Questions Clients
Commonly Ask

Whenever possible, contact us before completing a significant transaction or making an important financial or business decision. Advance planning often provides opportunities to evaluate alternatives and address tax consequences before the transaction becomes final.

The information required will depend on your individual circumstances. Generally, you should provide tax reporting documents received during the year, information concerning income and deductions, and documentation of any significant transactions or changes in your financial circumstances.

Sensitive tax and financial information should be transmitted through our secure Client Portal rather than ordinary email. The portal provides a secure and convenient way to send and receive documents.

Please provide us with a complete copy of the notice as soon as possible. Many notices have specific response deadlines, so it is important that we have an opportunity to review the matter promptly before you respond or make a payment.

Whether estimated tax payments are necessary depends upon your particular tax situation, including the amount and sources of your income and the taxes being withheld. We can help determine whether estimated payments are appropriate and calculate the amounts when necessary.

Record-retention requirements vary depending upon the type of document and the circumstances involved. We generally recommend retaining copies of filed tax returns permanently and keeping supporting records for the appropriate statutory period. Certain records relating to property, investments, businesses, retirement accounts, estates and trusts may need to be retained considerably longer.

Tax planning should occur throughout the year rather than only when a tax return is being prepared. Significant changes in income, investments, retirement plans, business ownership, property transactions or family circumstances may create planning opportunities that are best considered in advance.

Yes. The structure and timing of a transaction can materially affect its tax consequences. Whenever possible, we recommend discussing a significant sale with us before agreements are finalized or the transaction is completed.

There is no single answer that fits every business. The right choice depends upon a number of considerations, including liability protection, taxation, expected income, future growth, ownership structure, and long-term business objectives. Selecting the wrong entity at the outset can create unnecessary costs and tax consequences.

Selling a business is one of the most significant financial decisions many owners will ever make. Before negotiating terms or signing agreements, it is important to understand the tax consequences, valuation issues, transaction structure, and long-term financial impact. Careful planning before the sale often produces better results than trying to resolve issues after the transaction has been completed.

A Roth conversion can be beneficial in the right circumstances, but it should be evaluated carefully. Current and future tax rates, retirement income, required minimum distributions, Medicare premiums, investment growth, and estate planning objectives should all be considered before deciding whether and when to convert.

An S Corporation shareholder who performs services for the business generally must receive reasonable compensation. Determining the appropriate salary requires consideration of the owner’s duties, experience, time devoted to the business, industry compensation levels, and the financial performance of the company.

A properly designed retirement plan can provide meaningful tax benefits while helping owners and employees save for retirement. The appropriate plan depends on the size of the business, employee demographics, cash flow, contribution objectives, and the amount the owners wish to contribute on their own behalf.

The tax consequences of a business sale can vary significantly depending on how the transaction is structured. Asset allocation, entity type, installment payments, depreciation recapture, ownership structure, and the timing of the transaction can all materially affect the after-tax proceeds. Planning should begin well before a sale agreement is signed.

A business valuation may be appropriate in connection with a sale, succession plan, estate or gift transaction, buy-sell agreement, ownership dispute, divorce, or admission or withdrawal of an owner. The purpose of the valuation is important because the appropriate methodology and standard of value may differ depending on how the valuation will be used.

The sale of appreciated property may result in capital gains tax, depreciation recapture, net investment income tax, and other consequences. The timing of the sale, available losses, installment sale treatment, charitable planning, and other strategies should be evaluated before the transaction is completed.

Executors and trustees have significant financial, tax, and fiduciary responsibilities. These may include filing tax returns, accounting for income and expenses, making distributions, communicating with beneficiaries, maintaining records, and making certain tax elections. Professional guidance early in the process can help avoid costly mistakes.