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Tax Preparation  -   Management Advisory  -   Estate Planning  -   Accounting/Bookkeeping        

TAX PLANNING & SERVICES:

Tax Preparation For Individuals, Corporations, Partnerships, Trusts & Private Foundations:

  • Individuals, including Form 1040. The Firm offers paper filing or electronic filing. Electronic filing is the preferred method of many of our clients so that tax refunds can be received much quicker. One of the premier services offered by the Firm is the ability to identify additional deductions to maximize tax savings for clients. Also, tax saving strategies are identified and conveyed to clients for future years.

    The Firm also contacts clients on a quarterly basis with respect to estimated tax matters and before-year-end tax planning purposes, such as accelerating charitable contributions, payment or deferral of property taxes, harvesting capital losses to offset capital gains, or converting Traditional IRA's to Roth IRA's.

  • Corporations, including Form 1120 or 1120S and Schedule K-1's to be issued to the corporate shareholders. Although the Firm has experience in tax compliance for all types of corporations, our primary focus is S-corporations. Our services include analysis of clients' books and records, providing necessary adjusting journal entries, preparation of the corporate tax return, and consultation regarding tax saving strategies. The Firm understands S-corporation tax laws and knows the guidelines that S-corporations must follow in order to avoid losing their "S" status. The Firm contacts clients on a regular basis to help ensure they are operating in a tax-efficient manner.

    Furthermore, the Firm knows that it is crucial to have a good understanding of all of the shareholders of an S-corporation because all of the income or loss passes through to the shareholders. There significant tax consequences of losses passing through to a shareholder who does not have enough tax basis to deduct the losses. Knowing this, the Firm maintains accurate stock and debt basis schedules in order to advise clients accordingly.

  • Partnerships, including Form 1065 and Schedule K-1's to be issued to the partners. Our services include analysis of clients' books and records, providing necessary adjusting journal entries, preparation of the partnership tax return in accordance with the partnership agreement, and consultation with respect to tax saving strategies. The Firm has considerable experience dealing with partnership agreements and the different income/loss allocations and distributions associated with them. Similar to the S-corporation, the income/loss from partnerships pass through to the partners. The Firm understands the tax consequences to the partners and provides adequate disclosure on their respective Schedule K-1's to assist them with their tax filings.

  • Trusts, including Form 1041. There are many different types of trusts and the Firm has experience with several of them: Simple Trusts, Complex Trusts, Grantor Trusts, Charitable Trusts, Life Insurance Trusts, and Retained Annuity Trusts. The Firm understands that trusts are an important part of estate and financial planning for individuals, and we have the experience to advise clients when trusts are advantageous.

  • Private Foundations, including Form 990-PF. The Firm has developed a unique niche in this area and is considered an expert with respect to non-operating private foundations. While the Internal Revenue Service has attacked private foundations for a variety of reasons, the Firm understands this and is able to advise clients how to properly operate a private foundation to avoid the IRS's punitive "self-dealing" rules.

  • State Filings - Includes preparation of multi-state tax returns for individuals and businesses. The Firm can comply with state filing requirements in all states.

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    Management Advisory Services - Our Firm recognizes that your business has its own special needs and we will help you identify both those needs and any problem areas. Our Firm will develop advice and services to help you implement strategies concerning such matters. We are organized to help you deal with:

    • Decisions concerning the proper form of business entity
    • Budgeting, projections and forecasting
    • Structuring of your organization
    • Compensation and profit sharing arrangements
    • Partnership agreement and/or stockholder agreement provisions
    • Personnel decisions
    • Controlling receivables
    • Purchasing issues and policies
    • Employee benefit compliance problems
    • Office procedures and policies
    • Time management assistance
    • Property, casualty and liability insurance considerations


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    Estate Planning - While the Firm does not provide legal advice, we do have considerable experience working with Board-certified estate planning attorneys, and we are able to advise clients on estate planning issues such as wills, gifting strategies, trusts, family-limited partnerships, etc.

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    Accounting and Bookkeeping - We offer supplementary or in-depth accounting services, depending upon your needs. We can customize any accounting system to accommodate your firm's size and specific requirements. Our accounting services include:

    • Preparation of all year-end reports, including 1099's, W-2's and W-4's
    • Payroll reporting, including preparation of federal and state payroll tax reports
    • Developing and reviewing on-site accounting systems
    • Developing or reviewing internal accounting controls
    • Providing emergency or permanent bookkeeping services - monthly, quarterly or annual services, including provision of adjusted financial statements
    • Monitoring the performance of in-house accounting staff
    • Providing accounting controller services

  • 2955 Dawn Drive, Suite 102, Georgetown, Texas 78628    |    Phone: (512) 763-1010 - Fax: (512) 763-1015    |    rl@cpataxsavings.com

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