Helping Clients Navigate Change
Life’s journey is full of hills and valleys, curves and straightaways. Along this path, important decisions must be made. Many of them will be financial in nature and can impact your financial future. At times, you may not even fully realize the financial implications until after the decision has been made. When you have a trusted tax adviser by your side, you will be well-prepared for the decisions you face along life’s journey.
Questions arise at various life phases: How do I handle an inheritance? What is the best way to save for my child’s college education? How will income from my hobby impact my income taxes? How can I be sure I will be able to retire on time? How does working as a contractor instead of an employee affect my taxes?
Questions also arise in our professions and business: What tax implications do I need to consider if I want to start my own business? What do I need to think about if I want to expand my business? What steps are necessary if I’m next in line to run the family business?
Cummings, Keegan & Co., P.L.L.P. (CK&Co.) has been filling the role of trusted adviser for sixty years. We’re privileged to share the business and life milestones each client experiences. It makes our day when a client calls just to “brainstorm ideas” and “run a decision by us” before they make a big decision. As our clients navigate change, we offer an objective, caring perspective.
We provide a host of tax services
to corporations, partnerships, individuals and non-profit organizations. From tax return preparation to estate and trust planning to strategic tax planning, CK&Co. provides year-round tax services and consultation. We are here to help you position yourself for financial success and minimize your tax liability.
Our two-tiered review process provides a watchful eye to ensure your tax return is filed accurately and captures all the tax deductions and credits for which you qualify. By building a strong relationship with each of our clients, we can truly understand your journey and offer customized advice and recommendations.
“Taxes is less about numbers and more about you.”
Common Scenarios
Many times, people only think about tax returns once a year. They gather the necessary documents, file their tax return, and then forget about taxes until the following year. While accurate and timely filed tax returns are important, it’s only one piece of the financial puzzle.
We provide value beyond tax preparation by providing strategic advice based on your unique situation. Good tax planning throughout the year can help you preserve wealth and avoid costly mistakes. Tax law is complex and fast-changing. Our team continually monitors the tax law and communicates legislative changes impacting our clients. As you communicate changes in your situation to us, we will explore all the options and recommend the most effective strategies for you.
One myth suggests that professional tax services can be too costly. Your savings generated from tax planning will far exceed the cost. The CK&Co. team offers tax planning throughout the year, not just at tax time. Additionally, your unique tax situation should be handled by a team of real people who understand you in a way that tax software cannot. We encourage you to contact us throughout the year as questions arise regarding your financial decisions. Many times there will be no additional charge for your question. It’s our investment in building a long-lasting, trusted relationship with our client. If there are charges due to additional research needed, we will let you know up front so you will never be surprised.
As an additional benefit to new clients, we will review your past three years of tax returns to see if there were any missed opportunities.
Taking the leap and starting your own company is an exciting time. It can also be a scary time, with many important decisions to be made. New start-up businesses have many unique tax planning considerations. We’ll work with you to ensure that your federal and state payroll tax and estimated income tax payments are set up correctly. You may need guidance on establishing the right entity structure. Sole proprietorships, partnerships, corporations, and tax-exempt entities all have advantages and disadvantages. We’ll review your business plan with you and help you understand the pros and cons of each structure. So many decisions you make in the start-up phase could have a major impact on your tax return, such as selecting an accounting method and system.
We are here to help you understand these types of situations so you can make the best decision for your business. This includes helping you understand the tax impact of the decisions you make. We can help you position your start-up in such a way that is most beneficial to you and allows you to reach your goals.
As the owner of a small to medium-sized business, or the leader of a corporation, you likely face a myriad of decisions, including the following:
- Staffing and employee benefits
- Questions about the firm’s accounting activity
- Whether you conduct R&D for a new product/service
- Purchasing decisions of large and small equipment
- Adding new owners to the team
- Making an acquisition or selling the company
- Creating retirement plans, such as Simplified Employee Pension (SEP), Simple, IRA, and 401(k), etc.
With complex and frequently changing tax laws, making these decisions can be challenging. We are here to help with these decisions and more. We work with each of our clients to understand their businesses so that we can provide the right guidance based on their situation. We also work with you to ensure you understand the matter at hand so that you can trust you are making the right decisions.
If you own commercial or residential real estate, cost segregation studies may likely provide you with a tax benefit. These studies must be performed in a matter that is acceptable under current IRS guidelines, utilizing the analysis of an engineer as well as a CPA. CK&Co. provides the expertise needed to ensure you receive the maximum benefit possible.
You should consider having a study performed under the following scenarios:
- Your property cost is at least $1 million
- You are in one of the higher tax brackets
- You have owned the property for 10 years or less
If you have owned the property for more than 10 years, you can still take advantage of missed depreciation deductions for prior years.
You could be surprised to learn your small business may meet the criteria to take the R&D tax credit. We find that many of our clients are unaware that this credit even exists, or they believe the credit is only available to large corporations. Let us review your business activities to determine if they qualify for the credit. Designed to stimulate business and growth, the credit is intended for companies of all sizes by providing incentives to companies conducting research and development. Talk to our team to determine if your company satisfies the 4-part test to qualify for this credit.
If you are running a corporation, we understand you have additional needs and concerns. Although you may make similar decisions as small to medium-sized business owners, you also face additional complex scenarios, including multi-state and international business activities. A corporation may have larger ownership structures, face more regulations due to the large number of employees, and own numerous related entities. We understand the complexities of corporate tax law and we offer proactive tax strategies to ensure the company preserves revenue and is well-positioned for growth and future development.
We can help you preserve and manage your wealth by providing estate and trust planning. Once we sit down with you and understand your goals, we will work with you to design and implement the estate. If you need a new will prepared or an existing will reviewed, our team is here to help. Our professionals can also assess your life insurance and advise you on whether it is sufficient to meet your goals, or let you know if you have gaps.
If you are looking to gift some of your assets, we will work with you to help you understand the tax rules related to gifting. This will help you structure your gifting in a manner that minimizes estate tax. If you are interested in establishing a trust, we’ll review with you the various trust options available and offer recommendations to help you meet your goals. Once your plan is in place, we will continue to monitor and review it to ensure it is compliant with ever-changing tax law, as well as review the plan to ensure it remains established in the most beneficial manner possible for you and the preservation of your legacy.
Meet Tim Kenyon
Through the tax and estate planning process, I’m trusted with my clients’ personal stories. This trust motivates me to always find the right solutions for each client.
Meet Bill Jacob
I enjoy showing people the real results of our work, including how we saved them money, found errors in past returns, or helped create a business succession plan.