Tax Preparation · 2023
Two states, three K-1s, and a return filed on time
Gallery North Ventures
$28K
Deductions recovered
2
States filed
0
Extensions
Overview
Coordinated business and personal tax preparation for a small investment holding company with multi-state exposure.
The challenge
Gallery North's owner had K-1s from three partnerships, rental income across two states, and a prior return with a missed depreciation election that was quietly costing them every year. Their old preparer went quiet every March and filed an extension by default.
Our approach
We built a clean workpaper set, corrected the depreciation method with a change-of-accounting filing, and coordinated the business and personal returns so nothing was double-counted between states. Every deadline was mapped in January, not April.
The outcome
The return was filed on time with the depreciation fix recovering deductions from prior years, and the multi-state apportionment was documented and defensible. The owner finally had one advisor holding the whole picture.
