Providing all the services you might expect from a CPA firm
Providing all the services you might expect from a CPA firm, plus extensive expertise in numerous taxation areas including estate, trust and gift taxation, foreign transaction compliance, sophisticated derivative partnership equity structuring and taxation using LLCs.
Is anyone truely looking out for your business interest? Our firm's philosophy since 1947 is admittedly old fasion; Do what is in the best interest of the client, particularly when contrary to our own short term financial interest. That philosophy has created relationships lasting generations. It is not a modo, it's daily practice.
Keywords: Estate and Trusts Tax Basis of inherited and gifted property Is it true that if I gift low basis assets, like stock I bought in 1960, to a terminally ill person and he or she then Wills the items back to me, that such inherited property that I receive will be granted a tax cost basis equal to the fair market value on the date of death and that upon sale of that property at that price I will not have any capital gain taxes to pay? Q: Gift Tax Planning Techniques - Why is there an annual gift tax exclusion? Why does the government impose a gift tax? Does a gift of any interest in property qualify for the annual exclusion? What type of gifts are excluded from gift tax? Q: Self Employment Taxes on Executors, Trustees, and Directors - Are Self Employment Taxes (Social Security Taxes) Assessable on Executors, Trustees, or Directors Fees? Q: Trust Fund Designation Rules - Who and when are employees or company officials responsible to payroll tax liabilities? Q: Gifts to Spouse - Qualified Terminal Interest Property QTIP - What is a QTIP, how does it work, what are the essential elements of such as trust? Q: What is the most dangerous and common estate tax planning trap? Q: Cure failure to make timely reverse QTIP election - If a reverse QTIP election was not made on form 706 to absorb the unused portion of the $1,000,000 Generation Skipping Tax exemption, can this problem be cured after the death of the second to die (death of surviving spouse)? Q: Reimbursement of federal estate tax by independent trustees - Does an estate have a right to be reimbursed for Federal Estate Taxes attributable to the portion of the gross taxable estate from trust sources (QTIP Trust for example) for which the executor can not control disbursement? Q: In your CPA firm's experience, what is the most material overlooked deduction in the estate, gift and trust income tax area? Q: Reasonable Case for Failure to File Extension - What is considered reasonable cause vs. wilful neglect? Partnerships Q: After Tax Payment of Loan Principal - How to avoid a trap for the uninitiated? Q: Deficit Partner Capital Account Balances - What liabilities are represented in a general partnership? Q: Leasing to Transients - What are the self employment taxation consequences? Q: IRC Section 460 Long-term Method of Accounting - Is a partnership required to file Form 3115, Application for Change in Accounting Method, and does 4 year section 481(a) spread apply? State of New Hampshire Q: Trucking nexus - Do out of state trucking activities cause a business to be subject to the income taxes in Mass? Q: Creating a New Hampshire Limited Liability Company - What are the advantages and disadvantages of LLCs and how would one set up a NH LLC for their business? Q: State of New Hampshire Education Property Tax - What are the key provisions to the April 29, 1999 NH Bill enacting for the first time a State wide property tax assessment? (Notation, tax rate has since been reduced.) Q: State of New Hampshire Tax On Single Owner LLCs - What is NH's business income tax on small businesses? General Taxation Q: How did you prepare my tax return? Q: Issues relating to Taxation of Subchapter T Cooperatives - What are some considerations relating to organizing an entity as a cooperative under Subchapter T of the Internal Revenue Code of 1986? Q: Sec. 125 Cafeteria Plans - What is a Cafeteria Plan? What IRS or DOL filings are required? Q: Reimbursing Employees for Medical Expenses - What are the guidelines for reimbursing employees for medical expenses paid? Q: HIRE ACT - What are the key small business provisions of the Hire Incentives To Restore Employment Act? Q: Home Office Deduction - Who qualifies for this deduction? Q: Rental Activity - When is a rental not a rental activity? Q: Real Estate Professional - Tracking Smart Phone Software - How to create a log of real estate business activity? Q: PATH Act - What are the new tax breaks under Protecting Americans From Tax Hikes? Q: Research and Experimentation Credit - What is the extend of "supplies" in context of R & E credit in view of recent Tax Court cases? Q: NII Taxation of Certain Dividends - Are actively managed corporation dividends subject to the 3.8% Net Investment Income (NII) Tax? Q: Affordable Care Act (ACA) - How can small employers avoid non-discrimination with Section 125 Plans? Q: NII Taxation of Affiliate's Dividends - Are Affiliate's dividends subject to the 3.8% Net Investment Income (NII) Tax? Q: Capitalization of Repairs and Maintenance - What is considered a "unit of property"? Q: Methods of Accounting Elected versus Methods Actually Employed - How to determine which method of accounting was actually used? Q: Tax Affects of Assignment of Executed Purchase and Sales Agreement - Can the P&S be assigned to a charitable organization? Is the income from the sale of the property taxable to client? Is the client allowed a charitable deduction? Q: Commission Income from the Sale of Licensed Products - Can annuities, life insurance, mutual funds, insurance etc... be routed through a non-licensed entity? Forms 1099 Q: Form 1099 Harassment - Can issuing a Form 1099 under false pretenses come back to haunt you? Q: Real Estate Professionals - Who is considered as a real estate professional? What are the penalties for failure to file Form 1099? Q: Nanny Tax - What is the Nanny tax? Who should not issue Forms 1099 to health care workers? Other Matters Q: Record Retention - Records should be preserved for only as long as they serve a useful purpose or until all legal requirements are met. Q: Personal Goodwill - In marital dissolutions, how does the valuation of a privately held company and the determination of alimony result in double benefits to the so called non-monied spouse? Q: IRS Employees - Termination Act and Omissions - What 10 acts or omissions result in the termination of IRS employee? Q: Dual State Residency and Sale of Principal Residence Home - Can married taxpayers qualify for the exclusion from gross income of the gain from the sale of a principal residence, when one of the taxpayers is a resident of one state and the spouse is a resident of another state? Q: Annual Meetings of Partners - Why is it necessary to conduct annual meetings? Q: Related Party Leasehold Improvements Tax Trap - How to avoid a tax trap? Q: IRMA - Taxation Matters Briefing - How to claim unreimbursed disaster-related losses? Q: Internal Revenue Code Section 501 (c)(3) vs. Limited Liability Company - What are the advantages of LLC over IRC Section 501 (c)(3) Organizations? Renewable Energy Q: PV Arrays - Taxation of Solar Panels and Connecting Infrastructure - Where does taxation of a building's component end and utility taxation begin?