Carabell-Leslie Blog
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Customer Refunds: Are You Doing Them Right?
Refunds. You probably wince at the word. Some – like customer refunds for returns – are fairly uncomplicated, thanks to QuickBooks‘ tools. Others, not so much. You may find yourself unable to balance your accounts receivable. There are numerous scenarios that necessitate the use of credit memos, including overpayment, order cancellations and bad debt write-off. [...]
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The Importance of Updating Beneficiary Designations
Most of us have more than enough to do. We’re on the go from early in the morning until well into the evening-six or seven days a week. Thus, it’s no surprise that we may let some important things slide. We know we need to get to them, but it seems like they can just [...]
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Qualified Charitable Distributions
IRA owners and beneficiaries who have reached age 70 ½ are permitted to make cash donations to IRS-approved public charities directly out of their IRAs. These so-called qualified charitable distributions, or QCDs, are federal-income-tax-free to you, but you get no itemized charitable write-off on your tax return. But, that’s okay because the tax-free treatment of [...]
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Our firm provides a wide array of income and business tax services to individuals and businesses, including limited liability companies, partnerships, trusts, estates, corporations, and individuals. We also prepare franchise, property, sales, estate, fiduciary and gift tax returns for our clients. Because of our close working relationship with our clients and advisory teams, we are able to help shape the policies that minimize tax impact and maximize high dollar retention.
- Analysis at end of year to anticipate outcomes and plan for the best possible outcome.
- Consider impact of purchasing assets, paying bonuses, funding profit sharing plan contributions, etc.
- Personal income tax projections and planning for anticipated liability or refund and also timing for income and deduction items.
- Preparation of Federal and State tax returns for corporations, limited
liability companies, partnerships and individuals.
- Preparation of other business tax returns, including quarterly and annual
payroll tax returns, property tax returns and sales tax returns.
We provide analysis and recommendations for current tax situations and suggest strategies that anticipate future tax implications. Specifically, we provide estate planning services by offering assistance in structuring the estate in order to conserve assets. In addition, we will evaluate a tax-oriented investment strategy for its tax implications and economic substance.
- Accounting for irrevocable trust and estate.
- Preparation of Federal and state returns.
- Prepare accounting records for activity in the entity and accounting for beneficiaries.
Estate Planning
- Assistance with establishing trusts and selecting options related to the trusts such as:
- Funding levels.
- Assets allocated among spouses.
- Income and principal distributions after death.
- Distribution to children and/or grandchildren after death.
- Medical and durable powers of attorney.
- Confer with clients and attorneys to assist in the process.
- Consider gifting opportunities
Estate Tax
- Preparation and filing of Federal and/or state Estate Tax returns.
- Based on assets and liabilities at date of death.
- Coordinate with previous gifts.
- Assist in making elections.
- Assist with funding various trusts.
Tax Abatement
- Prepare abatement application.
- Coordinate meeting with municipalities.
- Monitor ongoing reporting requirements and assist with same.
Retirement plan and Accounting and Tax Preperation
Analysis to assist in choosing a plan.
Assistance in implementing a plan.
Financial statement audits for plans.
Prepare annual return/report of employee benefit plan (Form 5500).
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