Naples, Fl & New Hartford, NY

STRATEGIC PLANNING FOR YOUR
WEALTH PRESERVATION

Professional Accounting, Consulting, & Income Tax Services

Who We Are

Our Firm’s principal owner and sole shareholder, Frank J. Basile, graduated from Syracuse University in 1978. Immediately upon graduation, Frank was recruited and employed by KPMG (formerly Peat, Marwick, Mitchell) – the largest accounting firm in the world.

In 1981, he founded Frank J. Basile, C​PAs​, P.C. with its current main office located in New Hartford, New York. Our Firm prides itself on its outstanding team of certified public accountants and consultants who are committed to providing our clients with efficient, high­-quality accounting, consultation, and income tax planning services. Our New Hartford Firm has flourished over the past several decades, thanks to our vast accounting knowledge and expertise. In 2010, our Firm opened a second location in Naples, Florida.

Today, we perform a myriad of professional accounting, consulting, and income tax services for our clients in over 34 states and many foreign countries. Our team of professional wealth strategists and t​ax accountants is committed to providing the utmost in customer service in a timely manner. Utilizing the latest and most secure technology, our Firm is at the forefront of today’s professional accounting industry.

Services

Our profoundly knowledgeable team of financial professionals provides our clients with a full array of exceptional wealth management services. From tax returns to wealth preservation strategies to estate planning, the Firm of Frank J Basile, CPAs, P.C. can assist our clients in reaching their desired results.

our philosophy

Our certified public accountants are focused on our clients’ overall wealth preservation. We specialize in providing high net worth clientele with the insights they require to make critical financial decisions. We seek to provide each client with strategic, professional guidance from an independent perspective, instilling optimism and inspiring confidence as we meet their unique needs.

We offer a level of service that goes beyond the usual CPA accounting services; our primary objective is to achieve a thorough understanding of each of our client’s individual wealth and business objectives. By understanding each client’s goals, our wealth advisors can offer precisely tailored professional advice, insight, consultation, and support that will ensure that each client achieves the results he or she desires.

what advantages does understanding our clients offer?

We are committed to accurately advising our clients when making individual and business decisions that lead to their ongoing success and wealth preservation.

We are able to offer our clients individualized professional services.

We accomplish this task through the excellence of our CPA services as well as our resolve to better understand each of our client’s unique needs, opportunities, challenges, businesses, and industries.

He who excuses himself accuses himself.

Let sleeping dogs lie.

Do it right, do it once.

Even a fish wouldn’t get in trouble if he kept his mouth shut.

Dot the i’s and cross the t’s.

A man wrapped up in himself makes for a very small package.

A parent knows success when his child turns out better than he did.

Life’s tough; it’s even tougher when you’re uninformed.

I’ll take arthritis over rigor mortis any day.

We don’t practice the “Al Capone” method of accounting!

Elvis said it best, “I have no use for bodyguards, but I do have very specific use for two highly trained CPAs.”

FAQ'S

How can I know which CPA is best for me?

Any professional you choose should not only have the technical knowledge required but should also treat you with respect. Do your CPA and advisors take time to listen to you? Do your CPA and advisors return your calls in a timely manner? Do you feel comfortable asking your CPA and advisors questions? When you need a professional in the region who will make you his or her top priority, call us first!

How long should I keep tax records?

All business records, especially sales and payroll records must be kept for seven years. The Social Security Administration requires discrepancies be resolved anytime within this seven­year window. The IRS and all states will audit within the seven­ year window.

Keep all federal, state, and local income tax returns indefinitely and all the supporting documentation for seven years. Real estate and stock market transaction records should be kept indefinitely along with the supporting documentation for such transactions. Tax consequences of a transaction can depend on events that happened years earlier. Taxpayers often keep files in a single, easily accessible location. Consider keeping your files in a safe deposit box or other safe place outside your home, along with keeping virtual electronic copies of everything for easy access and forwarding in later years.

What is involved with family and closely held business succession planning?

Family business succession planning addresses how the business entity owners pass their business down to their children or an unrelated party. There is no "one size fits all" plan for the succession of a family or closely­ held business. Whenever there are family dynamics involved, tax issues often take a backseat. M​any times parents and/or business owners will attempt to extend their control over the business into the future; however there are complex legal and tax issues that may ultimately dictate the path of succession. Knowledge of the family and their business is the only way that an attorney and CPA can address family business succession. The succession planning mechanisms used must be appropriate and tailored for each individual situation.

Which types of legal business entities are best for income tax liability purposes?

This is a very complicated question and the answer is dependent upon a number of complex issues. Consulting with a CPA will help a client to understand these issues so that an informed decision can be formulated. Some of the issues to consider are: owners' potential liability exposure; state laws related to a single or multiple member LLC; p​artnership c​omplications related to ownership issues, self­-employment income issues, and compatibility; and for profit corporation costs/benefits such as C Corp vs. S Corp tax status.

What is so great about LLCs (Limited Liability Companies)?

State laws govern the legal aspects of LLCs. The IRS determines taxation for the tax status that LLCs elect. Many businesses elect the status of an LLC because an LLC combines several favorable aspects from other business entities:

  • Sole proprietorships - ease of formation is attained
  • Partnerships - multiple unrelated owners are allowed
  • Corporations - LLCs limit the owners' liability to creditors to the amount of the owners' investment

LLCs can be taxed as a sole proprietorship, a corporation, electing either C Corporation or S Corporation tax status, or taxed as a partnership allocating all of the income or loss to its individual partners.

If you don't find the answer to your question, contact us.

News

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Contact

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Florida

Naples Office
801 Laurel Oak Drive, Suite 403
Naples, FL 34108

239.261.2219

Directions

New York

New Hartford Office
4305 Middle Settlement Rd.
New Hartford, NY 13413

315.724.3186

Directions

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