philtax offers a wide range of services to our individual and business clients. Because our firm is relatively small, our clients benefit by getting uniquely personalized quality service. Below, we have listed the services that we offer to our clients along with a brief description. As the list below is by no means all-inclusive, please feel free to inquire about a service if you do not see it listed.
Tax Planning & Preparation
Tax planning and preparation form a winning combination for our successful individual and business clients. Whether you are an individual or an entity, we can develop tax strategies that take advantage of new tax laws and legislation. We always think about future events and how the things we do in the present can impact them. If you have a specific situation or event, we can sit down with you and look at both short-term and long-term implications to aid in making your decisions.
During our years of experience dealing with many taxing authorities, we have achieved a level of competence that can ensure our clients that they are being properly represented before the various federal and state tax agencies. IRS Representation is a primary area of our expertise. We understand how IRS operates and know how to do business with them. We know what your rights are, and even more important, what the IRS is allowed and not allowed to do. Please visit our IRS Representation page for more information on how philtax can help!
Estate & Trust Tax Preparation
Have you been named as an executor or a trustee? We can guide you through the complex compliance process. We are experienced in the filing of Form 706, US Estate Tax Return, and the annual filings of Fiduciary Income returns (Form 1041). Effective estate and gift planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We have attorney colleagues who can advise upon and prepare the necessary estate planning and related documents.
Forensic Discovery for Attorneys, Trustees, and Executors
Often, when a person either dies or suffers from dementia, tax compliance has deteriorated. If you are an attorney, trustee, executor, conservator, special administrator, or Power of Attorney, you will have to deal with these issues. We work for several Professional Fiduciaries and are well versed in these issues. Sometimes, there may be undiscovered assets which must be marshaled. There will normally be tax returns due which failed to be filed. It may be possible that after repeated requests for a tax return, the IRS has gone forward and created their own version of a tax return for one or more periods.
The results of an IRS-created return are rarely positive for the taxpayer. We have a system for acquiring all the necessary information needed to file any missing returns or replacements for IRS-created returns. We sometimes find accounts which were unknown or even entities which were formed and have further compliance issues. This requires knowledge of tax law pertaining to individuals and estates/trusts, ability and know-how to acquire the correct records, and knowledge of traversing the IRS waters. A unique combined skill set is necessary to undertake a project of this level.
We are especially sensitive to helping protect the executor or trustee from liability. If you find that you have been appointed in one of these capacities, we can guide you through the tax procedures and give you the proper questions to ask your attorney.
Corporation, Partnership & LLC Tax Preparation
We prepare returns for C & S Corporations, Partnerships, and LLCs. We know how to integrate the planning between your entity and your individual tax return.
IRS Problem Resolution
We have a high degree of experience in dealing with taxpayers who have unpaid debts to the government agencies and/or prior year non-filed returns. We tell you the truth. Ask us about our “Mini Representation Package.” For a reasonable fee, we find out what you are up against and give you our analysis.
Employee Stock Options & RSUs
We pride ourselves in having a lot of expertise in the area of employee stock options. Philip has in fact lectured on this topic at continuing education seminars for tax professionals for 15 years. Stock options are more complicated than they seem, and each particular option has issues pertaining to proper tax reporting. It is important for the recipient of the options to be able to understand what the option received means, and how it will affect their taxes. A lot of tax practitioners are unfortunately unaware of all the nuances. Please check the “Videos” page for an explanation of different types of stock options if you wish to have a greater understanding of what you have been awarded.
Many companies are now giving employees bonus stock in the form of RSUs. Keeping track of what was received when, and the basis allocated to the shares is very important, as they are often sold at a much later date than when they vested.
We also help to plan for future exercises and dispositions, looking at tax ramifications over a period of years, if requested to do so.
Business Entity Selection
Choosing the form of entity of your business [e.g. “S” Corporation, C Corporation, Sole Proprietor, Limited Liability Company (LLC)] is a crucial decision that can have longstanding tax implications, positive or negative. We can assist you in evaluating the pros and cons of each entity type from a tax standpoint to help you determine the most advantageous form of business for your company. We will give you a thorough explanation in language you can understand about the taxation issues related to each choice. We will advise you to consult with your attorney in conjunction with this to ensure that the non-tax ramifications of your entity selection meet your needs properly.
Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis and are the foundation of a successful business. They are also the cornerstone for gathering and organizing any evidence to prevail should you come under IRS scrutiny. Our qualified staff can assist you with the day-to-day tasks associated with bookkeeping. Since we are Enrolled Agents, everything we do in your bookkeeping work is geared to be as ready and complete for the preparation of your tax return as possible.
QuickBooks is the market leader in small business accounting software. We can help you set up and implement your file. Even if not doing your regular bookkeeping, we can review it several times during the year to make sure all is being done correctly. This will ultimately save you time and money during the preparation of your tax return.