We create value for our clients through our commitment, respect, excellence, attentiveness, teamwork, and expertise. Value creation begins with the initial meeting to understand your needs and situation. Each situation is unique and requires a personalized solution. We employ fixed price agreements based on the personalized solution developed so that you know the cost of the services and are not surprised by billing after the completion of the services. We establish delivery timelines during the initial meeting so that you know when to expect the deliverables. We produce high-quality deliverables in challenging technical areas such as trust taxation, estate and gift taxation, and private foundation reporting. We collaborate with your other advisers to coordinate strategies and bring you the best solutions.
A deceased person’s estate is a separate taxable entity from the individual. Likewise, a trust is generally a separate taxable entity from its grantor. We consult with grantors and their advisers regarding whether a trust is a separate taxable entity from its grantor. We prepare Form 1041 for the fiduciaries of domestic estates, trusts or bankruptcy estates. We advise fiduciaries on income, distribution, and tax planning. We provide tax compliance and consulting services to executors and trustees from the creation of an estate or trust as a separate taxable entity through the life of the estate or trust until its termination. We advise and assist trustees in meeting the federal filing requirements of the different types of trusts as well as the required state and local fiduciary income tax returns.
We do more than just collect forms then deliver a tax return. We have a process that starts with a review of your records against prior year returns. We use a checklist and an organizer to perform an in-depth assessment of your current year situation. Once drafted, we follow up with additional questions based on information revealed during a detailed review. These questions form the basis for forward planning strategies. Finally, we end with a quality control check before delivering the returns to you.
A private foundation is a nonprofit organization which is usually created via a single primary donation from an individual or business and whose funds and programs are managed by its own trustees or directors. A private foundation generates income by investing its initial donation and it disburses its investment income each year to desired charitable activities. The IRS holds private foundations to several requirements and rules to receive and maintain this classification. We prepare the annual returns required for private foundations and assist the trustees in complying with the IRS requirements and rules.
We work with businesses held in trusts or by estates, including irrevocable trusts with independent trustees. Having a trust or estate as a shareholder or partner adds a level of complexity to the tax compliance not often seen by many business CPAs. We can work with your existing CPA to make sure the necessary elections are made on time. We assist with the record-keeping and reporting of Family Limited Liability Companies to provide for the transition of assets to your heirs.
A family office is an organizational structure that manages the financial and personal affairs of a wealthy family. We provide tax compliance services to all of the taxpayers served by a family office. We collaborate with the team of professionals at the family office and any external advisers to address the pivotal issues the family faces as it navigates the complex world of wealth management. We consult on issues ranging from estate taxes to complicated family or business issues. We assist in developing and implementing comprehensive wealth transfer plans including the transfer and management of business interests, the disposition of the estate, the management of family trusts, philanthropic desires and continuity of family governance. Family education is an important aspect of our service including educating family members on financial matters and instilling the family values to minimize intergenerational conflicts. We work collaboratively with your team of advisors to ensure the family’s wealth transfer plan is well-coordinated and optimized for your legacy desires.
Hello, my name is Becky, and this is my first blog. I have begun this blog to announce that I have
launched a CPA firm, Rebecca E. Miller, CPA, PLLC. This is the beginning of an adventure 17 years in the
making. I have had an amazing and satisfying public accounting career serving clients and learning from
outstanding CPAs in two states. Now, I have planted my own flag in Cary, North Carolina and I love it!
Much ado has been published regarding the lowering of the corporate tax rate to 21% as part of the Tax
Cuts and Jobs Act (the Act) passed last December. This has caused businesses taxed as pass-throughs to
consider changing tax status to take advantage of the lower corporate rate.
Tax rates. The new law imposes a new tax rate structure with seven tax brackets: 10%, 12%,
22%, 24%, 32%, 35%, and 37%.
Kiddie tax. The net unearned income of a child subject to the rules will be taxed at the capital gain and ordinary income rates that apply to trusts and estates. Thus, the child’s tax is
unaffected by the parent’s tax situation or the unearned income of any siblings. This may result in a higher effective tax rate for the child.