Individuals

Our individual tax clients need advice 365 days a year - not just from January to April.  From year-end planning to determining the proper amount of quarterly estimated payments to pay, we try to help you understand your tax picture so that you're not surprised by the results.  We try to keep in close contact with our clients during the year in order to help to minimize their overall tax liability wherever possible.  Whether you're trying to determine the impact of selling a particular security in June or purchasing a rental property in November, it's important to consider the tax implications year-round.

From your questions on the deductibility of medical expenses, taxability of IRA distributions, and understanding of the home-office deduction to the intricacies of incentive stock options, restricted stock, and other types of compensation, we can assist with all of your individual tax matters.

Our clients' investments range from typical holdings in the stock market to illiquid interests in closely held businesses and alternative investment vehicles including real estate and timber.

Our approach to each individual tax client is different depending on the complexity of that particular clients' portfolio and tax picture, as well as each client's individual goals.  We want our clients to understand as much of their own tax picture as they desire to learn, and we'll take you step-by-step through the process.

We have experience with all types of federal and state filings.  Additionally, we have experience with the filing requirements and responsibilities of non-United States persons, whether they are resident or nonresident aliens, citizens or non-citizens.  Our non-United States clients hold various types of investments with United States-source income and thus have both filing requirements and tax liabilities here.

Partnerships & Corporations

Our partnership and corporation clients demand prompt, accurate, and confidential service to ensure that they can meet the needs and demands of their investors and clients.  We produce thousands of Partnership & S Corporation K-1s annually and are well versed in all areas of partnership & corporate taxation.  We believe one of the most important services we can provide to our partnership & S Corporation clients is to deliver to their investors timely and accurate income reporting information.  Our professionals have extensive experience in the partnership taxation field and are experienced in understanding the common terminology and language that can be found in all types of partnership agreements. 

Whether you are looking for a firm to assist with your annual tax filings or need assistance with maintaining proper partnership books and records, we can assist you in getting everything done on a timely basis.  We also act as an intermediary, or investor servicer, for many of our partnership clients, answering investor questions about the taxable impact to them of their investment with you so that you can keep running your business .. . all the while knowing that your investors are receiving prompt attention.  Our Private Equity and Limited Partnership Administration service can  assist with handling day-to-day activities of the partnership, from paying bills to handling investor capital calls and capital distributions to maintaining all of the books and records of the partnership.

Whether you have a Partnership, Corporation, or other type of entity, we can assist you in understanding your tax picture and help to plan for the entity's future with tax efficiency (for both the entity and its shareholders) in mind.  Our experience extends to other types of hybrid investment vehicles, from Real Estate Investment Trusts (REITs) to Nonexempt Cooperatives to Homeowners' Associations.

We have comprehensive experience in multi-tier LPs, LLCs, and other vehicle structures, whether they are venture-capital funded and equity based or a combination of equity and debt, and we can assist you in determining the proper vehicle(s) for your particular investment based on your ultimate goals and the goals of your investors.  We can assist from "Day One" in order to formulate the entity structure and help present or explain the structure to potential investors, or become involved with the accounting and taxation work once your business is off the ground.

Our team has experience with multi-state entities, including apportionment methodology, state franchise and excise ("value") taxes, and the onerous nonresident income tax withholding provisions enacted in recent years by most states.  We can assist you in navigating through the sometimes complex regulations to help so that you don't run afoul of a particular state's requirement and cost your investors unnecessary penalties.

Our domestic and foreign partnership clients maintain investments around the world, from the U.S. to Australia to Hong Kong, and as such we are experienced with the U.S. reporting requirements relating to partnerships and other entities (Forms 5471,5472, 8865, etc.) for either foreign investment through subsidiary entities or foreign ownership in entities operating in the U.S.

Other Entities & Services

We also have experience with various other types of entities, and offer year-round consulting and advisory services and compliance work related to the preparation of tax returns related to:

• Trusts
• Non-Profit Organizations
• Cooperatives
• Homeowners' Associations

Additionally, we can provide many other business-related services including entity formation and filings, annual reports, and payroll advisory services. 

 **The material contained on this web site is provided for information purposes only and is not intended to constitute legal or tax advice. The quality, timeliness, accuracy or completeness of any information at this web site, as well as its operation, is provided as is without representation, warranty or condition of any kind. All liability in respect of such information is disclaimed. Do not rely upon the information or apply it to your situation without first consulting Prague & Company, P.C. or other qualified professionals. Any reference or link to a third party is not an express or implied endorsement by Prague & Company, P.C. and Prague & Company, P.C. is not responsible for the materials on such linked third party web sites.