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Tax Services

Simon Associates provides a wide range of services to individuals and businesses in a variety of industries. At Simon Associates, we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment. Our professional services include:

Tax Preparation and Planning

At Simon Associates, we guide our clients through a full range of individual and small business tax planning and preparation decisions with strategies that minimize your tax liabilities maximize your cash flow and keep you on track. Our expertise, experience, analysis and thorough research allow us to optimize financial opportunities found in existing as well as recently altered tax laws. We are knowledgeable and up to date on the tax laws and can make sense of your receipts, bills and notices. We keep our clients in the forefront and apply the tax laws and changes as to how they impact their personal situations. It's not uncommon for us to call our clients to say they should consider changes that benefit them. Our expertise is individual, business, and fiduciary tax. Should you need partnership or corporate returns prepared we will gladly recommend other experts to partner with. We will work with all your professionals to make sure your needs are fulfilled.

Estate and Trust Tax Planning

Effective estate and trust planning can ensure financial security for loved ones. For small businesses, it can maintain a smooth succession of ownership. Simon Associates' role is to help you navigate the complex and shifting tax laws to facilitate the transfer of assets and minimize the tax liability of your beneficiaries. Everyone should have a well thought out plan as to how to disburse one's estate so as to avoid complications and to be sure wishes are followed. Having your taxes and estate thoroughly and carefully planned will ensure that your loved ones don't have any complications to deal with during a time of loss. At Simon Associates we have served as Trustees and Executors for over 25 years we are well acquainted with the duties and can accommodate you by serving as your trustee or executor or guiding your appointed successor through the process. If you do not have an Estate Plan Simon Associates can recommend you with one of more local qualified attorneys who can guide you.

Estate and Trust Tax Preparation (1041/541)

Trust and Estate taxation is very complex. We are experts. Since we have considerable experience as both Trustee/Administrator and Tax Professional, we can guide you through the process if you are serving as the Fiduciary. Decisions made during administration of a Trust or Estate can have very diverse and costly effect on the taxes paid and consequences to the beneficiaries or successor business. It is important to make the best choices early in the administration to properly prepare the fiduciary income tax return, form1041, and the estate tax return, form 706. We have over 25 years of expertise in this field. We have practical knowledge of the decisions you will need to make, since we regularly serve as trustee or executor, and prepare the Fiduciary tax returns. We can guide you thought the process to balance the taxes and prevent costly mistakes and preserve your duties to the beneficiates. We will explain all your options and execute the best result for your fiduciary duty. Contact us as soon as succession starts or a death results so we can keep you informed and achieve the best result and minimize the liability of your duties as fiduciary. The recent tax laws have reduced the number of form 706 estate tax returns required; however there is still planning necessary to protect your interests. As tax professionals and practicing fiduciaries, we are aware of multiple techniques and tools available to minimize your tax and maximize the transfer of assets to your beneficiaries. We work with many attorneys who practice in this area of law. We will gladly refer you with a professional who will guide you and work with us in the process. We are versatile and can work with your professional as well.

IRS Representation

Professional representation can be vital during an audit, and our experience with tax authorities enables us to guide clients in their dealings with federal and state agencies. If you have been chosen for an audit, the professional representation you can find with our firm can put many of your worries at bay. We understand how the IRS operates and approaches audits and we will do everything in our power to present your information in a manner that benefits you. We are ready and willing to answer any and all questions the IRS may be asking of you.

IRS Problem Resolution

We have a high degree of experience in dealing with taxpayers who have not filed returns in years and/or have unpaid debts to the government agencies. We will expertly prepare your historic returns and represent you to minimize your interest and penalties. We tell you the truth. For a reasonable fee, we find out what you are up against and give you our analysis.

Filing prior year and Delinquent Returns

There are many situations which result in lack of tax compliance. Most occur when someone falls ill, has a prolonged disability, or dementia has played a part. When the IRS issues notices of unfiled returns eventually they will apply taxes and penalties. Don't let it get to that stage. Simon Associates is expert in reconstructing prior year tax data, preparing the returns and negotiating a reduction or waiver of penalties. Often the IRS will assess more tax than would be due if the taxpayer filed the return. We will find all the facts and prepare the returns in your favor, then deal with IRS every step of the way to ease your burden. We often find lost assets in the process, see above.

Tax Services for Attorneys and Fiduciaries

For the Attorneys: When you have that case with concerns over missing assets, or fiduciaries unfamiliar with the process we are here to lend support. We have found lost assets in many Estate cases and can utilize the IRS to find assets that may be missing, abused, or lost.

With over 25 years of experience administering estates and trusts we can guide you on the best timing for processing financial assets and real property in order to save on the taxes and achieve the best result. This allows you to give excellent service to your clients. Whatever your needs we can provide the service or we will know you can. Turn to us.

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