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INDUSTRIES

Entertainment

Michael Weissman's involvement in the entertainment sector extends well beyond the preparation of tax returns for actors, producers, choreographers and directors. Our extensive knowledge of tax law enables us to take advantage of various tax incentives and credits that will help drastically curb the cost of your project. From pre-production through post-production, we stay on top of your books so that we can identify qualified expenditures and opportunities for cash rebates.

Aside from identifying the various tax shelters and benefits that your project may qualify for, Michael Weissman can also manage your payroll. We'll be responsible for your payroll accounts, so you can stay focused on the bigger picture at hand, whether it's a commercial spot or a feature film.

"I've been going to Mike Weissman for my taxes for five years and I have left his office happy every time. He is very efficient, meticulous, and easy to work with. He is honest and straightforward and will always tell you the truth, whether it's good, bad, or ugly. I would definitely recommend him if you are looking for a professional accountant to take care of your taxes."

--Gil Biberstein, Manager of WW Product Planning, Walt Disney Studios

Real Estate

Real Estate tax laws are constantly being adjusted to reflect fluctuations in property value. As such, staying up-to-date with the frequent developments in tax law is nearly impossible. Real estate owners often miss opportunities to lower their tax liability because they are not aware of such changes. Michael Weissman has the extensive knowledge and resources necessary to identify and incorporate all applicable tax breaks into your existing financial plan. His expertise covers the following areas:

  • Real Estate Income
  • Recordkeeping and Deductions
  • Real Estate Sales
  • Rentals vs. Losses and Expenses
  • Tax Credits
  • Like-Kind Exchanges
  • Partnerships and Real Estate Investment LLCs
  • Commercial Property Ownership
  • Estate and Gift Taxes
  • Real Estate Transfer Tax
  • Real Estate Tax Rebates and Refunds

Tax Return Preparation for Real Estate Properties

Michael Weissman also serves the commercial and residential real estate sector. Our familiarity with the inner workings of real estate tax law allows us to offer sound advice to real estate clients regarding relevant tax codes.

Allowing us to handle your bookkeeping not only preserves the integrity of your books, but also enables us to better handle your tax preparation needs. Additionally, it gives us the opportunity to develop an optimal financial strategy for your business that increases your returns and decreases your tax liability.

We offer a variety of services to real estate professionals, including:

  • Tax Preparation
  • Strategic Tax Planning
  • Business Expense Tracking
  • Financial Statement Preparation
  • Business Entity Formation

Financial Services Sector

Detailed and accurate books are the foundation of any successful financial advisory firm. Michael Weissman provides a variety of products and services to financial advisors, including cost-basis statements, analytical reports, and structural accounting that ensures compliance with federal and state agency regulations. Enlisting the help of our firm will enable you to focus on managing your investments and client portfolios. Our capabilities in the financial services sector include the following:

  • Cost Basis Statements
  • Profit and Loss Statements
  • Determination of Fiduciary Duty
  • Wash Sales
  • Regulation Compliance
  • Proper legal business entity formation
  • IRA and SEC problem resolution

Services for the Equities/Securities Industry

As a day trader, your Form 1099 might need to reflect a seemingly endless stack of paper. Michael Weissman takes the mania out of day trading by processing and filing all of your requisite Form(s) 1099. Simply give us your 1099 and any relevant financial information, and we will proceed to determine your gains and losses for the fiscal year. We will also report your gains and losses to the IRS and do our best to reduce your tax obligations.

With Options Trading, there are certain rules and taxable consequences that need to be taken into consideration. An example of these is the Wash Sale Rule, which prevents traders from claiming losses on sales of stock that are re-purchased shortly thereafter. We can help with you these issues. We pride ourselves upon being knowledgeable in all of the rules and tax consequences associated with market trading.

Manufacturing and Distribution

Keeping track of your entire inventory can be difficult and extremely time consuming, especially when you are trying to run a business. If your company does not have a proper accounting system in place, you should consult with Michael Weissman. Whether you are in the distribution or manufacturing, Michael Weissman can identify and configure the best software solution for your business.

A properly optimized accounting system will streamline the tax preparation process and vastly reduce your spending on professional accounting services (in terms of billable hours). Furthermore, increasingly detailed accounting records almost always correspond to higher returns, and provide a sound foundation for future tax planning.

Michael Weissman can help manufacturing and distribution companies in the following areas:

  • Tax Preparation
  • Strategic Tax Planning
  • Accounting Software Implementation
  • Inventory Valuation Methods
  • Financial Statement Preparation
  • Inventory Analysis
  • Business Entity Formation

Import/Export

The port of Los Angeles is the busiest in the country, and handles shipments from all over the world. Not all importers and exporters are aware of the extensive tariffs, customs, and international tax codes that are specific to the shipping industry. With globalization increasing at an accelerated rate, international accounting has become critical to the success of transnational businesses. Michael Weissman is qualified and ready to help optimize your business for the future.

Non-Profit Organizations

Michael Weissman can assist you with setting up and maintaining your organization's tax-exempt status. We can assist you with filing Form 990 and its various components, including:

  • Income Statement
  • Balance Sheet
  • Functional Expense Statement
  • Individual Program Expense Statement
  • Revenue Support Schedule