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30 Second Caste Studies in Accounting

Online Retailer Adds Overnight Sales Team

Jan 4, 2017

Recently we met with an online retailer of specialty safety equipment in Framingham. After reviewing their tax plan, we began to have a general discussion about the business as a whole. The owner spoke enthusiastically about his newly designed website, and was excited that when he and his team arrived to work each morning there […]

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Essential tax planning for cash basis companies

Oct 27, 2015

Recently we met with two established, successful companies in Metrowest Boston. During our discussions with each company’s owner it became obvious that they were not receiving proper tax planning advice from their current CPA firms. When we reviewed their prior year tax returns, we realized they were not pre-paying expenses despite being cash basis, not taking advantage of the […]

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Doctor uses cost segregation for optimal depreciation

Mar 12, 2015

Paresky Flitt & Company, LLP recently helped a Wayland, MA doctor save tax dollars on a building she constructed.  Typically, new construction is depreciated over 39 years, but there are certain items which can be depreciated over a much shorter time period.  Paresky Flitt, our client, and her contractor worked together to generate a cost […]

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Dental practice saves $100,000 by moving into purchased building early

Feb 9, 2015

Paresky Flitt & Company, LLP in Wayland, MA recently helped a dental practice in Rhode Island obtain a substantial tax deduction in 2014 for a building that they didn’t actually buy until 2015.  The client acquired $250,000 of brand new equipment but was ineligible for the deduction until they occupied the building and used it for […]

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LLC converts to S Corp to avoid $160,000 Medicare tax

Jan 9, 2015

Paresky Flitt & Company, LLP in Wayland, MA has worked with a very profitable single member LLC located in Chicago for many years.  Due to recent tax law changes, brought about by the Affordable Care ACT (ACA) they were now subject an additional tax of 3.8% on all of their self-employment income.  Due to the income […]

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Paresky Flitt helped two greater Boston area non-profit organizations save substantial money in accounting fees

Dec 5, 2014

Paresky Flitt & Company, LLP recently helped two non-profit organizations in the greater Boston area save substantial money in accounting fees by requesting a waiver of certain state filings. The non-profits, based in Natick and Boston, both grew their revenue above thresholds which triggered a change in their reporting requirements. Massachusetts has a rule that any […]

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Framingham company gets help with IRS audit

Nov 14, 2014

Recently Paresky Flitt & Company helped a Framingham business who had received a notice from the IRS that they were being audited. We advised the company’s owners to allow us to represent them in the audit. We obtained a Power of Attorney, and contacted the IRS directly on the client’s behalf. The IRS agent conducted […]

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