Febert & Associates Income Tax Planning & Compliance

Income Tax Planning & Compliance

Income tax compliance and planning is a core offering in Febert & Associates’ family office practice. The family office team works closely with a family and its team of advisors in providing timely, accurate tax compliance and cutting-edge planning ideas. The family office team has experience working with high net worth individuals, partnerships, LLC’s, S corporations, C corporations, trusts, private foundations, public charities, estates and gift tax returns.

Tax projections are prepared in connection with the quarterly estimated tax payments in order to minimize income taxes and avoid underpayment penalties. We will analyze and develop strategies to reduce a client’s income and estate taxes. These strategies may include capital gain planning, charitable gifting, installment sales, sales to defective grantor trusts, the use of grantor retained annuity trusts, and the timing of income and expenses. We will consider all available options in order to achieve the best possible tax results under the passive loss rules and alternative minimum tax (AMT). To the extent that the client may receive tax notices or inquiries, we will respond to the appropriate tax authorities on our clients’ behalf.

Gathering tax information for the annual filings is simplified to the extent that we already prepare the clients’ personal financial statements and handle the bill paying. The financial statements are prepared with the necessary tax breakouts so this process doesn’t need to be repeated during tax season. We will also follow up any missing tax documents on behalf of the client including Form 1099’s, Schedule K-1’s and charitable acknowledgement letters. In addition, the Form 1099’s are reconciled to the financial statements in order to insure their accuracy so that our clients can minimize their income taxes to the fullest extent allowed by law.

To the extent that the client decides to use another tax professional to prepare the tax returns, we will act as a liaison between the client and the accountants by forwarding tax documents and financial statements and fielding questions from the tax preparers. If the client prefers, we can also perform a top level review of any tax returns prepared by other professionals before they are filed.