Staying “in the trenches”–preparing returns–keeps the Offices sharp. Law knowledge is important, but equally important is understanding where the geography of the answer will lie. Which line item a dollar amount appears on the return may impact whether the amount “feels” natural in the context of the overall filing. Knowing this feel informs the decision of what positions to take at a deeper level than a simple technical analysis of the Code will offer.
That’s why we continue to perform return preparation, both for entities, businesses and individuals, and continue to enjoy doing this work. Preparation includes federal, all 50 states and locality income taxes. Individuals, corporations, S-Corps, partnerships, trusts & estates—these returns form the nexus between tax structuring and the specific implementation with the IRS or state tax authorities. Many of our clients are non-US citizens who are required to file because of US business investments or physical presence.