Services

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 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:

  • Income tax planning the year before the tax return is prepared.
  • 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).
  • Reinvesting in like-kind properties, such as in real estate, to defer capital gains taxes (Section 1031, deferred exchanges).
  • Estate tax planning, using gifting techniques, income-shifting techniques, establishing of trusts, family limited partnerships, life insurance trusts. Reducing the risk of law suits and protecting assets.
  • Real estate negotiations with buyers and sellers.
  • Other real estate issues: leases, sales contracts, mortgages, amortization schedules, related party transactions, and property tax protests.
  • Negotiations with prospective buyers or sellers of businesses.
  • Determination of which business form (corporation, LLC, etc.) is appropriate for your business.
  • Strategically maintaining your business. Corporate, LLC, partnership, and fiduciary formalities (such as the taking of minutes at board meetings).

 

Other Accounting Services:

  • We can act as power of attorney, representing our clients in IRS examinations (audits) and appeals.
  • We assist in payroll calculations and taxes.
  • We are available during regular office hours to answer questions, and welcome them
  • We have a full-time notary public on staff, Lorraine Mahan.

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.