Tax Preparation
Efficient Estate Tax Management and Planning
Probate Estates (1041)
Form 1041 is used to account for income received by a decedent’s estate during its administration. This period starts on the date the decedent passed and ends when assets have been distributed to the decedent’s heirs. Unlike individuals, estates have a low exemption amount and quickly reach high tax rates. A quick administration of the estate will save taxes as final year estate tax returns pass income and expense items along to the heirs.
Comprehensive Tax Planning & Preparation for Businesses
Business (1120, 1120S, 1065, Sch. C)
The tax professionals of CPA Attorney have served individuals of all walks of life, whether operating a business, managing a rental property, or working as a salaried employee planning for retirement. Let CPA Attorney help minimize your taxes while complying with tax regulations.
Personalized Tax Services for Individuals
Individuals (1040)
Whether a C corporation, S Corporation, Partnership, or SMLLC, CPA Attorney can help with tax planning, tax preparation, and accounting at all stages of a business. When it comes to selling, CPA Attorney will implement exit strategies to limit your tax liability.
Expert Trust Tax Services
Trusts (1041)
Like estates, trusts are reported on form 1041 and quickly reach high tax rates. Trust income and expenses are usually reported to the creator’s personal tax return until death. At death, the trust becomes irrevocable and has a separate filing requirement. When handling a trust, the professional should understand distributable net income (DNI) along with available elections that can extend the reach of an accounting period, bring favorable tax benefits, or even combine the trust tax return with that of the related estate.
Specialized Estate Tax Services for Large Estates
Large Estates (706)
An estate tax return is a tax based on the total value of an individual’s estate at death. Form 706 is generally due within nine months from the date of death. Generally this tax only applies to those with large estates. For non-US citizens, this tax is more common as the exclusion amount is very low. Form 706 is very complicated and requires the expertise of an attorney familiar with estate planning. An understanding of accounting alone is insufficient.
Strategic Gift Tax Planning
Gifts
You must file Form 709 if the total value of all the gifts you make to a single person within the same calendar year exceeds the annual exclusion amount. Any gift above the annual exclusion amount will reduce the lifetime exclusion amount to determine estate taxes (706). Providing gifts during one’s life is a major part of tax planning for individual’s with large estates.
Comprehensive Tax Services for Non-Profits
Tax-Exempt/Non-profit (990)
Although exempt from taxation, tax exempt organizations, whether private foundations or 501(c)(3) organizations, are generally required to file annual tax returns of their income and expenses. Small tax-exempt organizations with gross receipts under a certain threshold may be required to file an annual electronic notice in place of a tax return. In addition, if an organization has unrelated business income, it must file an unrelated business income tax return.
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