Kim & Lee, LLP

Tax, assurance, advisory and management consulting

Tax, assurance, financial advisory and management consulting are the core services of Kim & Lee, LLP, an accounting firm serving businesses around the world. Its stated focus is sophisticated business, accounting and tax questions, from international pricing between related companies to deals and funding. The firm says its work goes beyond compliance, helping clients take advantage of opportunities that contribute to business success, and it puts personal service, quality work and solid relationships at the center of how it operates.

Choosing between a C corporation, an S corporation and a partnership

Choice of entity is a recurring subject in the firm's work. The choice of tax entity is among the most important decisions facing people who start a business or an investment, and a C corporation, an S corporation or a partnership each carries its own advantages and disadvantages. Those have to be weighed against the particular business before a decision is taken.

Tax compliance, planning and state and local tax

Tax compliance and planning covers the returns a business must file and the forward planning that can reduce the tax burden. State and local tax work deals with the matters that arise when a business must meet rules in more than one place, where each jurisdiction has its own requirements and deadlines.

Employee retention credit guidance for employers

The firm has written on the employee retention credit, which was made available under the CARES Act and later modified and extended by the American Rescue Plan Act of 2021. It covers IRS Notice 2021-49, described as overdue guidance for employers that already claim the credit or are weighing whether to, and it explains what the notice means for those employers.

Depreciation method changes for residential rental property

Another topic is the depreciation guidance. The IRS released procedural guidance under Revenue Procedure 2021-28 for taxpayers who want to change how they compute depreciation. The change moves certain residential rental property placed in service before 2018 to a 30-year recovery period under the alternative depreciation system, and the firm explains the steps a taxpayer can take to do so.

Membership of a national accounting alliance

Kim & Lee belongs to the BDO Alliance USA as an independent member, a national grouping of locally and regionally based accounting, consulting and service practices that are separately owned and share similar client service goals. Membership gives the firm tools that let it serve clients with greater flexibility, efficiency and cost-effectiveness, while the firm remains an independent practice with its own clients and staff.