Henry V. Kaelber

Tax returns for individuals with more involved affairs

The firm prepares individual returns, and it says it is most useful where a person's tax position goes beyond a salary and the standard deduction. Its examples include sole proprietors and single-member LLC owners, people who own commercial or residential rental property, and people who have bought, sold or moved home during the year and need multi-state or part-year returns. It also handles recipients of K-1 income from partnerships, S corporations, trusts or investment funds, and says it checks every entry on those schedules itself.

Expatriates and cross-border tax

Americans working abroad often face US filing duties that sit alongside the rules of their host country. The firm says it can determine whether such a client qualifies to exclude part of their foreign earned income, and that it maximizes the amount that can be excluded where it does. It also reminds clients of their filing duties on foreign bank accounts and other assets held outside the United States, and arranges those filings. For international clients with investments in the United States, it handles the compliance side of their US tax obligations.

Trusts and estates

Estates and irrevocable trusts file income tax returns much as individuals do, but under different rules. A trust has its own rate schedule for income it keeps rather than distributes, and those higher rates arrive much sooner than they do for individuals. When a trust pays income out, it deducts the amount on its own return and issues a K-1 to the beneficiary. For an estate, the firm prepares the income tax return on income that the decedent's assets generate. The attorney who settles the estate usually prepares the separate transfer tax return.

Business entity returns

The return a business files depends on how it is organized. Partnerships file Form 1065, C corporations file Form 1120, S corporations file Form 1120S, and sole proprietors report on Schedule C. Most entity types pass profits and losses through to their owners personally, while a C corporation pays tax on its own income. The firm says it helps clients make the most of the structure they have chosen and, where it is brought in early enough, helps with the choice itself. It also advises on self-employment tax, which funds Social Security and Medicare for people who work for themselves, and on losses that cannot be deducted in the current year and must be deferred.

Part-time CFO and consulting

Alongside the tax work, the firm offers part-time chief financial officer support and business consulting. Its consulting includes private equity structuring support. The firm states plainly that it does not provide audit, review or other attest services, so clients who need those must look elsewhere.

Notices, audits and the way the firm works

The firm represents clients who are undergoing tax audits and helps them respond to notices from the IRS or state tax departments. It describes its approach as thorough and meticulous, paired with an easygoing manner, and says it prefers working with clients through conversation that is comfortable and constructive. New clients are asked to complete a tax organizer, a guide to gathering the information a return requires. The firm has offered accounting and tax work since 1981, serving clients in the Charlottesville area of Virginia and in several other states. It prepares returns for more than a dozen states and for filers in Washington, DC.

Henry V. Kaelber is a CPA firm in Charlottesville, Virginia, providing accounting, tax and business consulting. The practice trades as Kaelber, Billmyer & Kaelber, LLC and was first set up by Henry V Kaelber.

Services

• Individual, trust and estate tax: tax preparation for people and estates with special situations, such as rental properties, sole proprietorships or complex real estate tax rules.
• LLC, partnership and corporation tax: tax services for business entities.
• Accounting services: accounting and tax services for individuals, businesses, trusts and estates.
• Part-time CFO and consulting: part-time CFO and business consulting, plus private equity structuring support.
• US tax for expatriates: tax compliance for US citizens working abroad and for international clients with US investments.

Customers and markets

Individuals, business owners, trusts and estates in Charlottesville and several other states, including US citizens working abroad.

Key facts

• Based in: Charlottesville, Virginia.
• Serving clients since: 1981.
• Scope: no audit, review or other attest services.