King & McCleary, LLC -- Certified Public Accountants

September 4, 2010

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Quotable

You can't force anyone to love you or lend you money.

Jewish Proverb

Tips & Takes

Trusts: Here Today, Here Tomorrow

When it comes to an estate, the phrase "here today, gone tomorrow" may describe what happens to unprotected property once estate taxes kick in. In 2008, only the first $2,000,000 per person is excluded from estate taxes. (This amount is scheduled to increase to $3,500,000 in 2009.) A trust - an agreement allowing a third party, called a trustee, to administer another's property - is often the foundation of an estate plan. Trusts can be used to help reduce or defer estate taxes by sheltering property.

To help ensure your assets are around for tomorrow, an estate planning professional may recommend a living trust, sometimes known as an "inter vivos" trust. When a trust is designated as irrevocable, this means that the agreement cannot be revoked or modified after the creator's (or settlor's) death.

The use of a living trust allows assets in the trust to be transferred to the beneficiaries as gifts. This shifts the tax burden from the estate to the beneficiaries. An additional benefit is the possibility of avoiding probate court, which costs time and money, for the review and filing of a will. Moreover, probate court proceedings are public, compared with settling an estate held in a living trust, which is a private agreement.
CRN200802-2013506

Articles

Effective Cost Management Builds a Solid Foundation

From the smallest proprietorship to the largest international conglomerate, cutting costs can often be perceived as a "quick fix" toward improving financial results. However, such business decisions may not always be in the best long-term interest of an otherwise healthy company.

Family Foundations - Benefits Stretch Beyond Charitable Giving

Many affluent individuals view the family foundation as a means for meeting specific philanthropic goals. For some, it also creates visible evidence of a donor's charitable intent. In addition, a family foundation may serve two unique purposes within the confines of familial walls. A foundation can assist a donor in maintaining the integrity of his or her charitable intent for many years into the future, as well as help to inspire the character, sense of community, and love of knowledge of future generations.

You Insure Your Car... You Insure Your Home... But, What About Your Income?

What if you suddenly became sick or hurt and lost your ability to earn a living? How would you pay your bills and daily expenses? According to the Insurance Information Institute (III, 2007), 43% of all people age 40 will have a long-term (lasting 90 days or more) disability event by age 65.

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Services

King & McCleary, LLC is a full-service accounting firm. We prepare tax returns and provide tax consultation and planning services. In addition, we provide payroll services to many of our clients. We also issue compilation and review reports on the financial statements of many of our clients. We also have the ability to provide complete or partial outsourcing of our clients' accounting function.
Tax Preparation and Consultation
With over twenty-five years combined experience, we have the knowledge and expertise to not only prepare accurate tax returns, but we also have the ability to provide you with creative solutions to your tax and accounting issues. We have experience in preparing all types of returns (1040s, 1120s,1120Ss, 1065s for Partnerships and LLCs, 1041s, 990s, 990PFs, etc.) and have the ability to file returns electronically to expedite refunds.
Payroll Services
Many of our clients outsource their entire payroll function to us. We determine the proper amount of withholding, prepare and issue payroll checks, file required payroll returns, issue Form W-2's, etc. We can handle payroll responsibilities for companies that range in size from one employee to several hundred. We also have the ability to handle payroll issues as they relate to cafeteria plans as well as 401(k) plans.
Financial Statement Compilation and Review Services
Many businesses like to have financial statements prepared on a monthly or quarterly basis. There are other instances when your company may be required to have its financial statements reviewed. We provide both financial statement compilation and review services.
Outsourcing of Accounting Function
For many of our clients, we perform their entire accounting function. We process accounts payables and accounts receivables; we prepare payroll; we prepare financial statements. We can tailor our accounting services to your needs.
New Business Consultation
When starting a new business, one of the most significant decisions you make is the type of legal entity within which you conduct your business. There are critical tax implications that should be considered when forming a new business. There are pros and cons of being a partnership, LLC, S Corporation, C Corporation, or sole proprietorship. We can assist you in forming the entity, filing S Corporation elections (if needed), getting an employer identification number, registering with the state for sales tax, etc.