resolution
- Representation of tax disputes with the Internal Revenue Service and Massachusetts Department of Revenue during the examination level and through the appeals process
- Sales/Use Tax & Other Trust Fund Taxes
- Collection Matters and Settlement of Personal Income Tax Liabilities, Penalty Assessments, and Installment Agreements
Non-Filers of Tax Returns
- Dealing with the collection division of the Internal Revenue Service and Massachusetts Department of Revenue
- Abatement of Penalties
- Review of examination changes
- Review of IRS, Massachusetts DOR, and other state taxing authority audits
Financial Aspects of Divorce
- Assistance with the federal and state tax and financial ramifications in connection with divorce
Litigation Support & Expert Witness
- Discovery of Assets in Marital Disputes
- Expert Witness in Connection with Shareholder and Partner Disputes
- Opinion of Value for Closely Held Businesses
- Tax Ramifications of Legal Settlements
Audits, reviews, compilations, and the new CPA Prepared Financial Statements, are quite often a necessary part of doing business. We guide our clients through the assurance process by efficiently handling each engagement. I have been a peer reviewer of Massachusetts CPA firms performing on-site reviews and engagement reviews for the Massachusetts Society of CPA’s.
We can streamline your payroll needs by providing your company’s employee payroll checks, make all necessary tax deposits, file all monthly, quarterly, annual forms, including workers compensation audits.
Client Write-Up Work
We offer monthly, quarterly, and annual computerized accounting services to facilitate decision-making opportunities and the preparation of tax returns.
We have successfully settled many Internal Revenue Service and Massachusetts Department of Revenue tax liabilities through the Offer-In-Compromise and Offer-In-Settlement process.
International Taxation & Compliance of Individuals & Businesses
- U.S. Tax Treatment of Citizens and Resident Aliens Located Outside of the U.S.
- Individuals Located Overseas
- Resident and Non-Resident Aliens
- Part-Year Resident Alien Tax Reporting
- Planning for Foreign Tax Credits
- Qualification for the Earned Income and Housing Exclusion
- Taxation of Non-U.S. Citizens
- Foreign Bank Account Reporting
- Voluntary Disclosure Program
- And more…