At Tom Umstattd, CPA, we offer 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 non-profit organizations. These are most of our services:
Tax Preparation:
- Preparation of tax returns:
- Form 1040, U.S. Individual Income Tax Return
- Form 1041, U.S. Income Tax Returns for Estates & Trusts
- Form 1065, U.S. Partnership Income Tax Return
- Form 1120, U.S. Corporation Income Tax Return
- Form 1120-S, U.S. Income Tax Return for an S Corporation
- Form 706, U.S. Estate Tax Return
- Form 709, U.S. Gift Tax Return
- Form 990, U.S. Return for a Nonprofit Organization
- Form 1023, Application for Recognition for Exemption Under Section 501c(3) of the IRC
- State Income Tax Return
- Texas Franchise Tax Return
- Payroll Tax Returns (federal and state)
Consulting:
- Concerning income tax planning during the year before either our firm or the client prepares that year’s tax returns.
- 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).
- Concerning reinvesting in like-kind properties, such as in real estate, to defer capital gains taxes (Section 1031, deferred exchanges).
- Concerning estate tax planning, using gifting techniques, income-shifting techniques, establishing trusts, family limited partnerships, life insurance trusts, reducing the risk of lawsuits, protecting assets.
- Concerning negotiations with buyers and sellers of real estate.
- Concerning other real estate issues: leases, sales contracts, mortgages, amortization schedules, related party transactions, and property tax protests.
- Concerning negotiations with prospective buyers or sellers of businesses.
- Concerning the determination of which business form (corporation, LLC, etc.) is appropriate for your business.
- Concerning the maintaining of corporate, LLC, partnership, and fiduciary formalities (such as the taking of minutes at board meetings).
- Concerning notary services, we have a notary public on staff.
Other Accounting Services:
- We are can assist in setting up and maintaining automated accounting systems.
- We can act as power of attorney, representing our clients in IRS examinations (audits) and appeals.
- We can assist in payroll calculations and taxes and refer you to a payroll processing company.
- We can assist in calculating and confirming loan balances for loan payoffs.
- We have a library of books and tapes that can be checked out by our clients.
- We are available during regular office hours to answer questions.
What we do not do:
- Certified audits or reviews.
- Negotiate with the collections division of the IRS AFTER there is no dispute as to the application of law or the amount owed.
- Government or municipal accounting or audits.
- Complicated International income Taxes.