Councilor Recovers $55,000 in Tax Credits for an Attorney
At a glance Councilor recognized that an attorney’s taxable income was overstated due to previously omitted pass-through entity (PTE) and foreign tax credits. By accurately claiming these credits, Councilor significantly reduced the attorney’s tax liability. Challenge An attorney, earning income across multiple states and countries, suspected their tax liability was too high. After receiving no […]
Quick Thinking Tax Strategy Turns a Costly Mistake into Big Savings
At a Glance: A high-earning lawyer, filing multi-state income taxes, faced a substantial liability due to a previous accountants composite tax election. Councilor intervened promptly to have their firm amend the filing, resulting in significant tax savings. Challenge: A lawyer engaged Councilor for tax preparation services. Upon reviewing the K-1 tax form, Councilor identified an unusual […]
How an Event Management Company Turned a $131,000 Loss into a $49,500 Tax Refund
At a Glance: An event management company facing significant net operating loss, turned to Councilor for help. Councilor utilized the loss and a provision from the CARES Act to lower previous year taxable income and earn the agency a large refund. Challenge: An event management company faced a significant financial setback with a $131,000 net […]
Optimizing Taxes by Switching Accounting Methods
Challenge A stonemasonry business encountered significant tax liabilities due to its use of the accrual method of accounting. Because the business was a C corporation and the 2017 Tax Cuts and Jobs Act offered opportunities for tax relief to organizations such as theirs, the owners reached out to Councilor’s construction and real estate team for assistance. Solutions […]
Cyber Liability Case Study: How a Business Nearly Fell Prey to a Phishing Attack
Councilor works closely with clients to protect their financial and data operations from phishing attacks and criminals seeking access to corporate networks to steal or hold private, customer-related information for ransom. Members of Councilor’s outsourced accounting and advisory team recently prevented a business from falling prey to a phishing attack and potentially losing a considerable sum of […]