Income Tax Planning
IRS & State Audits and Problems
Life and Retirement
Trusts and Estates
Income Tax Planning
QuickBooks Pro Advisor
Full Accounting, Bookkeeping and Software Services
real estate accounting
Qualified Opportunity Zones
Yes, You Can Have it All. We’re Expert CPAs and Experienced Business Advisors.
Good CPAs know the tax code; great CPAs know how to apply it based on your company’s objectives. In the expert hands of the Robert P. Russo, CPA, P.C. team, accounting isn’t just something you “have to do.” It becomes a tool for maximizing your success. As a premier accounting firm, we take a proactive approach, uncovering financial advantages for you while providing impeccable service: from accounting and bookkeeping to tax preparation and financial consulting.
Agile. Adaptive. White Glove Service.
The Russo CPA Team has over 40 combined years of experience delivering bottom-line results for clients based everywhere from LA to Hong Kong, NYC and beyond. We go into the trenches with hyper-creative solopreneurs and ambitious startups, establishing their optimal tax structure. We plan and strategize accounting for mid-sized businesses as they grow. And we help non-profits make sense of the tax maze.
We thrive on the variety of our clientele, swiftly adapting to meet their perse accounting and taxation needs. No matter who we serve, everyone benefits from our signature white glove service and precise, easy-to-understand counsel, preparations, and statements.
Income Tax Planning and Preparation
We Read the Tax Law Hungrily and Thoroughly. So You Don’t Have to.
Tax planning: it’s our favorite! Here at Robert P. Russo CPA, P.C., we’re obsessed with all things TAX. To us, detailed tax codes, laws, regulations, and rulings read like best-selling page turners. Why do you care about the reading habits of a bunch of tax zealots? Because these long and intricate documents hold the keys to how we strategically prepare your corporate tax returns. We can pinpoint that line of tax legalese that results in thousands of dollars in tax savings for you to re-invest in your businesses, or simply pocket.
Inquiring Minds Want to Know…
The Russo CPA team is equally interested in what you’re up to. Are you planning an expansion, a merger? Launching a new product? We prefer meeting with you regularly, at least twice per year, to keep your tax planning strategic and forward-facing. That way, our tax and accounting strategies are always aligned with your business goals.
Corporate Formations | Corporate Fundraising
First Thought. Best Thought.
Poet Allen Ginsberg had it right. Your first thought is often your best thought. Except if you’re an entrepreneur thinking a lawyer should decide your business entity. We get it, choosing between LLCs, C Corps, S Corps, partnerships, and sole proprietorships is overwhelming. With respect to our legal colleagues, your pick impacts two key things: your (real) tax liability and your (hypothetical) legal liability. Unless your lawyer is also a tax accountant, your first thought should be: “I’m contacting the Russo CPA Team.”
How We Choose Your Business Entity
First, our team of expert CPAs explores your business model to project revenues, expenses, and cash flow. Then, we use these and other factors to make the ideal choice. As your startup accountant, we’ll help you get set up and secure your employer identification number (EIN). And when you’re ready, we can refer you to the right lawyer (we’ve got a high-quality network) who can help you seamlessly complete what seems like a monumental task.
We’ve Been There. So You Can Go There.
Because of founder Bob Russo’s background as an entrepreneur, we bring more to the table than just being your accountant. We’re experts at cash flow projections, business plan assistance, investor fundraising, and more. We’re accountants and business advisors – a rare blend – who can give you the edge with intelligent, actionable advice. If you’re looking for a CPA who’s also business savvy, let’s talk!
*NOTE: There’s a misconception that CPAs only want the “big fish.” As a small- and mid-size business CPA, we deliver big-time service whether you have one employee (you!) or hundreds.
Your Financial Picture. The Most Important Selfie.
Are you seeking start-up funding? Expanding your line of credit? Looking to sell your business and start another—or simply take it easy for a while? Maybe you’re new, and just want an accurate measure of how your small business is doing. Let us take a selfie…
The Russo CPA Team will capture a clear, unfiltered picture of your finances, and discern where you need touch-ups. From your income statement to your balance sheet, your cash flow statement to your projected budget, we determine how to structure and present your financial picture in the most effective, flattering light.
If necessary we can prepare audited, reviewed, or compiled financial reports for your firm.
QuickBooks Pro Advisor
Get Up to Speed on QuickBooks
If QuickBooks has you mystified, come to us. We are a certified QuickBooks Pro Advisor, and we can set you up, show you the ropes, and answer your questions now and in the years to come. Prefer to keep your nose out of the books? No problem! We also provide full-service bookkeeping for many clients here in New York, and nationwide.
Accounting, Bookkeeping and Software Services
We’re Nosey. That’s a Good Thing.
To the Russo CPA Team, looking into your books is like peeking into a diary. It’s thrilling! We often uncover juicy secrets like bad recordkeeping and mysterious errors like taxable events that should have never happened – oh, the horror! Why all the snooping? It’s so we can set you back on track.
We never forget: these are your books we’re keeping. So at any time, just get in touch for a real-time look at your books. We can also help you make sense of what we’re tracking by providing tax and financial advice. No detail is too small: ask us to analyze anything! If you’re ready to turn over a new leaf in your business, turn your books over to our team of qualified CPAs – contact us to learn more.
Achieve a State of Financial Zen
Taxes. Does that five letter word evoke stress and fear? We’d love to lift your tax burden (pun intended) here at Robert P. Russo, CPA, P.C. Headquartered in NYC, we offer meticulous and strategic financial and tax services for individuals and families across the U.S., and even overseas. From young people to seniors planning ahead for their legacy, they come to us for personal accounting services– and stick with us – because of our calming, conscientious, and fastidious approach. Oh, and our uncanny ability to find hidden tax savings and refunds.
Income Tax Planning
Your maximum refund — hidden in minor details.
These are the details that most accounting firms overlook. But the team at Russo CPA, P.C. knows the tax code in all its intricate and complex glory. We know where to find serious tax savings. we Our obsessive attention to detail results in our crunching the numbers, then crunching them again – never resting until we uncover all possible tax advantages.
That’s how we’ve built our reputation as go-to personal accountants. From complex joint tax returns to seemingly straightforward “standard deduction” forms, we’ll ensure you’re filing in the right format and maximizing the desired results.
IRS & State Audits and Problems
More money. More problems. Let us help before one problem becomes many.
Don’t get us wrong: an audit is serious. But you can feel hopeful and calm if it happens. We’re here to help you get through an IRS or state audit. We’ve defended many successful audits with tact and ease. We also represent clients undergoing collections. Our IRS audit negotiations have led to a 99% success rate. Because of our success rate, other CPAs often refer their clients to us for audit help in New York, across the country, and globally.
As a top accounting firm, we’ve helped negotiate payment terms for clients with the IRS and state taxing authorities for all tax types. This has saved our clients an enormous amount in penalty abatements. And we’ve secured a workable payment schedule — and even reduced liability for our clients.
Life, Retirement, Trusts and Estates, and Inheritance Planning
We take estate planning personally. Your personal needs — as well as your numbers — are important to us.
Whether or not you have substantial wealth, you may be drawn to a financial advisor or insurance professional for help planning your investments, retirement, and legacy. We’re not looking to replace our colleagues. But from a tax perspective, there are key moves you can make that will result in more financial leverage. Talk to the Russo CPA, P.C. team for advice on maximizing your retirement, insurance, inheritance, or estate planning.
Real Estate Accounting Services
We Keep it Real with Real Knowledge and Answers
With more than 25 years of proven experience in real estate tax law, Russo CPA, P.C. provides real estate tax specialist services. We navigate the challenging terrain of 1031 tax-free exchanges with ease. And we’ve successfully represented realtors in front of the IRS in passive loss rules. Even though real estate taxes are notoriously complex, we present it in a way that makes sense — one of the reasons that Robert Russo teaches income tax law at the NY Real Estate Institute
Qualified Opportunity Zones. A great opportunity.
Qualified Opportunity Zones (QOZs) can help defer — and even reduce — your tax liability on capital gains.
But, it’s complicated, like many of the tax regulations that have emerged from 2018’s Tax Cuts and Jobs Act. So, it’s absolutely essential that you consult with a very knowledgeable CPA to ensure the you’re following the proper protocol required for reaping the maximum rewards of this investment.
Since June 2019, more than 9,000 Qualified Opportunity Zones have emerged in the United States. These are low-income communities where the Federal government hopes to spark economic revival through tax breaks and incentives for investors.
How can you benefit from investing your capital gains in a Qualified Opportunity Zone? Here’s a quick overview of section 1400Z in the TCJA:
If you sell an asset before December 31st of this year, and you have a capital gain – whether it’s long or short term – and you reinvest the gain within 180 days into a Qualified Opportunity Zone, you will be able to defer taxes on that gain until 2026.
If you hold the Fund for 5 years, the gain will be reduced by 10%.
If you hold the Fund for 7 years, the gain will be reduced by 15%.
This is a simple example. If you are selling stocks or property, and you have a long-term gain of $100,000, you have 180 days to invest that into a Qualified Opportunity Zone. If you hold that investment for 5 years, you will only be taxed on 90% of your capital gain – or $90,000. If you hold your investment for 7 years, you’ll only be taxed on 85% of your gain, or $80,000.
It’s important to note that if you want to invest in a Qualified Opportunity Zone (QOZ) as an individual, you need to invest in a QOZ fund, which can then invest your money into a specific property or business within that zone.
Are there any tax benefits if I keep my investment in a Qualified Opportunity Fund for a longer period? For example, 10 years?
Yes, in fact, that’s how you can really maximize your investment. If you decide to keep your $100,000 invested in a Qualified Opportunity Zone for 10 years, you still get the benefit we outlined above: you will only be taxed on 85% of your gain.
However, if your investment into that Qualified Opportunity Zone has grown from $100,000 to $150,000? Get ready for this…you will pay ZERO taxes on that additional gain of $50,000!
How can I invest in a Qualified Opportunity Zone?
There are multiple ways you can invest: it can be in a Qualified Opportunity Zone Fund (QOZF). If you choose to invest in a QOZF, at least 90% of the fund’s assets must be invested in either property or a business operating in the designated zone.
Another option is to invest directly into Qualified Opportunity Zone real estate or businesses. You can make the investment as part of a business or partnership — but remember if you are investing as an individual you must go through a QOZ fund.
If I purchase land and an existing building in a QOZ, would that yield the tax benefits mentioned above?
Yes, but remember you are investing in a low-income area. In most cases, the buildings are in need of renovations and there are strict guidelines to follow to receive the maximum tax benefits.
Here’s an example. Let’s say your business wants to invest $500,000 in a QOZ by purchasing land and an old factory building. The value of the land is $300,000. The building is worth $200,000. In order to qualify as an QOZ, your renovations must meet or exceed the value of the building – which is $200,000 in this instance. You don’t need to make upgrades to the land.
Are there down sides to the Qualified Opportunity Zone tax opportunities?
Let’s fast forward to 2026, when it comes time to pay your taxes on that capital gain you acquired several years back. Four years from now, a new congress will decide on the tax rates. What if they change the capital gain rates? Unless there’s a grandfather clause, your capital gains may be taxed at a higher rate — or lower, if you’re an optimist.
How can I get started?
As mentioned earlier, it’s imperative to consult now with a qualified CPA. You can always reach out to our team at Russo CPA, P.C. And don’t wait until the end of the year because now is the time to calculate what capital gains you may be coming into this year.
After you have a plan in place, find a Qualified Opportunity Zone using this interactive map. Many people find it very rewarding to know they’re investing in their local community, although you are able to invest in any of the 9,000 Qualified Opportunity Zones throughout the U.S.