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Tax
Our firm's tax group offers a complete range of tax planning and compliance services for business entities, individuals, estates and trusts, and not-for-profit organizations. Because we’re focused on our clients’ success, we take the time to understand your business or personal situation and develop tax solutions and innovative opportunities to assist you in managing your tax liabilities.
Our comprehensive list of services in federal, state, local, international, and industry-specific tax planning includes compliance and strategic planning for owner-managed businesses and representation before the IRS and other taxing authorities.
We are a member of BKR International, a worldwide network of independent accounting and business advisory firms. Member firms are chosen for their proven success, leadership and quality service
Chilton & Medley works directly with court-appointed attorneys and trustees with the tax return filings for the bankrupt estate. Our professionals will assist with the following:
- determining if tax returns are necessary for the bankrupt account (individual and business)
- requests for necessary documents
- preparing and filing the tax return(s) for the trustee of the bankrupt entity
- Consolidated C Corp tax returns for federal compliance
- S Corp tax returns for federal compliance, including multiple disregarded entities
- State filings, including consolidated and combined filings and multi-state compliance
- Quarterly estimated tax calculations to determine entity tax payments as well as individual payment requirements as the result of flow through activitie
- Controlled Foreign Corporations (CFC), Domestic International Sales Corporations (DISC) and other entities with foreign ownership or operations
- Analysis of sophisticated tax transactions, including mergers and acquisitions, reorganizations, buy-sell agreements and succession planning
- IRS and state representation, including dispute resolution or private letter rulings
- Year-end planning for individual clients by determining the tax impact of flow-through activities
- Conversion from S Corp to C Corp and from C Corp to S Corp
- State and Local Tax planning (SALT)
- Net Operating Loss (NOL) carryback claims for federal and state
- Tax research and related planning
- Review of accounting records of unaudited small business clients for reasonableness
In many cases the issues are specific to a particular industry and expertise is needed to address those particular complex and confusing regulations, laws and taxation. Our areas of specific industry expertise are:
- contractors/real estate developers
- real estate investors
- small business ($5 to $10 million in revenue)
- physician practices
- law firms
- export/import companies
- property and casualty insurance companies
- restaurants
- condominiums/associations
- not-for-profits
- wholesalers/retailers
Our expertise for these industries and services includes:
- tax opportunities/elections
- cost segregation studies
- bonding requirements
- tax planning
- accounting assistance
- retirement planning
- business advice
- tax research and compliance
- growth planning
- restructuring
- SAS 70 audits
- Sarbanes Oxley Section 404
- international tax
At Chilton & Medley, we’re just as focused on the success of our individual clients as well as our business accounts. There are many unique tax requirements and opportunities in the estate, trust and gift tax area. We work with local attorneys who are experts in these areas assisting them the implementation of appropriate tax savings vehicles for our clients. We are pro-active in recommending these planning vehicles to our clients as their situations warrant.
We also assist our clients in handling the estates of their loved ones. While most taxpayers will only handle one or two estates in their lifetime, we do so on a daily basis and are available to help with accounting or record-keeping, tax planning or budgeting as needed. We’re experienced in proper planning for large estates (in excess of $1,000,000) and small estates. We also provide periodic reviews of your estate to keep pace with “life changes” and tax law changes.
Chilton & Medley
is focused on tax planning and compliance for individuals. We prepare more
than 2000 individual returns annually using top-of-the-line analysis software.
The tax returns we prepare are truly superior because of the concentrated
expertise that we maintain in this area. Our tax team is thoroughly
trained on all aspects of individual tax and attends intensive updates
each year to stay abreast of changes in the laws, both federal and state.
Because we are always on the forefront,
we are able to offer our clients the compliance and planning services designed
to protect their assets while minimizing their tax burden.
Our tax services for individuals include:
- Preparation of tax returns
- Development of strategies to meet personal and family goals
- Planning for gifting strategies
- Retirement planning with tax-advantaged vehicles
- Assistance with non-qualified and qualified retirement plans
- Evaluation of impact of investments
- Assistance with tax projections and estimated tax payments
- Planning for changes in the tax law
- Planning for transfer of wealth to future generations
Chilton & Medley specializes in representing clients before the IRS and state and local agencies. These services may be necessary for taxpayers who are under audit or for those who need help with a specific issue that would require a private letter ruling. In many cases, the issues are specific to a particular industry and expertise is needed to address those particularly complex and confusing regulations, laws and taxation.
Our areas of specific industry expertise are:
- contractors/real estate developers
- small business ($5 to $10 million in revenue)
- physician practices
- law firms
- export/import companies
- property and casualty insurance companies
- restaurants
- condominiums/associations
- not-for-profits
- wholesalers/retailers
Chilton & Medley also provides advice and assistance with properly forming a new business, including:
- Registration of the company with all taxing authorities
- Appropriate entity structure for the company and investors in the new company
- Mergers & acquisitions to structure the best transaction for both economic and tax advantages
- Feasibility studies for potential new businesses, writing and/or evaluating business plans
- Research and recommendation for accounting software selection, installation, training and support
- Payroll tax filing information
- Market-based pricing for employees
- Tax and accounting implications on the owner’s/manager’s personal finances and tax responsibilities
Not-for-profits are a significant part of Chilton & Medley’s client base. Our not-for-profit clients include 501(c) organizations, churches, governmental entities, schools, private foundations, membership organizations and associations, and charitable organizations.
We recognize that not-for-profit organizations face unique income tax considerations, and Chilton & Medley’s experience and dedication in this area allows us to meet these special needs, as well as become an advisory resource for their management.
Our areas of expertise include:
- Advice pertaining to unrelated business income
- Assistance in tax planning for not-for-profits’ related business entities
- Compliance support for maintaining not-for-profit classification
- Assistance with providing contributors with appropriate documentation for their cash and non-cash donations
Chilton & Medley can assist you in fully utilizing the tax benefits of implementing and maintaining qualified retirement plans such as 401(k)'s and profit-sharing plans, including age-weighted plans. These plans provide unique tax benefits but require specific expertise to allow maximum flexibility and opportunity. These plans are regulated by both the IRS and the Department of Labor, and our pension taxation team is thoroughly trained in the rules that apply to both.
The State and Local Tax Group at Chilton & Medley is focused on minimizing business state and local tax burden within legal limits. Currently, there is no centralized process to organize state requirements and changes and updates are made constantly, making the process difficult to manage.
Chilton & Medley’s State and Local Tax (SALT) team helps you stay on top of these changes and lets you know how your business may be affected. In many cases, our clients rely on us for updated tax law or court case changes. In other instances, they rely on us to perform due diligence audits on new or existing businesses. Or, they rely on us to make them aware of economic and tax incentive programs available when expanding business operations. It is extremely important that clients are properly informed about these issues and have access to expertise to solve or mitigate the potential tax burden.
Our services include:
- Sales and use tax reviews and planning techniques
- Review of recent and future expansion plans to maximize available incentives
- Coordinating state and local tax audits or inquiries
- Audit representation before taxing authorities
- Tangible/Intangible tax issues
- Local tax issues
- Nexus issues
- Tax incentive credits
- Non-resident investor issues