McFadden Group

Current Clients

To all our current clients, we thank you for your business and for placing your trust in us!

Tax Return Client Process

Once you have determined that you need an accountant, we ask that you consider our guidelines.

Access the Free Online Tax Organizer

Our free online 2015 Tax Organizer (pdf) is a great utility that can help you gather all relevant tax information each year. We have found that clients that utilize our organizer have lower fees associated with tax preparation because they have gathered all the useful information as it happened, instead of last minute prior to the return deadline.

First Come, First Serve

The earlier your return gets in line, the earlier it will be completed by one of our CPAs.  March 25, by 5pm 2016 is the deadline for getting all of your tax return information to us in order to ensure that your return is completed by April 15.

E-Filing

We e-file all returns with the IRS. This eliminates lost returns in the mail and data entering problems at the IRS. E-filing also drastically reduces the amount of time to process your return at the IRS, thus speeding up the receipt of any refund.

Communication

When we work on your return and have questions, we will email you. This is to ensure there are no facts ‘lost in translation’ and we have your responses on file.

Notification

Once the return is complete, we mail you an invoice. This lets you know that you can come by and pick up your return any time during our office hours.

Deliverables

We will provide you with a tax return folder that will contain: a copy of your tax returns, your original documents, and an e-file form that needs to be signed by you (and your spouse if applicable) and returned to us. We will not submit your return to the IRS until we’ve received that signed e-file form, either by mail, fax, or you may drop it off.

Tax Refunds

If you’re due a refund and want to know the status of your refund, then please to to the IRS “where is my refund” page and enter the requested information. It may take a few days from the day you filed until the status is available..

Other Services: More Than Just Tax Returns

The bulk of our practice is made up of taking care of small-to-medium sized business accounting and tax needs, as well as, estate and transaction tax planning/consulting.

Transactional Tax Planning

Whether you’re preparing to sell off all of your rental properties, beginning the estate planning process, or anything in between, we can help guide you through all possible avenues and explain their associated tax consequences. With proper planning BEFORE any major transaction, taxes can be mitigated or sometimes avoided altogether. The critical part is calling us before any contract is signed or any property has been sold. Very little can be done to mitigate taxation after a transaction has transpired. If you have a potentially taxable transaction looming in your future, come in and let us help you make the smartest decision for your situation.

Estate Planning

After death, your money and property, known as your estate, may also be subject to federal estate tax. However, you can give money away during your lifetime or leave certain amounts to your heirs that are exempt from taxation.

Under the Economic Growth and Tax Relief Reconciliation Act of 2001, the federal estate tax was eliminated in 2010. The gift tax, however, remained in effect at a 35 percent rate.

On Jan. 1, 2011, the estate tax returns. According to a new law enacted in December 2010, estates valued at $5 million or less are exempt from the tax. Estates worth more than $5 million are taxed at a 35 percent rate. (Click on Estate, Gift, and GST Tax Legislation FAQs (pdf) to read more information and answers to some common questions)

Although there was no estate tax due in 2010, some heirs encountered larger-than-expected capital gains taxes upon sale of inherited assets. This was due to the requirement that the basis of such assets be carried over from the decedent to the heir.

With the return of the estate tax in 2011, the stepped-up basis on inherited property also returned. This means that an asset’s basis is its fair market value on the day of the original owner’s death.

For individuals who died in 2010, the estate has the option of following the 2010 estate tax rules, meaning no tax due on the estate, but the carryover basis rule is in effect, or using the 2011 estate tax rules, which include a 35 percent tax on estates worth more than $5 million and stepped-up basis on bequeathed assets.

Because of the complexity of the estate tax rules, there is no ‘one size fits all’ approach and even if your estate is under the $5 million limit, there is usually still a need for planning to avoid probate.  If you would like our help in pursuing your situation and strategies, please call us for an appointment.

Contact us:

Call:785-843-9550

Email: brenda@cpamcfadden.com