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At Tom Umstattd, CPA, we offer for a fee the preparation of tax returns, consulting, and other accounting services for individuals, sole proprietorships, “loose associations,” partnerships, LLCs, LLPs, C Corporations, S Corporations, estates, trusts, and nonprofit organizations. These are most of our services:
Preparation
of tax returns:
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Form 1040, U.S. Individual Income Tax Return
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Form 1041, U.S. Income Tax Returns for Estates & Trusts
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Form 1065, U.S. Partnership Income Tax Return
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Form 1120, U.S. Corporation Income Tax Return
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Form 1120-S, U.S. Income Tax Return for an S Corporation
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Form 706, U.S. Estate Tax Return
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Form 709, U.S. Gift Tax Return
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Form 990, U.S. Return for a Nonprofit Organization
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Form 1023, Application for Recognition for Exemption Under Section 501c(3) of the IRC
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State Income Tax Return
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Texas Franchise Tax Return
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Payroll Tax Returns (federal and state)
Consulting:
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Concerning income tax planning during the year before either our firm or the client prepares that year’s tax returns.
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Concerning the review of tax returns prepared by the client or the client’s tax return preparer (this is usually at least a 2 meeting engagement: one meeting to identify the errors or omissions on the return(s), and subsequent meeting(s) to make sure that the corrections were properly made).
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Concerning reinvesting in like-kind properties, such as in real estate, to defer capital gains taxes (Section 1031, deferred exchanges).
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Concerning estate tax planning, using gifting techniques, income-shifting techniques, establishing of trusts, family limited partnerships, life insurance trusts, reducing the risk of law suits, protecting assets.
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Concerning negotiations with buyers and sellers of real estate.
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Concerning other real estate issues: leases, sales contracts, mortgages, amortization schedules, related party transactions, and property tax protests.
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Concerning negotiations with perspective buyers or sellers of businesses.
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Concerning determination of which business form (corporation, LLC, etc.) is appropriate for your business.
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Concerning the maintaining of corporate, LLC, partnership, and fiduciary formalities (such as the taking of minutes at board meetings).
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Gail is a notary public.
Other Accounting Services:
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We are certified QuickBooks Pro Advisors, assisting in setting up and maintaining automated accounting systems.
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We can act as power of attorney, representing our clients in IRS examinations (audits) and appeals.
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We assist in payroll calculations and taxes.
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We have a library of books and tapes that can be checked out by our clients
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We are available during regular office hours to answer questions, and welcome them
What we do NOT do:
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Certified audits or reviews.
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Negotiate with the collections division of the IRS AFTER there is no dispute as to the application of law or the amount owed.
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Government or municipal accounting or audits.
We also have a library, for info on our library click here.
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We feel that at Tom Umstattd, CPA, we should only charge by the hour for our services. Our billing rates currently vary from $70.00 per hour for degreed staff accountants, to $120.00 per hour for Tom Umstattd, CPA. Other accounting firms may receive outside commissions for financial products that they may suggest to their clients, but we feel this practice would compromise our mission: endeavoring conscientiously toward superior service. Our firm’s discipline to refuse commissions when advising for or against a particular financial strategy for our clients helps to insure the integrity of our unbiased professional advice and opinions.
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Estimates: we will not give estimates over the phone for new clients. A free, no obligation, one-half hour initial interview is usually set up for new clients. For tax return preparation, the prospective client will typically bring in his financial data as is asked for in the income tax organizer questionnaire. After the initial interview, we can give an estimate of our bill, if requested, and then at that time, both parties will decide if our professional services will continue or not. If we agree to proceed, then typically one half of the estimated bill amount is paid at that time and the remainder is paid when the work is completed.
Confidentiality & Our Privacy Policy
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Confidentiality: all client (as well as prospective client) information received by our office, is held strictly confidential, and will not be disclosed to any third party without the express consent of the client. (However, if we are subpoenaed by a court of law, we will most likely have to comply). This confidentiality is not only required by the CPA’s code of ethics, but helps the client be more candid with their CPA. We realize that entrusting a “stranger” with intimate financial data can be very difficult. Trust is normally earned. We will do all we can to earn your trust and confidence. Most of our clients have been with us many years: we encourage this. Year after year, we have found that our CPA/client relationships become more and more effective and efficient.
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Our Privacy Policy: CPAs, like all providers of personal financial services, are now required by law to inform their clients of their policies regarding privacy of client information. CPAs have been and continue to be bound by professional standards of confidentiality that are even more stringent than those required by law. Therefore, we have always protected your right of privacy. We collect nonpublic personal information about you that is provided to us by you or obtained by us with your authorization. For current and former clients, we do not disclose any nonpublic personal information obtained in the course of our practice except as required or permitted by law. Permitted disclosures include, for instance, providing information to our employees, and in limited situations, to unrelated third parties who need to know that information to assist us in providing services to you. In all such situations, we stress the confidential nature of information being shared. We protect the confidentiality and security of current and former clients' information. We retain records relating to professional services that we provide so that we are better able to assist you with your professional needs and, in some cases, to comply with professional guidelines. In order to guard your nonpublic personal information, we maintain physical, electronic, and procedural safeguards that comply with our professional standards.