Tax Professionals

UNIQUE SITUATIONS

Over the years that we have been assisting people who experience a catastrophic loss, each has a unique story. Yes, ultimately it is necessary to synthesize the information and gather the data and compile a report that looks very similar to other reports with the unique numbers for the particular taxpayer. The process of getting to that final set of reportable numbers takes time and a commitment to listen to the taxpayer and a commitment to gathering the necessary data, even if it takes unplanned hours to accomplish that goal.

That is where we start. There are different ways for taxpayers and accountants to arrive at the desired end. Here are ways we can help both taxpayers and tax professionals.

CONSULTATION SERVICES FOR TAX PROFESSIONALS

(And consultations for individuals.)

We are available to tax professionals for advice, interpretation, application and reporting. We also consult with taxpayers’ professionals on these situations in ways that the client has no knowledge of this firm’s involvement in their recovery. All possible combinations and possibilities of our assistance have occurred and are available to taxpayers and tax professionals.

Here are some specific ways the firm supports professionals who are faced with the important and often overwhelming task of assisting a client navigate the tax aspects of recovering from a catastrophic physical loss:

FEE SERVICES TO PROFESSIONALS:

SINGLE ISSUE TELEPHONE CONFERENCES

Sometimes a question arises in the preparation of a tax return that includes a catastrophic event and the after-recovery period. A minimum charge will apply and must be paid in advance.

JOINT CONSULTATIONS:

TAXPAYERS AND TAX PROFESSIONALS

There are situations where the Tax Professional is not sure of all the questions to ask and what information needs to be gathered. For these cases we consult with both the taxpayer and the Tax Professional, jointly. All contacts are confidential. Any material we generate for the taxpayer will be provided to the Tax Professional as a consultant for the taxpayer.

PRIOR TO FILING RETURN REVIEW

We have reviewed a number of returns that were filed incorrectly. This necessitated preparing and filing amended returns. That opens the taxpayer up to possible, unnecessary audits.

Wouldn’t your clients be better served if the return is reviewed prior to filing?

Call us to arrange for a review of a return prior to filing.

AUDIT ASSISTANCE / TAXPAYER REPRESENTATION

When a tax return is called for examination of a disaster reporting tax return, the arguments that support the position on the tax return may be quite valid, but not fully documented in the tax file. We have represented a number of taxpayers over the years in these situations with excellent results.

We are available to assist the Tax Professional in preparation and if called for, assist in the presentation of the taxpayers’ position to the tax authority. The Tax Professional will have the benefit of our many years of experience in audits in general as well as audits of disaster report tax returns.

CONTINUING EDUCATION PROGRAMS

We have prepared several continuing professional education (CPE) programs to “share the wealth of information” that we’ve gathered through years of continuous research, preparation of hundreds of returns with disaster disclosures and review of/correction of returns prepared by other tax preparers.

MEDIA AVAILABILITY

John Trapani, CPA, is available to the news media to comment on tax issues related to disasters.

Internal Revenue Service Circular 230 Disclosure

This is a general discussion of tax law. The application of the law to specific facts may involve aspects that are not identical to the situations presented in this material. Relying on this material does not qualify as tax advice for purpose of mounting a defense of a tax position with the taxing authorities

The analysis of the tax consequences of any event is based on tax laws in effect at the time of the event.

This material was completed on the date of the posting.