Services

With 30 years of tax and accounting experience, Michael Terpening has worked with business and individual clients to manage and handle every aspect of taxes across industries and specialized services. Below are some of the services we specialize in.

Construction Industry

Whether you own a construction business or work as a contractor, there are a lot of specific rules and accounting standards to be aware of. We will help you get your accounting practice optimized for a maximum return as well as manage the filing. Some of our services specific to construction include:

• Accounting methods
• Lookback interest planning and compliance
• State and local tax consulting, including voluntary disclosure agreements
• Cost segregation services
• Cost capitalization deferral techniques
• Estate planning for business owners
• International tax consulting
• Employee Stock Ownership Plans (ESOP’s)
  • Significant tax benefits
  • Feasibility analysis and consulting
  • Design, documentation, and implementation
  • Ongoing administration

Non-Profits

We have a unique understanding of nonprofits, since we are personally involved with the board of several organizations, as well as provide tax and accounting services to many more. We provide assurance, tax, and advisory services and understand the challenges of not-for-profit funding and business environments. Our ultimate goal is to help our nonprofit clients achieve compliance while retaining the mission of the organization.

Our nonprofit services include:

• Higher Education
• Private Foundations
• Human and Social Service Organizations
• Religious and Community Organizations

Estates & Trusts

Administering estate and trust tax have many complex issues to consider. We have extensive experience with estate and trust tax and can help you navigate through the complexities. Some of our estate and trust services include:

• Preparation of Form 706
• United States Estate Tax Return
• Annual Form 1041,
• U.S. Income Tax Return for Estates and Trusts
• Advice for trust funding & accounting

Individuals

Tax preparation and filing is a time consuming and confusing task for most individuals. We take the headache out of taxes and provide year-round expert services at whatever level you need. We work with our clients throughout the year to advise and help them prepare. Whether you just want a second look at your taxes or want us to manage the whole process, our services can include:

• Tax return Preparation – Federal
• Resident Returns – 1040EZ, 1040A, 1040
• Non-Resident Returns – 1040NR, 1040NR-EZ
• Amendment returns – 1040X
• Partnership Return – 1065
• Business Returns – 1120, 1120-S & 1120-C
• Trust Return- 1041
• Tax return Preparation – State, City & Local

Small Business

Owning your own business has many challenges, and worrying about taxes doesn’t have to be one of them. We help you maximize the money you keep for your business by working with you throughout the year to create plans that save you in taxes, and help prevent any tax problems. You can focus on your business, while we offer services for:

• Tax Resolution And Representation
• Tax Consulting
• Reporting And Bookkeeping
• Government And Tax Compliance

Tax Planning

Planning is the key to maximizing tax returns and reducing your tax liability. We work with our clients to develop personalized tax saving strategies to maximize your after-tax income.

We have a deep understanding and knowledge of tax law, complex tax code, and new tax regulations by attending frequent tax seminars, and staying up to date on the latest strategies.

Be sure to schedule an appointment to discuss the strategies that we can put in place to save you money!