Tax Services

Tax Compliance
LIFO Inventory Evaluation
Leasing Analysis
Estate Valuation and Planning
Sales Tax Reporting
Representation Before the IRS
Life Settlement Services
Cancellation of Debt
Cost Segregation
Form 5500 Filing Requirements

Tax Compliance

Tax return preparation is a complex process that calls for sophisticated assistance and technical knowledge. As tax professionals, we are fully versed in the tax law and are prepared to put our experience to work for you.

Our tax engagements vary in size and complexity. We service individuals, corporations, partnerships, estates, and trusts. We use our own in-house computer network to minimize the cost to you, while maximizing the value of our services. Among our services, we:

Prepare federal, state and local income tax returns
Represent clients with tax audits before the Internal Revenue Service and the State Revenue Boards
Prepare estate, fiduciary, and gift tax returns
Research specialized tax matters
Provide you with up-to-date information on the latest tax law developments

Contact us today and get started.

LIFO Inventory Evaluation

FIFO and LIFO accounting methods are means of managing inventory and financial matters involving the money a company ties up within inventory of produced goods, raw materials, parts, or components.

AgeeFisherBarrett, LLC can help to manage your inventory valuation by selecting and implementing the method which fits your company’s tax plan given current economic conditions, changing regulatory requirements and future uncertainty in your industry.

Leasing Analysis

The decision to build, buy or lease assets can have a significant long-term effect on your company’s liquidity. Allow AgeeFisherBarrett, LLC to assist in the decision with a proven record of experience and success in long-term strategic tax planning.

We have the tools to aide multi-year cash flow analysis and projections. Together we will evaluate and customize a plan to maximize your resources and promote sustained financial growth.

Estate Valuation and Planning

You can't take it with you, but failing to plan for your estate can mean that the government, rather than your heirs, may get the major portion of your hard-earned money.

You need to review your total financial position and estimate what estate taxes you'd pay if you changed nothing. Then consider options available to cut estate taxes while still accomplishing your wishes concerning the disposition of your assets.

Even if you have no concern for reducing estate taxes, you may want to consider some estate planning techniques that can be used to reduce your current income taxes.

Sales Tax Reporting

AgeeFisherBarrett, LLC assists companies in identifying and assessing the strengths and weaknesses of their sales and use tax function.

We will evaluate sales and use tax exclusions and exemptions to maximize their benefit in application to your company, review accrual and compliance processes, and provide direction and advice relating to sales and use tax audits.

Contact us now and see how we can help.

Representation Before the IRS

AgeeFisherBarrett, LLC can assist both companies and individuals seeking advice and guidance on the most efficient and effective methods to deal with your IRS inquiry, violation, penalty or audit.

We can accurately evaluate the validity and context of the IRS claim as well as customize a plan to resolve the matter quickly.

Life Settlement Services

What Is A Life Settlement?
A Life Settlement transaction, also referred to as a Senior Life Settlement, is the sale of an existing life insurance policy for more than the cash surrender value of the policy but less than the net death benefit. The third party, generally a Life Settlement agent, takes ownership of the policy responsible for maintaining the premium and upon death of the insured (the insured from whom the policy was purchased) receives the death benefit.

Life Settlements provide a means for policy holders to draw on the benefits of their life insurance before the time of death. Life Settlements can help provide financial independence, cash for future investments, gifts to family members, assistance paying bills and funds for retirement or continuing care. A Life Settlement also allows the policy holder to purchase a new policy with lowered annual premiums.

Cancellation of Debt

What is Cancellation of Debt?
If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes, depending on the circumstances. When you borrowed the money you were not required to include the loan proceeds in income because you had an obligation to repay the lender. When that obligation is subsequently forgiven, the amount you received as loan proceeds is normally reportable as income because you no longer have an obligation to repay the lender. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt.

Here’s a very simplified example.
You borrow $10,000 and default on the loan after paying back $2,000. If the lender is unable to collect the remaining debt from you, there is a cancellation of debt of $8,000, which generally is taxable income to you.

Is Cancellation of Debt income always taxable?
Not always. There are some exceptions: Qualified principal residence indebtedness, Bankruptcy and Insolvency are just some examples of exceptions.

Cost Segregation

Cost Segregation is a tax planning procedure accepted by the Internal Revenue Service. It allows commercial and residential rental real estate owners as well as tenants to reclassify building costs as a means to accelerate depreciation deductions, defer taxes and improve cash flow. It is a useful planning tool for newly-acquired and newly constructed properties as well as buildings already in service and properties undergoing renovations. It can maximize tax savings by adjusting the timing of deductions. It can significantly lower insurance premiums and also reveal opportunities to save on property and transfer taxes.

AgeeFisherBarrett LLC has completed hundreds of cost segregation studies since 1985. Our team will analyze architectural drawings, mechanical and electrical plans, and other blueprints to segregate the structural and general electrical and mechanical components from those linked to personal property. We will also allocate costs such as architectural and engineering fees to all components of the building.

Contact us and see how we can help you.

Form 5500 Filing Requirements

In order to prepare for the new electronic filing process, plan sponsors will need to register with the DOL. In January 2010, the DOL should have issued post cards to all plan sponsors, specifically to those individuals who signed their plan’s 2008 Form 5500. The post card was an invitation for you to register for appropriate credentials and to “sign” and file your Form 5500 for 2009. To register, you will need an Internet connection and an email address.

What You Need To Do

• Register for your credentials. After January 1, 2010, you must log in to the EFAST2 website at http://www.efast.dol.gov to register for your credentials.
• Apply for the “Filing Signer” credential if AgeeFisherBarrett will be preparing your Signature-Ready 5500 for the 2009 plan year. If AgeeFisherBarrett will not be preparing your 2009 Form 5500, you may need to register for additional credentials, and you should consult with your Form 5500 preparer before registering.
• Enter the applicable information by following the online instructions to obtain your specific electronic credentials (User ID and PIN).
  • Only one set of credentials will be issued for each email address. Signer credentials allow the user to sign as the plan sponsor, the plan administrator, or both.
  • Credentials belong to you as an individual, not the business for which you work. As such, you will need to update your profile whenever your email address changes so that any notification from the DOL is delivered to you in a timely manner.
• If you have contracted with AgeeFisherBarrett to prepare your Form 5500, we will be contacting you via email to link to our Form 5500 software and complete the required information. By entering your User ID and PIN, you can sign the form electronically.

For any questions or issues with complying for the new 5500 Filing Requirements or obtaining your credentials, please contact us.