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 full-time notary publics on staff, Lorraine Mahan and Laura Morgan.
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.
- International Income Tax Preparation.