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Since August 24, 1989 |
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Accounting,
Consulting, Taxes: ACT |
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I got my start doing tax returns during the winters of 1990 and 1991 when I lived on Beacon Hill in Boston. After losing my job at Fidelity Investments, I decided that I would become the neighborhood ‘tax doctor’ walking to people’s homes and apartments with my old Coopers & Lybrand bag full of forms, and fill out people’s returns at their kitchen tables. I passed out flyers to more than 100 businesses, and even had a flyer with little number tabs you could tear off posted at the Cleaners on Charles Street. There was no usable Internet then, no affordable tax software, and computers were still expensive. So I made house calls and did the work in person. In June 1991 I relocated to Atlanta, and in early 1992, the first user friendly software became available for sole practitioners like me. Today, I have that 1991 software loaded on my big computer in Atlanta, along with the software for all of the years since then. Some people ask why you would need to engage a relatively expensive CPA to work on your tax filings when they sell the tax software at Sam’s Club and Costco. The fact is that ‘software’ does not “do” your tax return. Having an ally like a CPA who knows your situation, year after year, apply his knowledge, experience and judgment to your particulars is the best way to go. At the same time, if you’re brave and confident that you won’t leave any of your money in federal and state treasuries, by all means, head to the discounters and buy the software. But remember that the tax legislators in Congress and others in government who actually write the millions of words in the thousands of pages of tax code, rulings, interpretations, and regulations … all pay someone to do their returns! Each year I work on individual and corporate returns from January through April. People always ask about filing an extension. I hate extensions. Why? Because after you file the 4868 for an August 15 extended due date, then you have to file the 2688 for the October 15 double extension. Who’s going to work on their returns in July? It’s always best, when possible, to crunch through things and have all filings buttoned up by April 15. Now sometimes you are not in possession of everything you need to file, and then we’ll do an extension. Typical clients I have served in more than 20 states include singles, married people with and without families, people with complex business activities, small businesses, big businesses, home owners associations, self-employed filers, and even unemployed filers. I can even help people recover taxes paid from mistakes made on prior returns or due to the arrival of new information which would cause a return to be retroactively restated by filing amended federal and state returns. MJPcpaUSA Tax Q Organizer (.xls) When printing {‘Ctrl P’} the MJPcpaUSA Tax Q Organizer, make sure “All” is selected under ‘Print range’, and “Entire workbook” is selected under ‘Print what’. Feel free to print the Tax Q and fill it out by hand. |
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"There is nothing sinister in so arranging one's affairs as to keep taxes as low as possible. Everybody does so, rich and poor. All do right. Nobody owes any public duty to pay more than the law demands; taxes are enforced exactions, not voluntary contributions. Anyone may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury. There is not even a patriotic duty to increase one's taxes."
1934 ruling by U.S. District Judge Learned Hand
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Michael J. Perullo, CPA
Re: 2005 Income Tax Returns Dear Henry: The purpose of this correspondence is to inform you that I appreciate the opportunity to work with you and advise you regarding your income tax. To ensure a complete understanding between us, I am setting forth pertinent information about the nature and limitations of the services which I propose to render for you. As requested by you, I will prepare your individual income tax returns from information which you will furnish to me. Any other returns that may be required will be prepared by you or another preparer. You are representing to me that the information you will supply me is accurate and complete to the best of your knowledge. I will make no audit or other verification of the data you submit, although I may need to ask you for clarification of some of the information. When necessary, I will furnish you with questionnaires and/or worksheets to guide you in gathering information for me. Your use of such forms will assist me in keeping my fee to a minimum. My work in connection with the preparation of your income tax returns does not include any procedures designed to discover defalcations or other irregularities, should any exist. I will render such accounting and bookkeeping assistance as I find necessary for the preparation of income tax returns. I will use judgment in resolving questions where the tax law is unclear, or where there may be conflicts between the taxing authorities' interpretations of the law and other supportable positions. Unless otherwise instructed by you, I will resolve such questions in your favor when possible. The law provides various penalties that may be imposed when taxpayers understate their tax liability. If you would like information on the amount or circumstances of these penalties, please contact me. You have the final responsibility for the income tax returns and, therefore, you should review them carefully before you sign and file them. Your returns may be selected for review by the taxing authorities. Any proposed adjustments by examining agents are subject to certain rights of appeal. In the event of such government tax examination, I will be available upon request to represent you and render additional invoices for time and expenses incurred. At any time, if requested, I will consult with you regarding the income tax consequences of proposed or completed transactions, compile income tax projections and engage in research in conjunction with such matters. Since the annual income tax returns that I have prepared for you are based upon the current tax law as I understand it to be, I consider myself responsible for future changes in the law which effect the returns that I have already prepared. Those changes may require the amendment of prior-filed returns. I will render additional invoices for all such services at my customary billing rates. My fee for these services will be based upon the amount of time required at my standard billing rates, plus out-of-pocket expenses. All invoices are due and payable upon presentation. If the foregoing fairly sets forth your understanding, please sign the enclosed copy of this letter in the space indicated and return it to my office. Again, I want to express my appreciation for this opportunity to work with you. Very truly yours,
Michael J. Perullo, CPA
Accepted by: ____________________________________ Date: ______________________ Print name: ____________________________________ |
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