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, CPAs, 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 tax 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.
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.
When it comes to family wealth management, the goal of our financial planners is to develop a comprehensive estate plan that is consistent with our clients’ wishes in an effort to guide them and their families toward preserving greater wealth for many generations.
This phase of the professional services that our Firm performs is without a doubt the most important and significant service required for wealth preservation and the development of individually designed trusts and estates for high net worth clients.
For many decades we have successfully navigated our clients through each tax year, utilizing high-level tax planning strategies to minimize all types of income tax liabilities through comprehensive and strategic income tax planning. But we’re more than just an income tax service or consulting firm. We also provide each of our clients with:
Our Firm maintains extensive knowledge of the Family Office concept that many families have adopted over the past several years. Families requiring these types of specialized family office services are seeking a comprehensive plan developed to:
Our planning teams and tax consultants work in conjunction with a multitude of various professionals who can accommodate our clients’ requests for these services all from one central location. Our clients count on us for our convenience, intense knowledge, and extensive experience with family offices.
Our Firm helps many charitably-inclined clients maximize their allowable charitable deductions while providing very generous gifts to the worthwhile organizations they designate. Our skilled team is pleased to assist with:
Since its founding in 1981, the Firm of Frank J. Basile, CPAs, P.C. has developed integrated plans with our business clients to minimize their annual income tax liability and assist them with the growth and maintenance of their businesses. Our family business consulting services play a key role in the estate planning process as the market value of a closely and family held business entity is often the cornerstone of a client’s net worth.
Our Firm has also performed numerous business valuation services for our clients who are:
Often the family and closely held business entity is the medium that provides a client’s family with a large percentage of their wealth accumulation. Our Firm assists individuals who operate family-owned and closely-held businesses with:
There are many factors that affect an existing life insurance policy that could cause it to under perform, such as changes in a client’s family, financial or business situation, underwriting advancements, declining dividends, or interest crediting rates. This is why it is so important to work with a knowledgeable team who can provide a thorough assessment of life insurance information.
Our Firm provides:
In conjunction with our professional consultation and income tax planning services, our Firm has the expertise and technology to prepare and electronically file all of the following IRS and applicable state tax returns:
We utilize the most comprehensive tax return software available and file all of our income tax return forms electronically. Our Firm’s capabilities for data scanning, obtaining electronic signatures, and income tax return electronic submissions ensure our clients’ tax returns are filed in the most seamless, secure, and efficient manner possible, no matter where they are in the world.
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.
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.
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!
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.
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. Many 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.
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; partnership complications 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.
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:
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.
