Cummings, Lamont & McNamee, P.A.
Certified Public Accountants
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Income Tax Planning/Preparation

Planning

Although accurate reporting and compliance are essential, at Cummings, Lamont & McNamee, we emphasize tax planning to minimize tax problems.

We encourage our clients to contact us before making significant decisions affecting their taxes. We keep our clients informed via regular newsletters and special letters or seminars when needed. We can advise you about the tax effect of making a particular investment. Is it advantageous for you to make tax-free investments? Will you be able to deduct a loss on rental real estate? Is it better to lease or buy? Will alternative minimum tax effect you? What are the tax implications of exercising stock options?

We can advise you as to choosing the best entity for your business. Should your business be incorporated? If so, should an S election be considered? What about the choice of a fiscal year? What about a limited liability company?

We can help you REDUCE your taxes by advising you about:

  • Executive fringe benefits
  • Compensation planning
  • Timing of exercising of stock options
  • Tax shelters
  • Adopting a retirement plan
  • Selling or buying a business
  • Real estate investments
  • Changing your business structure by reorganization, liquidation, or spin-off
  • Closely held business problems
  • Professional corporations
  • Estate planning

At Cummings, Lamont & McNamee we're always looking for ways to save you tax dollars.

Preparation

At Cummings, Lamont & McNamee, income tax preparation is something we do every day.

Clients are asked to fill in a tax-organizer, which provides a convenient way to give us most of the information we'll need. All new clients and those with special circumstances not easily reduced to writing are asked to make an appointment with one of our professionals to discuss the particulars.

After the interview, your taxes are prepared and reviewed through a number of steps aimed at assuring a quality product. As our tax laws become more complex, so does the tax preparation process.  For that reason, we use nationally recognized, professional tax software, updated on a continuous basis to reflect the latest changes in the law and regulations. All tax returns are carefully reviewed and signed by the responsible manager or director before being presented to you.

Although the responsibility for the accuracy of the returns ultimately rests with you, we are always looking for ways to save you tax dollars. Seldom is a return prepared by us without a telephone call or discussion with you about the issues raised in determining your tax liability.

In Maine and New Hampshire, the chances are very small that you will be chosen for an IRS examination. In such cases we usually will obtain power of attorney from you to represent you before the IRS. Experience has shown us that it is generally better for you NOT to be present at the exam. We will fully discuss with you any changes that may be proposed by the agent and advise you of your alternatives. If you receive a letter or telephone call from the IRS about an examination, please contact us immediately!




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