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    Practice Leaders

    Individual Tax

    Tax and Financial Planning for Every State of Life

    Our seasoned CPAs and tax professionals help minimize your tax liability, while keeping you in compliance with ever changing tax laws. We work with you to develop a customized tax plan that best suits your needs.

    Tax Services Available:

    • Preparation of quarterly tax projections and estimated tax payments
    • Representation and management of tax audits
    • Sophisticated tax minimization strategies
    • Tax research
    • Tax return preparation for individuals, trusts, estates and all family-related, non-operating entities

    Accounting Services Available:

    • Bookkeeping and bill paying services
    • Family corporation, partnership and trust accounting
    • Personal financial statement preparation

    Personal Financial Planning

    Lifelong financial planning requires grappling with complex issues and myriad choices. The right path forward depends on your short and long-term goals. Since 1981, the CPAs at Frazier & Deeter have provided thousands of clients with expert tax and financial solutions.

    We have assembled a team of specialists with expertise in the areas of accounting, charitable giving, debt management, education planning, estate and trusts, executive compensation, financial planning, investments, law, retirement & elder care planning, risk management & insurance and income tax planning & compliance.

    Need a wealth management strategy? Our sister company, Signature FD, can help with comprehensive investment and wealth management.

    Insights:

    New IRS Tax Tip on Digital Assets Explains Reporting Requirements | Frazier & Deeter

    New IRS Tax Tip on Digital Assets Explains Reporting Requirements

    The IRS has reminded taxpayers that they must check a box on their 2022 Form 1040 indicating whether they received digital assets or if they disposed of any digital asset held as a capital asset through a sale, exchange or transfer during the year.

    frazier and deeter retired couple

    Reduce Taxable Income with IRA Distributions Transfers

    IRA owners who are age 70½ or over can transfer up to $100,000 per year to charity to reduce their taxable income. These transfers, known as qualified charitable distributions or QCDs, offer end-of-the year tax savings and can count toward required minimum distributions (RMDs) that taxpayers who are age 72 must make each year. Think of it as a tax-free charitable rollover of IRA funds.

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    1099s Required for 2022 Tax Year

    Taxpayers earning income from selling goods or providing services may receive a Form 1099-K, Payment Card and Third-Party Network Transactions, for the first time in early 2023, when the 2022 forms are due. The requirement to file Forms 1099 have…

    retirement plans

    Roth IRA Taxpayers Minimize Liability For 401k

    Moving your retirement money around is now easier than ever. In a conciliatory move for taxpayers, the IRS has issued new rules that allow you to minimize your tax liability when you move 401(k) funds into a Roth IRA or…

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    Article: IRS Lists Dirty Dozen Tax Scams for 2019

    It’s that time of year again when the IRS makes a special effort to warn taxpayers about ever-evolving tax scams. Fake charities, phony R&D and fuel credits and fraudulent phone calls are highlighted in this year’s annual “Dirty Dozen” list.

    Article: Mental Condition Results in Bankruptcy Discharge of Tax Debt

    Tax professionals, including attorneys and CPAs, must read court cases for a living to keep up with the proper interpretation of the tax laws. The more cases you read, the more patterns start to emerge that help a tax advisor predict the outcome of tax controversies. Sometimes, cases take a surprising turn and have unexpected outcomes.

    Article: IRS Rushes out Key Guidance on TCJA for Corporations, Alimony Trusts and HSAs

    With a December 22, 2017 signing date and an effective date just nine days later, the IRS has been rushing to implement the Tax Cuts and Jobs Act so that taxpayers can make necessary changes in planning and reporting for 2018.

    Article: Huge Gain Deferral Possible with New Qualified Opportunity Funds

    To attract private investment in distressed communities throughout the U.S., Congress has created a generous tax deferral program that allows investors to rollover their capital gains into special funds designated for investment in these areas.

    Article: Tax Planning for Individual Taxpayers: Points to Ponder Regarding the New Tax Law

    The Tax Cuts and Jobs Act (TCJA) not only made major changes that grabbed headlines but also made tweaks to hundreds of tax rules, leaving taxpayers overwhelmed with questions about what their 2018 tax bill will look like and what they should do to minimize their taxes in the future.

    Article : Tax on Investment Income of Children May Increase Under New Kiddie Rules

    Only one change was made in the “kiddie tax” under the Tax Cuts and Jobs Act, but it could be significant. Children will no longer be taxed on unearned income at the parents’ tax rate (the “kiddie tax” rule). Instead, the estate and trust income tax rates will apply.

    Article: Investors Given Flexibility in Opportunity Zone Projects

    It appears the IRS has a clear mandate from Congress to write flexible, taxpayer-friendly regulations on the new provisions of the 2017 tax reform law, as evidenced by the new Opportunity Zone regulations.

    Article: Foreign Bank Account Reporting

    If you have a financial interest in or signature authority over a foreign financial account, you may be required to file a report each year with the IRS. The FBAR report is required for bank accounts, brokerage accounts, mutual funds, trusts, or other types of foreign financial accounts with an aggregate value exceeding $10,000.

    Article: Foreign Account Disclosures

    IRS RAISES THE STAKES FOR U.S. TAXPAYERS WITH OFFSHORE ACCOUNTS This summer, the IRS reworked its offshore voluntary disclosure program, substantially raising the penalty for U.S. taxpayers who fail to disclose their overseas accounts before the IRS catches them.

    Article: What the New Tax Law Means for Your 1040

    The Tax Cuts and Jobs Act (TCJA) takes effect this year. The big question now is what are the big changes and how do they affect taxpayers with different situations?

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