Our tax services involve much more than compliance accounting for what has already happened. The real money is made for our clients by planning ahead. Kelley Sammons Toole & Ellison prides itself in the abstract “scheming and dreaming” part of our tax practice. Regular, two-way communication is crucial in opening the door to devising the best possible protection against over-paying your taxes – while fully complying with the law.
For added assurance, we offer a comprehensive review of your tax situation with a multi-Partner group to leverage our team’s experience. Here are some of the areas we review:
Business and Individual tax return preparation
Estate and gift tax planning and compliance
Representation before Internal Revenue Service
Interpretation of tax laws for client benefit
The Art of Effective Tax Research
No single advisor can memorize every tax regulation and statute available to be interpreted in your financial favor. We excel in the art of grinding, old school research to find the best solution for your tax compliance and planning needs – no stopping until all the options are uncovered and explained to you.
Intimidating, isn’t it? Navigating the Code is a daunting task – but achievable with the education, experience, skills, creativity, and perseverance Kelley Sammons Toole & Ellison brings to the table.
Fee Structure for Tax Services
We charge a standard hourly billing rate for our services – there is no link between the tax savings we earn for you and our fee. We do not charge for conversations that open communication lines and allow us to minimize your tax burden.
Tax Success Stories
Success Story # 1 – Stock Option Windfall
Andrew owned 5,000 vested employee stock options when his company, Risk R Us, merged with another company. A highly-regarded Property & Casualty Insurance Broker referred Andrew to Kelley Sammons Armstrong Toole & Ellison for help in calculating and planning for the tremendous income tax bill associated with the windfall profit created by the merger.
OUR SOLUTION: Teamwork, Persistence, and Expert Research
As we worked through the details and became more familiar with the nuts and bolts of the merger, we asked the CFO of Risk R Us some fundamental questions about how he envisioned the stock options being taxed. Using the information we gleaned from Risk R Us representatives, we performed extensive research to find the most advantageous solution.
Joint efforts between Kelley Sammons Armstrong Toole & Ellison, the CFO, and legal counsel of Risk R Us paid off! Our ideas saved Andrew $28,000 of Federal and State income tax by looking at option taxation from a new angle. Our mutal success also benefitted many of Andrew's collegues at Risk R Us – it was a win-win for all.
Success Story # 2 – Customized Tax Planning
Ulysses’ company designs, builds, and repairs gizmos. As gizmos become more sophisticated, Ulysses builds fewer but the profit per gizmo increases. Having been in the gizmo business for many years, he made more profit in 2003 servicing previously-built units than building and selling new ones.
In the late 1990’s, we designated the service portion of Ulysses’ business as eligible for a significant tax loophole if average annual revenues fell below $10 million.
OUR SOLUTION: Take Advantage of Tax Laws When the Timing is Right
We persistently watched Ulysses’ business results for five years, waiting for revenue to reach the dollar threshold that would qualify him to take advantage of the tax regulations. Fewer gizmos were built in 2003, resulting in revenues that met the qualifying threshold for the first time that year. We prepared Ulysses’ 2003 tax returns incorporating the long-awaited loophole.
Ulysses not only paid $0 in 2003 income taxes, but also received a refund of $350,000 for prior year tax payments.
Success Story # 3 – An IRS Audit and a Panicked Client
We received a desperate voice mail from Theodore, a client whose complex tax return had been audited by the IRS, resulting in an unexpected $66,000 tax liability due and payable in short order. This tax return included non-standard complications related to farming income, various rental properties, and consulting income, requiring diligent review and expertise in these areas.
OUR SOLUTION: Leverage Our Expert Knowledge to Dispute IRS Findings
Our detailed analysis and successful findings with the IRS resulted in lowering Theodore’s tax liability from $66,000 to $8,000. Theodore was a very relieved and grateful client.
Success Story # 4 – Why Didn’t My Other Firm Catch This?
OUR SOLUTION: Minimize Tax Liability by Thoroughly Understanding Each Client’s Business Operations and Assets
Success Story # 5 – Remember Your Tax Credits
OUR SOLUTION: Apply Our Subject Matter Expertise to Increase Tax Refunds to Clients
Success Story # 6 – Failure to File Prior Year Tax Returns? There’s Hope!
OUR SOLUTION: Go the Extra Mile for Our Clients with the IRS, While Minimizing Cost of KBT&E Services
Success Story # 7 – Gain from Sale of Business…”This tax bill seems WAY too high!”
TAX CHALLENGE: Mis-classification of Profits from Sale on Prior Year Tax Return
OUR SOLUTION: Take a Personal Interest in Helping the Client