Taxation

In addition to tax compliance and planning services, we prepare all types of federal, state, and local income tax returns along with any other regulatory filings. As part of our regular services, we review the tax positions of our clients so that they may initiate a proactive transaction to reduce their income tax liability. This service includes not only periodic income tax planning but also estate tax planning. These reviews are done on a timely basis to avoid last-minute, hurried decisions. Also, we are often asked to review contemplated transactions of a client taxpayer, to analyze the transactions' effects on the client's tax position and to evaluate their value.

Upon accepting a new client, we review the most recent tax returns filed in order to understand the client's past income tax experience. From our review we typically develop scenarios of possible transactions designed to reduce or defer income tax liability and/or avoid any potential compliance problems. Once a client's tax strategy is planned, we monitor developments and prepare required income tax return forms. This planning and monitoring is a standard that we apply to all our existing clients as well as those we have just accepted.

Modifications to a tax strategy may be needed as a result of a change in client circumstances or changes in income tax laws. Changes in the past several years to the federal income tax law were numerous. As a result, it is of the utmost importance that our staff members maintain a current knowledge of the tax law and requirements. In addition to participating in continuing education courses designed to provide a working knowledge of changes in income tax law, our staff members are provided with tax service references. The services, which provide us with current tax rules and regulations, are distributed to our staff for their reading and study, and our partners ensure that any matters disclosed that affect a particular client, or our clients in general, receive immediate attention.

Further, we represent our clients, when necessary, if the taxing authority subjects them to audit. This service can range from reviewing the tax return with the authority's representative to justifying positions taken by our clients. We recognize that we have gained invaluable experience not only in preparing tax returns, but also in supporting positions taken. Accordingly, we are readily able to assist you in the audit process.

Our firm's partners regularly meet with potential clients to review their current income tax situation. This meeting provides a basis for determining if our services can be beneficial and to what extent they should be provided. They would be delighted to meet with you.