Businesses
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

Not-for-Profits
● 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

Estate and Trust Tax Preparation and Administration
● 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

Homeowners Associations
● Form 1120-H Preparation

Employee Benefit Plan Selection Assistance and ERISA Compliance
● 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