Frequently Asked Questions

We work with individuals, privately held businesses, partnerships, real estate companies, investment funds, trusts, estates, nonprofit organizations, and larger established companies. Our clients range from entrepreneurs and growing businesses to complex organizations with significant tax, accounting, and financial reporting needs. We also serve high-net-worth individuals, business owners, investors, and families seeking thoughtful tax planning and financial guidance. Our approach is personalized, practical, and responsive, with services tailored to each client's industry, goals, size, and financial circumstances.

We provide year-round tax, accounting, payroll, and advisory support. Many of our clients work with us throughout the year for tax planning, financial reporting, transaction support, and other significant financial matters. Our ongoing approach allows us to better understand our clients' needs and provide timely guidance as circumstances change, rather than reconstructing a year's worth of activity at filing time.

We begin by understanding your current needs, financial structure, business activities, and long-term objectives. From there, we help identify the services and level of support that best fit your situation. As your needs evolve, we can adjust our services and provide additional support when appropriate — many clients start with tax preparation and later add bookkeeping, payroll, or advisory support as their business grows.

Yes. While a significant portion of our practice focuses on New York-based clients and New York State tax matters, we work with individuals, investors, and businesses across multiple states. We regularly handle multi-state filings and coordinate with local advisors when state-specific expertise is needed.

We typically begin with an introductory call to understand your current situation, financial structure, and goals. From there, we outline the services that make sense, provide a proposal, and gather the information needed to begin. For prospective clients switching from another firm, we also coordinate the transfer of prior records and returns.

Tax planning allows us to evaluate income, transactions, and other financial events before year-end, while there is still time to act. A proactive approach may help identify planning opportunities, manage estimated tax payments, and reduce unexpected tax liabilities. Waiting until tax season limits the options available, since most planning strategies must be implemented before December 31.

Yes. We assist individuals and businesses with multi-state tax compliance and planning, including state residency, business activity, and pass-through entity considerations. This is especially common among business owners and investors with property or operations in more than one state.

Yes. We assist clients with IRS and state tax notices and other routine tax correspondence. We review the notice, gather the necessary documentation, prepare a response, and, when authorized, communicate with the taxing authority on the client's behalf so the matter is resolved correctly. Many notices are resolved with a straightforward written response once the underlying issue is understood.

Yes. We assist clients who have unfiled returns or outstanding balances due. We prepare and file delinquent returns, correspond with tax authorities on your behalf, and, where appropriate, negotiate installment agreements or offers in compromise. Addressing tax issues early typically reduces penalties and interest significantly, and we work to bring clients current in an organized, non-judgmental way.

Yes. We assist individuals and businesses with IRS and state tax examinations, including responding to information requests, reviewing tax positions, communicating with taxing authorities, and representing clients throughout the audit process. Our goal is to manage the process efficiently and limit the burden the examination places on you or your business.

Yes. We assist clients with New York State residency and statutory residency audits. These examinations can involve a detailed review of a taxpayer's domicile, days spent in New York, residences, business activities, and personal connections. We help clients organize records, respond to audit requests, and navigate the examination process from start to finish.

A statutory residency audit generally focuses on whether an individual maintained a permanent place of abode in New York and spent sufficient days in the state to be treated as a New York resident for income tax purposes. We assist clients with documentation, day-count analysis, and responses to New York State audit inquiries. These audits often hinge on detailed record-keeping, so we help clients establish good documentation habits going forward as well.

We recommend seeking professional assistance as early as possible. Early involvement allows us to review the notice, understand the issues under examination, identify required documentation, and develop an organized response before information is submitted to the taxing authority. Responding without professional review can sometimes expand the scope of an examination unintentionally.

Yes. We prepare tax projections throughout the year, not just at filing time, so clients can see the likely outcome of their return before year-end. This is particularly useful for clients with variable income, recent acquisitions or sales, or other significant financial events during the year.

We routinely work with clients whose income fluctuates due to business performance, transactions, or investment activity. We help manage estimated tax payments, evaluate safe-harbor strategies, and plan around irregular income so you aren't caught off guard by a large balance due or unnecessary penalties.

Outsourced accounting allows a business or organization to obtain experienced accounting support without maintaining a full in-house accounting department. Services can range from monthly bookkeeping to comprehensive accounting and financial reporting support, scaled to the size and complexity of your organization.

Our monthly bookkeeping service covers bank and credit card reconciliation, categorization of income and expenses, accounts payable tracking, and delivery of a monthly financial package that includes a profit and loss statement, balance sheet, and cash flow summary. For clients with multiple entities or properties, we can maintain per-entity reporting so you always know how each part of the business is performing, not just the organization as a whole.

Yes. We often work alongside internal accounting teams to provide additional support, oversight, and specialized expertise. Depending on your needs, we can assist with month-end close, financial reporting, complex accounting matters, tax coordination, and other projects while complementing your existing team rather than replacing it.

Yes. We prepare monthly and quarterly financial statements based on each client's accounting and reporting needs. Financial reports may include a balance sheet, income statement, and other customized management reports. We also review financial activity and help identify significant changes or unusual items so management has timely, reliable information to support business decisions.

Yes. We offer catch-up bookkeeping engagements for clients who have months or years of unreconciled transactions. We begin with a discovery call to assess the scope, then provide a fixed-fee quote. Catch-up work is completed before we begin ongoing monthly services so you start with a clean, accurate ledger rather than building on a shaky foundation.

Yes. We work with clients on both cash and accrual bases, depending on their reporting needs, lender requirements, and the nature of their business. We can also advise on which method is most appropriate for your situation, including for tax purposes versus internal management reporting.

Timing depends on the complexity of the business and how quickly source documents and bank data are available, but most clients receive their monthly financial package within two to three weeks after month-end close. We work to establish a consistent, predictable delivery schedule for every client.

Our private client services take a broader view of a client's business interests, investments, real estate holdings, and personal tax matters. We focus on coordinating these areas and providing proactive tax and financial guidance, rather than treating each tax return as an isolated annual event.

Yes. Tax planning before a business sale, investment disposition, or other liquidity event can be critical. We help clients evaluate the potential tax consequences, model different scenarios, and identify planning opportunities before the transaction is completed. When appropriate, we also coordinate with attorneys, investment advisors, and other professionals involved in the transaction.

Yes. We regularly collaborate with attorneys, investment advisors, estate planning professionals, and other advisors. A coordinated approach helps ensure that tax considerations are evaluated alongside legal, investment, and broader financial objectives. Our goal is to work as part of the client's advisory team and provide clear, practical tax guidance.

Yes. We help investors evaluate the tax implications of 1031 exchanges, cost segregation studies, depreciation strategies, and other real estate-specific planning opportunities. We work alongside qualified intermediaries and other transaction professionals to help structure these transactions correctly.

Yes. We help business owners and executives evaluate the tax implications of stock options, restricted stock, and other equity compensation, including planning around exercise timing, holding periods, and diversification of concentrated positions.

Yes. We prepare fiduciary income tax returns for trusts and estates, as well as gift tax and estate tax returns when required. We also assist with beneficiary tax reporting and related tax planning based on the specific circumstances of the trust or estate.

No. We do not draft wills, trusts, or other legal documents. However, we work closely with estate planning attorneys to evaluate the tax implications of estate and wealth transfer strategies and help ensure tax considerations are properly coordinated as part of the overall planning process.

Yes. We assist trustees and executors with fiduciary tax reporting, tax compliance, beneficiary reporting, and other tax matters that may arise during trust or estate administration. We also help explain tax obligations and coordinate with attorneys and other advisors when needed — this is often especially valuable for first-time trustees or executors unfamiliar with the process.

Helpful records typically include the trust or will documents, prior tax returns, asset statements (bank, brokerage, and real estate), a list of beneficiaries, and records of any distributions already made. We can provide a more detailed checklist tailored to your specific situation once we understand the estate or trust involved.

Yes. We work with a range of trust structures, including multi-generational and dynasty trusts, grantor and non-grantor trusts, and trusts holding closely held business interests or real estate. We coordinate with estate attorneys to ensure the tax treatment aligns with the trust's structure and intent.

A compilation assists management in presenting financial information in the form of financial statements and provides no assurance on the financial statements. A review involves analytical procedures and inquiries of management and provides limited assurance that no material modifications are needed for the financial statements to conform with the applicable financial reporting framework.

The appropriate level of service often depends on the requirements of lenders, investors, boards, grantors, or other financial statement users. We work with clients to understand the purpose of the financial statements, review applicable requirements, and help determine the appropriate level of service for their needs.

Our attest services focus primarily on compilations and reviews. For clients requiring a full financial statement audit, we can advise on the process and, where appropriate, coordinate with firms that provide audit services, or discuss the scope of work directly depending on the engagement.

Timing depends on the size and complexity of the organization and how quickly records and supporting documentation are available. Compilations are generally completed more quickly than reviews, given the more limited procedures involved. We provide an estimated timeline at the start of each engagement.

Advisory services can be valuable when your business is growing, evaluating a significant transaction, restructuring operations, improving financial reporting, or facing a complex financial decision. We help clients analyze financial and tax considerations, evaluate available options, and develop practical strategies that support both immediate needs and long-term business objectives.

Yes. We assist clients with the financial and tax aspects of business acquisitions, sales, and other significant transactions. Our services may include financial analysis, tax modeling, transaction structuring considerations, due diligence support, and coordination with attorneys, lenders, and other transaction professionals. Our goal is to help clients understand the financial and tax implications before important decisions are finalized.

Both. Some clients engage us for a specific project, such as evaluating a transaction or restructuring a business entity, while others prefer ongoing advisory support as part of their broader financial team. We tailor the engagement to fit the decision at hand and your long-term needs.

Yes. We advise clients on entity selection and structuring for new businesses, real estate holdings, and investment vehicles, considering tax treatment, liability protection, and future flexibility. We coordinate with attorneys who handle the legal formation once a structure is determined.

Yes. We prepare financial projections and forecasts to support loan applications, investor discussions, and internal planning. We work with management to build assumptions that are realistic and well-supported, since overly optimistic projections can undermine credibility with lenders and investors.