Tax Preparation

Tax Prep by Certified Public Accountants

At Thompson CPA, we’ll make the whole process of preparing your taxes easier. We offer a comprehensive Tax Preparation Services program that includes Business and Individual together with Fiduciary Tax Returns, Estate Tax Returns, and Final Individual Tax Returns. Whether you need assistance with your annual tax return, a loved one’s final tax return, or determining what is owed on an estate, you can be sure that your tax preparations will be in full compliance with Federal and State requirements. We’ll thoroughly examine yourreturns, and carefully consider every opportunity to lower the amount owed or increase a refund.

Personal Tax Preparation

Did you know?

Estate Tax Return (Federal form 706) – We specialize in complicated, messy or unfunded estates and trusts. Most people take the time to set up a Living Trust. Unfortunately, some of them neglect to fund the trust by transferring the title to the assets into the Trust. This makes for a very complicated scenario for loved ones left to handle the final affairs. The 706 is a summary of the assets, less the related final debts and expenses and is required to be prepared and filed within nine (9) months of the date of death. A six (6) month extension is commonly granted by the IRS but any estate taxes due must be paid with the extension. If you or one of your family members has been appointed as the Successor Trustee or Executor of a messy and complicated estate, reach to Thompson CPA for assistance.

Fiduciary Tax Returns (Federal form 1041) – After death and until the Assets are distributed, annual tax returns are required to be prepared from the Date of Death through year end for the entire administrative period. Since most estates take more than two years to administer, this will require many years and multiple tax returns to be prepared.

Decedent’s Final Individual Returns (1040) – The final return must be coordinated with the 1041 and 706 returns to ensure that appropriate and accurate tax returns are presented.  As Successor Trustee, you are required to prepare and file the final tax returns for the decedent.

International Tax Situations

Are you dealing with assets in foreign countries or earnings from abroad?  Do you owe tax in foreign countries? What about complicated situations like FBAR reporting or form 5471 reporting?  We can navigate you through the international tax waters.

Business Tax Preparation

The rules are complex, changing, and extensive. In order to minimize tax impact and maximize company profit and shareholder value, your business needs complete and accurate accounting and expert decisions in filing and reporting.  With so much at stake and with so many complications and tax code to understand, we know the stress that taxes cause businesses.  The biggest corporations have teams of accountants, finance analysts and processors and tax advisors.   Personal businesses and small to medium sized businesses are often a big disadvantage with limited resources.

Thompson CPA can help eliminate the stress, get your taxes filed and maximize your company value.  Call today to discuss your situation.