Firm Profile

Tax Consulting

GP LLP specializes in the preparation of business tax returns for flow through entities (partnerships, LLC’s, S Corporations) as well as trusts and closely held C Corporations. We have particular expertise in complex partnership allocations, basis issues and passive activity rules and limitations. We also use composite tax returns where appropriate, for flow through entities with numerous partners to minimize overall state filings.

GP LLP also prepares tax returns for individuals with sophisticated tax issues, particularly those that own interests in businesses and flow through investment vehicles.

GP LLP works with clients in structuring cross border transactions with the objective of minimizing their global tax liability.

We also prepare Canadian tax returns for businesses owned by US citizens or companies with operations in Canada or the US Virgin Islands.

GP LLP represents taxpayers in connection with Federal and state audits. Being audited by a taxing authority can be a stressful experience. We have the experience to handle these audits in a professional manner to defend positions taken in the tax returns and to provide the documentation needed by the taxing authority to minimize any adjustments.

GP LLP works with local and Boston attorneys to provide clients comprehensive estate planning solutions. Estate planning is more than just minimizing the estate tax liability. It is assisting clients with understanding their long term goals and objectives, especially where there are operating family-owned businesses involved. GP LLP has experience in assisting families in transitioning family owned businesses to the next generation while working with attorneys to complete the necessary documents and utilizing state of the art estate planning techniques where appropriate. Simplicity is the key and we strive to use simple solutions where possible in order to minimize the execution costs as well as future professional fees in maintaining complex structures.

Real estate owners use us to perform bookkeeping services to take advantage of our industry expertise. We assist owners in maintaining the books and records, but more importantly assist them in monitoring receivables, calculating CPI increases contained in leases, calculating escalations for commercial and retail tenants, maintaining lease abstracts, operational budgeting, cash flow planning, assisting in developing financing packages and assisting in strategic decision making.

GP LLP provides bookkeeping and accounting services to clients in order to minimize their overall costs and to allow them continuity in the event of illness or employee turnover. Many clients find it cost effective to use us to maintain their books and records, process payroll, and pay bills where they do not need a full time staff person to handle these functions. It allows them the security to know that a professional organization with a full staff is there to meet their needs on a day-to-day basis. Our professionals are supervised internally so the client is comfortable that their books are accurate and that their needs are met every day.

Maintaining the accounting records is only part of the package we offer. Small businesses and start- up companies have financial needs in addition to bookkeeping. GP LLP offers a complete package of skills and services to small businesses. Our professionals also function as controllers and CFO’s to our clients. We can assist owners in developing budgets and strategic business plans, structuring debt and equity raising and meeting with lenders and investors to assist the owner in accessing capital. Where our clients need an audit or review by an independent CPA, we provide the information they need, coordinate the work and minimize the time that management needs to spend in working with auditors.

While not a requirement, almost all of our clients all utilize our tax services. They find that our accounting and tax pros work together and share information such that tax planning happens automatically and tax return preparation is easier and more cost effective when our tax professionals can access the accounting records and prepare the returns.

GP LLP assists high net worth individuals and families with bookkeeping and bill paying services. These services are generally provided in connection with tax preparation and/or trustee roles.

For US subsidiaries of Foreign Businesses

GP LLP assists foreign companies in setting up US operations and providing accounting, tax and business assistance as companies enter the US markets. We are able to assist these foreign owners with understanding US tax rules, including choice of entity, and assist these businesses in setting up payroll, benefits and insurance and handle their accounting and tax needs until they are established in the US and grow to a level where they should hire a full time accounting staff.

Our professionals have extensive financial experience in the real estate and financial world. In some cases, a real estate or start up firm needs the advice and assistance of financial professionals to guide them through the complex world of finance and raising equity, but these needs do not rise to the level of a full time executive. Clients in this situation turn to GP LLP to assist them in developing financial strategies for their business, including financing for projects, raising equity for projects and comprehensive financial oversight. By accessing senior professionals on an as needed basis, they avoid the need to hire a full time CFO.

In this time of financial uncertainty, many organizations need to access professionals experienced in matters that exceed their expertise. Many real estate developers and lenders, while experienced in their field, do not have experience in managing financial obligations in an economic downturn. Not only are there lender issues, but there are tax issues as well. Bankruptcy may be an option, but not one that should be entered into lightly. GP LLP can assist owners by reviewing legal documents and assessing their rights and obligations, assessing market conditions and evaluating its business plans, and providing experienced insight into possible solutions to financial difficulties.

It is critical that real estate and business owners having serious financial issues seek the advice of experienced professionals who can assist the owners in evaluating their options and understand the results of those options. Individuals who have owned property for a long period of time or who have re-financed the property and pulled out cash may find that they are facing a large tax gain if the property is sold or foreclosed and may need to consider an alternative disposition structure to defer their tax liability. We have substantial experience in providing creative tax structuring solutions to these problems and have assisted many owners with tax deferral strategies.

We can assist buyers of real estate with a range of due diligence services, including review of leases in place, creation of financial models, and development of financial packages for lenders and equity investors.